Traditionally, customers have to pay in full to purchase large-ticket items or outrightly abandon their intended purchase due to the unavailability or scarcity of deferred payment as a service. In recent times, a payment option has come to light which is popularly known as “buy now, pay later” and the pioneer in this space is CredPal, a company that not only offers instalment payment service but is also more flexible and open to small-ticket items from as low as 2,000 Naira up to 5 million Naira.
CredPal’s buy now, pay later service allows customers to make purchases, enjoy fine-dining experiences, and travel to destinations without having to shell out the entire cost upfront. The company has conveniently straddled the ease of a credit card and the flexibility of buy now, pay later into one. In simpler terms, they typically let customers pay within 30 days or pay in six monthly instalments. Customers can easily enjoy this service within the CredPal mobile app.
The company is partnering with merchants across different sectors to offer – buy, eat, lounge, travel, and pay later to working-class Nigerians. CredPal’s buy now, pay later also enables customers to shop, enjoy discounts and cashback offers from over 13,000 merchants, and pay later. CredPal has built several partnership cohorts that boast of merchants such as Shoprite, Slot, Hard Rock Cafe, Pointek, Bukka Hut, Mykonos on the Roof, Koffee Hut, among others. These partnerships play a key role in offering the buy now, pay later service to Nigerians, Fehintolu Olaogun, CEO and co-founder said, “Our service not only increases sales for merchants but also helps to reduce shopper’s buying hesitation and attracts new customers for our partnered merchants”
Fehintolu’s statement can further be supported by Gerald Omez, the Branch Head of Pointek Headquarters in one of CredPal’s merchant interviews where Gerald explains what makes CredPal different from competitors. “CredPal gives you a bigger limit or threshold whereby within your rate you can actually take up devices that are more than you expect. Unlike other brands of services that only work with mobile phones and accessories but with CredPal, you have a chance of getting electronics, laptops, and also mobiles and accessories.”
YouTube Video – (CredPal Partnered Merchant – Pointek)Olorunfemi Jegede, the COO, and co-founder explains why buy now, pay later as a payment option is important, “A lot of people like to buy things and most importantly, everyone has needs so having access to a service like this helps consumers meet their needs conveniently as they can get or do what they want without having to pay for it all at once. We’ve received remarkable reviews from customers that just makes us proud and encourages us to create more innovative services.”
A recent article published on TechPoint also highlights that CredPal has encapsulated the lifestyle of the average working-class Nigerian by providing them with a credit card, this ensures that every person who signs up on CredPal finds something specifically for them.
With this innovation, CredPal hopes to fulfil its mission of improving the quality of life by providing easy access to consumer credit across all payment channels and its goal of being the largest consumer credit brand out of Africa.
The company has created an easy registration process for merchants who want to accept CredPal Pay. If you’re an interested merchant, you can register here. As Olorunfemi said, “the goal is to ensure that every shop that any Nigerian walks into, they’ll find CredPal as a payment option to buy and pay later.”