Craft Silicon has announced the imminent launch of its groundbreaking GNPL (Get Now Pay Later) product in Kenya.
The unveiling of its brand Name “Spotit” took place in an event held at a hotel in Nairobi.
Spotit is a revolutionary technology solution that aims to empower eligible bank customers with seamless access to produce financing directly from their mobile apps.
Spotit has been crafted to address the needs of both merchants and customers.
By partnering with merchants nationwide, Spotit ensures that qualified customers can easily obtain the products they desire.
"We are proud to revolutionize BNPL in Africa and create a product that offers unparalleled value to our partners and customers alike," said Mr. Kamal Budhabhatti, Group CEO of Craft Silicon.
"Spotit represents a significant step towards financial inclusion and empowerment for individuals across the continent."
Here's how it works: customers will activate their accounts, select the desired merchant by inputting the merchant code on their app, and the merchant will process the items on a hub provided by Spotit.
Once the customer confirms the purchase on their app and accepts the terms and conditions, a unique code will be generated, finalizing the loan booking and confirming the sale completion to the merchant.
Spotit will then promptly transfer funds to the merchant for the sale.
The platform will accommodate a wide range of e-commerce merchants to offer an omnichannel shopping experience.
The target customer for Spotit is anyone with a bank account. Additionally, Spotit has a greater vision of reaching the unbanked customers in Kenya and beyond.
By encouraging unbanked individuals to open accounts, Spotit aims to provide them with opportunities to access product financing, improving their financial inclusion in the market.
Young professionals who have recently graduated and embarked on their first job will also benefit from this product, as it offers them a path to upgrading their lifestyle gradually.
Responsible borrowing will be facilitated, fostering financial growth and independence as they progress in life.
Addressing concerns about potential defaulters, Spotit emphasizes that the GNPL product targets existing customers within the banking ecosystem, ensuring a carefully considered scoring process.
Furthermore, the facility will be collateralized, enabling efficient repossession in the event of default, with the cooperation of partner merchants.
As part of its expansion plans, Spotit intends to initially roll out Spotit in Kenya, with future plans to extend its reach throughout Africa.