Craft Silicon, a technology solutions provider, has announced the launch of Spotit, its GNPL (Get Now Pay Later) product in Kenya. Spotit is a revolutionary technology solution that aims to empower eligible bank customers with seamless access to product financing directly from their mobile apps.
Spotit has been meticulously designed and thoughtfully crafted to address the needs of both merchants and customers. By partnering with merchants nationwide, Spotit ensures that qualified customers can easily obtain the products they desire.
(TOP: Wachira Wanini, the head of BNPL Product at Craft Silicon and Kamal Budhabhatti, the Group CEO, Craft Silicon).
Here’s how Spotit works:
- Customers will activate their accounts,
- Select the desired merchant by inputting the merchant code on their app,
- The merchant will process the items on a hub provided by Spotit.
- Once the customer confirms the purchase on their app and accepts the terms and conditions, a unique code will be generated,
- The code finalizes the loan booking and confirms the sale completion to the merchant.
- Spotit will then promptly transfer funds to the merchant for the sale.
The platform plans to accommodate a wide range of e-commerce merchants to offer an omnichannel shopping experience.
Spotit stands out from its competitors by fostering collaboration among three key stakeholders: the Bank, the merchant, and the customer. By uniting these parties, the GNPL product ensures that each derives substantial value from the transaction. Unlike other competitor products which primarily focus on lending, Spotit acts as a technology provider, leveraging its expertise to streamline the process for all involved parties.
The target customer for Spotit is anyone with a bank account. Additionally, Spotit has a greater vision of reaching the unbanked customers in Kenya and beyond. By encouraging unbanked individuals to open accounts, Spotit aims to provide them with opportunities to access product financing, improving their financial inclusion in the market. Young professionals who have recently graduated and embarked on their first job will also benefit from this product, as it offers them a path to upgrading their lifestyle gradually. Responsible borrowing will be facilitated, fostering financial growth and independence as they progress in life.
Addressing concerns about potential defaulters, Spotit emphasizes that the GNPL product targets existing customers within the banking ecosystem, ensuring a carefully considered scoring process. Furthermore, the facility will be collateralized, enabling efficient repossession in the event of default, with the cooperation of partner merchants.
In its pursuit of excellence, Spotit seeks partners who prioritize customer centricity. The customer experience is the core focus of the organization, and Spotit aims to establish seamless and hassle-free interactions for users.
As part of its expansion plans, Spotit intends to initially roll out Spotit in Kenya, with future plans to extend its reach throughout Africa. This strategic approach ensures that the product is fully established and optimized before reaching broader markets.
One of the key differentiators of Spotit is its commitment to timely merchant payments. Unlike traditional BNPL providers with delayed payment processes, Spotit guarantees that merchants will receive upfront payments immediately after the transaction is completed. Additionally, the product promises customers a seamless journey, eliminating the need for lengthy sign-ups or document processing. Both offline and online customers can expect a purchase process that takes less than 5 minutes.
“We are proud to revolutionize BNPL in Africa and create a product that offers unparalleled value to our partners and customers alike,” said Mr. Kamal Budhabhatti, Group CEO of Craft Silicon. “Spotit represents a significant step towards financial inclusion and empowerment for individuals across the continent.”
Craft Silicon is a technology solutions provider committed to empowering financial institutions with innovative and user-friendly products. With a focus on financial technology, Craft Silicon continues to drive advancements in the industry through its cutting-edge solutions.
Be the first to comment