Absa Bank, one of Kenya’s leading financial institutions, has launched the Buy Now, Pay Later (BNPL) card feature to help its customers manage their expenses better.

Dubbed, Buy Now Lipa Pole Pole, the new innovation is a self-service payment option on the Absa mobile and internet banking platform, which provides a convenient way for customers to manage their expenses by spreading the cost of their purchases over time.

BNPL offers Absa’s credit card customers the option to either pay for their purchases in full, immediately or in a structured repayment plan over a defined period between three to 12 months, thereby stretching their spending power.

Speaking during the launch of the new solution, Head of Card Payments at Absa Bank Kenya, Linda Kimani, said the feature will go a long way in supporting customers to meet their needs in a flexible manner while supporting their cash flow positions.

“Given the prevailing economic environment in which many consumers are having to make tough spending decisions, we understand the growing need to manage one’s expenses and make purchases without straining one’s wallet. That’s why we’re excited to launch our BNPL card feature, which gives our customers the power and ease they need to pay for their purchases flexibly over time,” Linda said.

She added that customers have more room to manage expenses such as payment of school fees or booking for holiday travel while maintaining a healthy financial outlook.

“We expect that the feature will give our customers more cash on hand and therefore more control over their finances, helping them to get things done,” Linda added.

Absa Bank is tapping into a recent report by the Central Bank of Kenya which showed that the number of card-based transactions recorded as of March 2023 topped 5,669,185, denoting a 5.3% increase compared to that recorded a month earlier.