Craft Silicon’s Spotit BNPL product has reached a major milestone in Kenya. It processed more than 200 million Kenyan shillings in transactions within one year of launch. The BNPL service grew fast after it began working with a local bank partner. It now links customers through existing bank accounts. That created a smooth entry point for new users.
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A survey showed that BNPL use in Kenya jumped from just over two percent in 2021 to around six percent in 2024. That equates to about 1.75 million users. This shows that consumers want flexible payment options that spread cost over time.
Spotit is not the only BNPL option in the Kenyan market. Other players include services from major fintech firms, telecom providers, and micro-lending platforms. Many offer interest-free or low-cost credit tied to mobile wallets and digital shop networks.
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This rapid use shows that the BNPL sector has strong potential. It boosts sales for merchants and helps consumers access goods they otherwise might not afford. However, risks remain. Rising loan defaults, unclear regulation, and financial stress among low-income users are ongoing concerns.
This growth story reflects broader trends in East African finance. More people now have access to digital payment tools. Banks, fintechs, and mobile services all seek ways to serve the underserved mass market. Flexible credit products now play a key role in that ecosystem.
Despite strong adoption, some BNPL services face challenges. Pressure from regulators is growing. Lawmakers worry about consumer debt levels without clear rules. Fintechs will likely need to adapt to tighter regulations in the near term.
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Still, the case of Spotit shows how BNPL can scale fast in a connected market. When built using bank infrastructure and local trust networks, it wins users quickly. For startups and established firms alike, the model points to new paths in financial inclusion and digital consumer credit.
