Grace Ashiru
Mastercard’s recent announcement of partnership with Lipa Later, a prominent credit-focused and technology-driven financial services provider, aims to accelerate the expansion of Buy Now, Pay Later (BNPL) payment systems across Africa.
The collaboration’s focus on delivering specialized BNPL solutions and enhanced payment capabilities is expected to create new opportunities for customers and businesses in the region.
Both firms are geared to facilitate individuals and corporations with enhanced availability of essential commodities and services. They aim to streamline credit accessibility and minimize hassles, fostering seamless shopping interactions and transactions. This is accomplished by utilizing Mastercard’s broad merchant network, innovative payment mechanisms, and advanced technological infrastructure.
“Mastercard is fundamentally committed to promoting financial inclusion, and this alliance unfolds fresh avenues for consumers and retailers to tap into previously inaccessible digital payment solutions,” stated Shehryar Ali, East Africa’s Country Manager at Mastercard.
By joining forces with Lipa Later, we’re utilizing our technology to facilitate these payments with digital security. In collaboration with Lipa Later, we’re striving to offer effortless consumer interactions via the Buy Now Pay Later method to encourage inclusion among previously underrepresented communities and stimulate enduring economic expansion in Africa.”
Upon checkout, the BNPL solution will present diverse financing alternatives, delivering a unified experience in both virtual and physical environments
Swift Know Your Customer (KYC) capabilities enable seamless buying for customers along with effortless access to financing.
Moreover, this allows retailers to broaden their customer reach, augment the average size of their shopping cart, and enhance their ability to supply more products and services.
“The expansion of Buy Now Pay Later and credit possibilities throughout Africa due to this critical cooperation is a significant step forward for Lipa Later. We’re deeply invested in the impact of financial inclusion and its transformative effect on individuals and businesses,” expressed Eric Muli, the Founder and CEO of Lipa Later Group.
“Through our collaboration with Mastercard, we are accelerating our goal of simplifying credit access and reducing obstacles to support easy shopping experiences, propelling Africa’s retail sector into its next growth phase. This collaboration will equip people, spur economic progress, and nurture innovation across Africa. Together, we’re initiating a positive shift and molding the future of finance in Kenya and beyond.”
Mastercard’s involvement with Lipa Later exemplifies its dedication to stimulating inclusive development by forming strategic alliances that harness advanced technology and customer-centric solutions.
The enterprise aims to bolster local businesses and propel Africa’s economy forward by embracing innovative payment methods and creating opportunities for all.
