Craft Silicon, a prominent technology solutions provider, is excited to announce the forthcoming launch of its groundbreaking product, “Spotit,” in Kenya. Spotit, also known as Get Now Pay Later [GNPL], is a revolutionary technology solution that aims to empower eligible bank customers by offering them seamless access to product financing directly from their mobile apps.
The unveiling of Spotit, which took place at a vibrant event hosted at the Radisson Blu, marks a significant milestone for Craft Silicon. This innovative platform has been thoughtfully designed to cater to the needs of both merchants and customers. By collaborating with merchants nationwide, Spotit ensures that qualified customers can effortlessly obtain the products they desire.
The process is simple: customers activate their accounts, choose their desired merchant by entering the merchant code on the app, and the merchant processes the items using a hub provided by Spotit. Once the customer confirms the purchase on the app and accepts the terms and conditions, a unique code is generated, finalizing the loan booking and confirming the sale to the merchant. Spotit then promptly transfers funds to the merchant, enabling a seamless and efficient transaction. The platform accommodates various e-commerce merchants, offering customers an omnichannel shopping experience.
Spotit stands apart from its competitors by fostering collaboration among three key stakeholders: the Bank, the merchant, and the customer. This ensures that all parties involved benefit significantly from the transaction. Unlike other competitors who primarily focus on lending, Spotit operates as a technology provider, leveraging its expertise to streamline the process for everyone involved.
The target customer for Spotit is anyone with a bank account, and the platform also has a broader vision of reaching unbanked customers in Kenya and beyond. By encouraging unbanked individuals to open accounts, Spotit aims to provide them with opportunities to access product financing, contributing to their financial inclusion in the market. Additionally, young professionals who have recently graduated and started their first jobs will benefit from this product, as it offers them a gradual path to upgrading their lifestyle responsibly, fostering financial growth and independence as they progress in life.
Addressing concerns about potential defaulters, Spotit emphasizes that the GNPL product focuses on existing customers within the banking ecosystem, ensuring a carefully considered scoring process. Moreover, the facility will be collateralized, enabling efficient repossession in case of default, with the cooperation of partner merchants.
Spotit is committed to establishing seamless and hassle-free interactions for users, and as part of its expansion plans, it will initially launch in Kenya, with future aspirations to extend its reach throughout Africa. This strategic approach ensures that the product is fully established and optimized before reaching broader markets.
One of Spotit’s key differentiators is its commitment to timely merchant payments. Unlike traditional BNPL providers with delayed payment processes, Spotit guarantees that merchants will receive upfront payments immediately after the transaction is completed. Additionally, the product promises customers a quick and streamlined journey, eliminating the need for lengthy sign-ups or document processing. Both offline and online customers can expect a purchase process that takes less than 5 minutes.
Mr. Kamal Budhabhatti, Group CEO of Craft Silicon, expressed pride in revolutionizing BNPL in Africa through Spotit. He believes the product offers unparalleled value to partners and customers alike, representing a significant step towards financial inclusion and empowerment for individuals across the continent.