LOOP Unveils LOOP FLEX, Empowering Kenyan Consumers with a New BNPL Solution
LOOP, an innovative financial product from NCBA Bank, has officially launched LOOP FLEX, a pioneering Buy Now, Pay Later (BNPL) credit facility designed to revolutionize how consumers in Kenya acquire essential goods and services. This strategic move positions LOOP FLEX as a crucial enabler for customers seeking flexible payment options, allowing them to access items immediately while spreading the cost over time. The introduction of this solution underscores the growing trend of digital consumer finance and its impact on the African tech landscape, offering a modern approach to managing personal finances.
How LOOP FLEX Reshapes Consumer Credit
LOOP FLEX introduces a straightforward and accessible credit mechanism. Customers can secure their desired purchases by making a minimal upfront deposit of just 10% of the item’s total cost. Upon this initial payment, LOOP steps in to settle the full amount directly with the merchant, ensuring a seamless transaction for both parties. The buyer then repays the outstanding balance through convenient monthly installments, with the flexibility to choose a repayment period of up to 12 months. Interest is applied to the loan amount, a standard practice in credit facilities. To cater to a broad range of needs, LOOP FLEX offers a minimum credit limit of KES 15,000. Eric Muriuki, CEO of LOOP DFS, articulated the vision behind this product, stating, “LOOP FLEX supports our role as a lifestyle enabler, and is designed to give our customers the power to enjoy life today while responsibly managing their tomorrow. With this product, therefore, we are reimagining how our customers experience smarter, more flexible financial solutions while at the same time we inspire confidence, empower them to unlock opportunities, and fit seamlessly into the way they live their lives without unnecessary limits.” This highlights LOOP FLEX’s commitment to empowering consumers with greater financial freedom and convenience.
The launch of LOOP FLEX marks a significant advancement in consumer finance, particularly within the dynamic African market. By blending the immediate gratification of modern shopping with responsible financial planning, LOOP, an NCBA Bank offering, is setting a new standard for accessibility and flexibility. This BNPL solution is poised to empower a new generation of consumers, enabling them to make purchases confidently and manage their budgets effectively, thereby fostering economic participation and enhancing lifestyles across the region.
Keywords
Related Keywords: LOOP FLEX, Buy Now Pay Later, BNPL solution, LOOP BNPL, flexible payment options, installment payments, fintech payment solution, digital consumer credit, new payment solution, LOOP fintech
