Mastercard and Lipa Later have joined forces in a strategic partnership to accelerate the expansion of Buy Now, Pay Later [BNPL] payment services in Africa. This collaboration aims to provide tailored BNPL solutions and enhanced payment capabilities, unlocking new opportunities for consumers and merchants.
By combining Mastercard’s extensive network of merchants, innovative payment methods, and advanced technology infrastructure with Lipa Later’s expertise in consumer credit, both companies are poised to empower individuals and businesses with greater access to essential products and services. The partnership aims to create seamless shopping experiences and transactions, making access to credit smoother and more inclusive.
In Kenya, where financial inclusion has seen significant growth, there still remains a portion of the population without access to formal financial services. This collaboration aims to bridge that gap and provide underbanked individuals with limited access to financial services the opportunity to participate in the digital economy.
Shehryar Ali, the Country Manager for East Africa at Mastercard, emphasized that financial inclusion is at the core of Mastercard’s mission. Through this partnership with Lipa Later, they aim to enable digital payments in a secure manner, thereby promoting inclusion and driving sustainable economic growth in Africa.
The BNPL solution will offer flexible financing options at checkout, ensuring a seamless experience both online and in-store. With instant Know Your Customer [KYC] capabilities, customers can easily access financing and enjoy a frictionless shopping experience. For merchants, this means an increased average basket size, a broader customer base, and enhanced ability to provide more products and services.
Eric Muli, the Founder and CEO of Lipa Later Group, sees this partnership as a significant milestone for their mission of making credit easily accessible and reducing friction to create seamless shopping experiences in Africa’s retail industry. He believes in the power of financial inclusion and its transformative impact on individuals and businesses, and together with Mastercard, they are driving positive change and shaping the future of finance in Kenya and beyond.
Mastercard’s commitment to fostering inclusive growth through strategic collaborations, cutting-edge technology, and customer-centric solutions aligns with their goal of fuelling Africa’s economic progress and creating opportunities for all. The partnership with Lipa Later demonstrates their dedication to supporting local entrepreneurs and embracing new payment models to drive Africa’s economic development.