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Home Tech News Africa Tech News

Craft Silicon taps into the buy-now-pay-later trend in Kenya, launches ‘Spotit’

Felicia Akindurodoye by Felicia Akindurodoye
August 4, 2023
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Craft Silicon taps into the buy-now-pay-later trend in Kenya, launches ‘Spotit’
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Craft Silicon, a prominent developer of technological solutions, has announced the introduction of its ground-breaking Get Now Pay Later (GNPL) product called “Spotit” in Kenya. The company has guaranteed customers an experience that cannot be matched.

Craft Silicon announced the launch of the Spotit brand on Tuesday 1st August 2023, during a lively event that took place at the Radisson Blu in Nairobi. At the event, the company stated that the groundbreaking technology behind Spotit will provide qualifying bank customers with frictionless access to produce finance directly from their mobile apps.

Spotit has been precisely created and carefully crafted to meet the requirements that merchants and customers have for a platform of this kind. Spotit ensures that clients who meet the requirements can easily access the things they desire by forming partnerships with retailers all throughout the country.

Read also: Kenya fintech firm Boya launches virtual Visa cards for SMEs

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How customers will navigate this

Customers will have to activate their accounts in order to gain access to the service, select the preferred merchant by entering the merchant code into the mobile banking application for their financial institution, and then the merchant will process the items on a hub that is offered by Spotit.

A one-of-a-kind code will be created as soon as the consumer verifies the purchase on their mobile app and agrees to the terms and conditions. This will complete the booking of the loan and confirm the successful completion of the transaction to the retailer. After that, Spotit will transfer the cash to the merchant as soon as possible for the sale. In order to provide customers with an omnichannel shopping experience, the platform will be able to support a diverse set of online retailers.

What Spotit offers

Spotit guarantees its customers a one-of-a-kind experience by fostering collaboration among three major stakeholders: the bank, the merchant, and the client. This strategy set Spotit apart from its rivals in the industry.

The GNPL solution ensures that each of these parties will receive significant value as a result of the transaction by bringing them together. In contrast to its rivals, which concentrate the majority of their efforts on lending, Spotit acts as a technology provider and makes use of its knowledge to simplify the process for all parties involved.

Spotit considers everybody who possesses a bank account to be a potential customer. In addition, Spotit has a larger ambition that includes reaching clients who do not have bank accounts in Kenya and beyond. Spotit’s goal is to improve unbanked individuals’ financial inclusion in the market by providing them with options to access product finance and encouraging them to open bank accounts. This is accomplished by encouraging unbanked individuals to open accounts.

Because it provides a way for them to progressively improve the quality of their life, this product will also be useful to newly minted graduates who have started their first jobs and are just entering the workforce for the first time. They will have easier access to responsible financing options, which will support both financial growth and independence as they go through life.

In order to allay concerns regarding prospective defaulters, Spotit emphasises the fact that the GNPL product is aimed at already-existing clients within the banking ecosystem. This ensures that the scoring process is thoughtfully handled.

In addition, the facility will be collateralized, which will allow for rapid repossession in the event of a default. This will be accomplished with the help of partner merchants.

Spotit is looking for partners who place a high priority on providing excellent service to their customers as part of its commitment to excellence. The organisation has a primary emphasis on the quality of the customer experience, and one of its primary objectives is to provide users with interactions that are natural and unobtrusive.

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The promises Spotit makes

As part of its expansion ambitions, Spotit expects to initially roll out Spotit in Kenya, with future intentions to extend its reach throughout the rest of Africa. This will be done in Kenya. Before expanding into new areas, it is important to verify that the product has been thoroughly tested and improved using this strategic strategy.

Spotit’s dedication to making prompt payments to merchants is one of the primary factors that set it apart from its competitors. Spotit assures that merchants will get upfront payments immediately after the transaction has been completed, in contrast to typical BNPL suppliers who have delayed payment processes.

In addition, the solution assures clients of a trouble-free experience by doing away with the necessity for drawn-out sign-up procedures or the processing of documents. Customers who make purchases in-person, as well as those who do so digitally, should anticipate a buying procedure that takes fewer than five minutes.

Kamal Budhabhatti, Group CEO of Craft Silicon said, “We are proud to revolutionize BNPL in Africa and create a product that offers unparalleled value to our partners and customers alike. Spotit represents a significant step towards financial inclusion and empowerment for individuals across the continent.”

Tags: ‘Spotit’buy-now-pay-laterCraft SiliconKenya
Felicia Akindurodoye

Felicia Akindurodoye

Felicia Akindurodoye is an experienced writer and researcher, whose watchword is originality.

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