Lipa Later partners with Musoni to provide a hassle-free shopping experience

Lipa Later is one of the first of its kind buy-now-pay-later (BNPL) companies in Africa. They have been using Musoni as their core banking system and digitalisation partner from early in their inception. The firm, was founded in Nairobi in 2018 and leverages data analytics to provide consumers with access to affordable credit. Its proprietary credit-scoring and machine learning system enables a consumer to sign up and get a credit limit in seconds. This eliminates the need for bulky documentation and a lengthy approval process.

Lipa Later has recently closed on $12 million funding which is a mix of equity and debt. It will help them expand in their current markets (Kenya, Uganda, Rwanda) and into new markets: Nigeria, Ghana, and Tanzania. This will also allow Lipa Later to extend services to their current pipeline of consumers and world-class merchants in Africa.

Buy-now-pay-later (BNPL) is a rapidly growing space, predicted to grow to a market worth over $7bn in 2022. With a BNPL model, customers can make purchases and spread the costs over monthly instalments. The BNPL model is also addressing the needs of digitally-savvy customers and accommodating the unbanked population in Africa. Musoni’s robust system and open APIs empower BNPL companies, to leverage their platforms to reduce costs and simplify operations. Musoni is used by a number of BNPL players and alternative lenders across Africa, including Wasoko, Tugende, and Cycle Connect.

Hassle free shopping

Melissa Hoffman, Musoni Head of Africa said, “Lipa Later is changing the consumer credit landscape across Africa. This an area which has been largely inaccessible for most people. We are very proud to support a product that benefits both merchants and consumers. The BNPL model has proven to be incredibly scalable across multiple markets.”

About Lipa Later –  Lipa Later is a, payment option that allows consumers to purchase goods and services in monthly instalments. They work directly with retailers and consumers to make their goal a reality. Their overall mission is to enable people to live affordably by increasing the purchasing power of millions of Africans.

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About Musoni – Musoni is the leading digitalisation partner for microfinance institutions around the world. We help organisations improve their efficiency and extend their outreach through a variety of fintech solutions. These include a cloud banking system, digital field application, mobile payments module and client banking app. We have over a decade of experience and now support 75 organisations in 22 different countries. We take pride in our hands-on and personalised approach, with local teams in the Netherlands, Kenya and Myanmar. 

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