Kenya’s I&M Bank has launched an innovative AI-powered Buy Now, Pay Later (BNPL) solution, enhancing its unsecured lending options for existing customers.
The new service, introduced in collaboration with Spotit by Craft Silicon, offers customers a convenient way to finance purchases instantly across various merchant stores and e-commerce platforms.
Accessible through the I&M Bank On The Go (OTG) Mobile App and Web channels, the solution allows customers to make purchases and pay in flexible installments at participating merchants, including Hotpoint Appliances, Jumia, Furniture Palace, and many more.
“Our AI technology automates decision-making processes, allowing for faster and more accurate credit assessments. This ensures customers receive personalised credit offers based on their unique credit histories and financial behaviours,’’ Eunice Gatama, Group Executive General Manager, Digital Business at I&M Bank, said. ‘’The AI algorithms simplify the application process, making it quicker and more efficient for customers to access credit.”
The BNPL service allows customers to make purchases up to KSh 350,000 and repay over flexible terms of up to 12 months. To access this service, customers simply need to log in to the I&M Bank OTG App or Web channel, select the ‘Buy Now, Pay Later’ option, and start shopping at listed merchants.
“This solution demonstrates how technology can transform the banking sector by offering instant, reliable, and customer-centric financial services. Through Spotit, we aim to make financial empowerment more accessible and provide greater purchasing power for customers,” said Kamal Budhabhatti, Group Chief Executive Officer of Craft Silicon.
I&M Bank continues to adopt digital solutions such as AI, machine learning, and cloud-based technologies to provide greater flexibility and efficiency in navigating today’s economic challenges.