BNPL providers in Africa have recorded strong growth over the last four quarters. Various players in the region are offering new forms of alternative credit and point-of-sale (POS) lending options such as BNPL to lure customers offering them a convenient and flexible payment mode. Julla, a PoS financing startup, launched Julla app in Kenya in August 2019, to enable customers purchase items and pay for them at a later date .
PayJustNow, a South African based BNPL provider, is focusing on growing merchants’ partnership list to offer customers a cost-effective and flexible shopping experience . Also, the company is leveraging AI, cloud technology, and a progressive web app (PWA) to collect valuable information about customers that can be used drive more purchases, aid retailers improve their customers' experience, and help develop a decision-scoring engine that can make recommendations to reduce risk and boost returns.
Due to nation-wide lockdown because of COVID-19, the South African economy contracted in Q2’20. Its unemployment rate stood high at the end of 2020. The impact on income level and subsequent aversion to debt in South Africa could further increase demand for BNPL service.
BNPL payment has recorded strong growth over the last four quarters across key countries in the Middle east region. BNPL payment competitive scenario is changing with players focusing on innovation to compete effectively in the market. Companies are focusing on product differentiation to gain a competitive edge.
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