Mastercard’s strategic partnership with Lipa Later, a fintech company integrating credit solutions and advanced technology, signals an important step towards increasing the accessibility of Buy Now Pay Later (BNPL) payment services in Africa. This collaboration stands ready to revolutionize experiences for consumers and merchants alike by providing customized BNPL solutions; furthermore – it enhances overall payment capabilities: truly expanding horizons on both ends.
Lipa Later’s expertise in consumer credit will synergize with Mastercard’s vast network of merchants, innovative payment methods and advanced technology infrastructure. This powerful alliance has a clear aim: empowering individuals and businesses by facilitating easier access to essential products and services; streamlining credit accessibility; as well as enhancing shopping experiences through seamless transactions.
Often celebrated as Africa’s shining example of financial inclusion, Kenya has achieved remarkable progress: approximately 84% of its adult population now accesses formal financial services. Despite this success, a substantial portion still lacks adequate access to finance. In perfect alignment with the mission to expand financial inclusion, Mastercard and Lipa Later form this partnership.
Shehryar Ali, the East Africa Country Manager for Mastercard, underscores that Mastercard’s mission revolves around financial inclusion. With a partnership established with Lipa Later; they plan to exploit technology in facilitating secure digital payments. Ultimately their primary focus remains on delivering seamless consumer experiences via BNPL services: this strategy not only fosters inclusion within previously underprivileged communities – but also bolsters sustainable economic growth throughout Africa at large.
This collaboration yields a BNPL solution that holds the potential to transform the shopping experience: it presents flexible financing options during checkout–effectively bridging gaps between online and in-store purchases. Furthermore, with its instant Know Your Customer (KYC) capabilities; customers find accessing frictionless financing an effortless process. This translation for merchants manifests as: larger average basket sizes; a wider customer base accessibility — and enhanced flexibility in product/service provision.
The transformative potential of financial inclusion is underscored by Eric Muli, the Founder and CEO of Lipa Later Group. Mastercard’s partnership accelerates Lipa Later’s mission to enhance credit accessibility and mitigate shopping experience friction. This collaboration empowers not only individuals but also fuels economic growth and cultivates innovation in Africa. They drive positive change and shape the future of finance together, not only in Kenya but also beyond its borders.
Lipa Later, in collaboration with Mastercard; underscores not only a commitment–but also an active engagement: to foster inclusive growth. This is achieved through strategic partnerships that deftly leverage cutting-edge technology and customer-centric solutions. Embracing new payment models–while concurrently supporting local entrepreneurs–Mastercard aims specifically at fuelling economic progress within Africa: creating universal opportunities for all.