I&M Bank Launches Buy Now Pay Later Service
I&M Bank, in partnership with Craft Silicon’s Spotit platform, has launched a new AI-powered ‘Buy Now Pay Later’ loan service for its existing customers.
The service offers a flexible and convenient way to finance purchases at various retailers and online stores. It is available on the I&M Bank OTG web or app and allows users to borrow more than KES 350,000, with flexible repayment options of up to 12 months.
The Buy Now Pay Later loan can be utilized at select outlets, including Hotpoint Appliances, Little E-bike, Kenyatronics, Sofya Furniture, Jumia, Ropem, Mac & More Solutions, Patazone, Salute iWorld, Dhuka, Opalnet, and Bountiful Safaris.
When opting to use the Buy Now Pay Later loan at any of these participating outlets, I&M Bank processes the payment on the customer’s behalf, and the loan is then activated under their I&M Bank account.
To apply for the I&M Bank Buy Now Pay Later loan:
- Download the I&M On The Go (OTG) app from the provided links.
- Use the email registered with your I&M Bank account to complete the registration process.
- Apply for the Buy Now Pay Later loan through the app or web services.
- You will receive a notification from the bank regarding your approval.
- Upon approval, the bank will disburse the funds to the retailer’s account.
The I&M Bank Buy Now Pay Later loan process is immediate, and you will receive a pre-approved limit upon opting into the service.
“Via the I&M Bank On The Go (OTG) app, a customer can apply for a loan, get it disbursed and complete their purchase in under ten minutes. We continue to onboard additional merchants to broaden the range of options available to customers,” said Eunice Gautama, Group Head of Ecosystems, Strategic Partnerships and Digital Lending at I&M Bank.
“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 behaviors. The AI algorithms simplify the application process, making it quicker and more efficient for customers to access credit.” she added.
Read: Absa Pay: A tap-to-pay Feature by Absa Bank Set to Revolutionize Online Payments
Shameer Patel, Executive General Manager of Personal and Business Banking added, “The Buy Now, Pay Later service is designed to meet our customers’ diverse needs, offering them greater control over their spending. With automated & flexible instalment repayment options, we aim to provide an experience that aligns with the expectations of today’s digital banking consumers.”
On his part, Craft Silicon’s Group CEO, Kamal Budhabhatti, expressed excitement over the partnership, stating, “We are pleased that I&M Bank has introduced Spotit into their digital lending ecosystem. Through Spotit, we aim to make financial empowerment more accessible and provide greater purchasing power for customers.”
Users with other existing loans with I&M Bank are still eligible to apply for the Buy Now Pay Later loan, as long as they meet the necessary criteria. Furthermore, users can take out multiple Buy Now Pay Later loans, provided they remain within their approved limit.
Users are free to discontinue the Buy Now Pay Later loan service as long as there are no outstanding loans associated with the facility.
