Mastercard has just announced a major partnership with Lipa Later, a prominent credit-focused and technology-driven financial services provider.
This partnership intends to hasten the growth of Buy Now, Pay Later (BNPL) payment systems throughout Africa.
The partnership’s provision of specialized BNPL solutions and improved payment capabilities is anticipated to open up new prospects for customers and businesses.
Both companies are positioned to empower people and businesses with greater access to necessary goods and services, make credit access simple and reduce friction to create frictionless shopping experiences and transactions by leveraging Mastercard’s extensive network of merchants, cutting-edge payment methods, and cutting-edge technology infrastructure.
“Financial inclusion is at the core of Mastercard’s mission, and this partnership unlocks new opportunities for consumers and merchants to access digital payments solutions previously unavailable to them,” said Shehryar Ali, Country Manager for East Africa at Mastercard. By partnering with Lipa Later, we are leveraging our technology to enable these payments in a digitally secure way. Together with Lipa Later, we’re focused on providing seamless consumer experiences through Buy Now Pay Later to promote inclusion to previously underserved communities and drive sustainable economic growth in Africa.”
When paying at the register, the BNPL solution will offer various financing options, offering an omnichannel experience both online and offline.
Instant Know Your Customer (KYC) capabilities provide frictionless purchasing for customers and easy access to funding.
Additionally, retailers can expand their consumer base, increase the size of their typical basket, and improve their capacity to offer more goods and services.
“Expanding Buy Now Pay Later and lending solutions in Africa through this strategic partnership marks a significant milestone for Lipa Later. We strongly believe in the power of financial inclusion and the transformative impact it can have on individuals and businesses,” said Eric Muli, Founder and Chief Executive Officer of Lipa Later Group. “By joining forces with Mastercard, we are accelerating our mission of making credit easily accessible and reducing friction to create seamless shopping experiences and usher Africa’s retail industry into its next phase of growth. This partnership will empower people, stimulate economic growth, and foster innovation in Africa. Together, we are driving positive change and shaping the future of finance in Kenya and beyond.”
Through strategic partnerships that take advantage of cutting-edge technology and customer-focused solutions, Mastercard’s engagement with Lipa Later is an example of how committed it is to encouraging inclusive growth.
The business wants to promote local companies and advance Africa’s economy by adopting new payment mechanisms and opening up opportunities for all.
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