One of the first things I want to do at the beginning of next year is to switch up and elevate my home appliances game. My plan is to replace my existing household gadgets with more modern and therefore tech savvy ones for more efficiency and connectivity.
I bought most of my electronics 6-10 years ago and it was quite an uphill task since the only purchasing option I had was cash. Big ticket items involved saving for months and it therefore took quite a long time to satisfactorily equip my house. But this time round, I feel that my journey towards revamping my kitchen, laundry and entertainment will be easier thanks to the emergence of services like Absa Bank’s Buy Now Pay Later.
Absa’s BNLP is a service that the bank unveiled earlier this year to make it easier for customers to purchase items and pay through structured payment plans spanning up to 12 months. This is a very timely consideration given the prevailing economic times in which many customers are having to make tough spending decisions.
“By incorporating BNPL payments into their budgeting strategy, customers have more room to manage expenses such as payment of school fees or booking for holiday travel while maintaining a healthy financial outlook. We expect that the feature will give our customers more cash on hand and therefore more control over their finances, helping them to get things done,” Linda Kimani – Head of Card Payments – Absa Bank Kenya.
This also comes at a time when more Kenyans are embracing the use of cards which were previously considered to be for the elite. The attractiveness of card as an option for payment is now evident from Central Bank of Kenya data which indicates that the number of card-based transactions recorded as of March 2023 topped 5,669,185. This shows a 5.3% growth compared to transactions recorded in February 2023. Combined with BNLP, this new interest in card payments will see Kenyan households empowered to make more financial decisions knowing that there is an instalment solution from Absa.
For me, planning to replace electronics is not something I would easily have thought of. But what Absa’s BNLP proposition has done is to allow me and many others to dare to dream. BNLP is demonstrating the possibility of buying big ticket items without an unmanageable dent in finances. I would say the solution is a game changer for many, since it does not only cover electronics but also travel, school fees, hospital bills and asset purchases to name a few.
BNLP not only allows users to purchase items that would otherwise have been out of their reach, but also to plan and budget better. It makes finance allocation more effective and ultimately gives them the peace of mind as they venture into other areas of their lives. To take advantage of Absa Bank’s BNLP, visit your nearest branch and get guidance on how to go about it.