Buy Now Pay Later (BNPL) System In Nigeria – 5 Popular Buy Now Pay Later Platforms In Nigeria
Buy Now Pay Later (BNPL) System In Nigeria – 5 Popular Buy Now Pay Later Platforms In Nigeria
Buy Now Pay Later system shouldn’t be a new thing to you as a Nigerian. Due to the changes in Nigeria’s financial sector, there are lots of cutting-edge payment methods that raise customer spending power.
Buy Now Pay Later (BNPL) services have changed the game by giving Nigerians access to eg,emst and services with adjustable payment plans.
Recent market research projects that Nigeria’s BNPL market will increase at a 10% compound annual growth rate (CAGR) from its 2025 value of $1.62 billion to $2.61 billion by 2030. The rising desire from consumers for flexible payment options in the midst of economic hardship is what is driving this increase.
You should know all about the Buy Now Pay Later (BNPL) system and possible Nigerian BNPL platforms, that are available for you to try.
What Is Buy Now Pay Later (BNPL)?
Customers can buy things now and pay for them in segments over time using the Buy Now Pay Later financing option. In contrast to conventional loans, BNPL services frequently have zero or low interest rates, which makes them alluring substitutes for credit cards. Because these platforms offer financial flexibility without the pressure of quick complete payment, they have grown in popularity.
Buy Now Pay Later (BNPL) Platforms In Nigeria
Since we now know that Buy Now Pay Later is a thing in Nigeria, we also need to know some of the various platforms that the Buy Now Pay Later is available in Nigeria. We will look at a list of platforms that offer Buy Now Pay Later services for Nigerians. They include the following:
- Carbon Zero
- CredPal
- EasyBuy
- Klump
- PayWithSpecta
Let’s get started.
1. Carbon Zero: In January 2021, Carbon Zero, a digital bank, was launched, allowing users to make purchases and interest-free installment payments.
The platform’s capacity to lower the cost of pricey goods has fundamentally altered Nigerian consumer finance. Carbon Zero partners with several retailers around Nigeria and focuses mostly on electronics, household appliances, and gadgets.
Features:
- Divide payments with no interest across three to six months.
- Requires 25% down payment at purchase
- Accessible to Nigerian employees who have a verified monthly income of at least ₦120,000
- Collaborates with partner retailers to offer both online and offline shopping.
- For merchant payments, the direct transfer feature offers a smooth experience.
2. CredPal: CredPal has established itself as one of the leading BNPL providers in Nigeria’s fintech sector. Consumers can shop on the website, benefit from over 13,000 shops’ rewards and discounts, and pay later.
CredPal is adaptable to a variety of customer needs because to its extensive merchant network, which includes well-known brands including Shoprite, Slot, Hard Rock Cafe, Pointek, and Bukka Hut.
Features:
- Payment options include extending payments over two to six months or paying within thirty days with no interest.
- Available for both online and in-store shopping
- Credit limits of up to 5 million Naira
- Credit cards, both digital and physical, enable smooth transactions
- Verification requires legitimate identification and financial records.
3. EasyBuy: EasyBuy has made a name for itself in Nigeria’s BNPL sector by focusing on gadgets and mobile devices.
Because of its emphasis on gadget financing, Easybuy has gained popularity among Nigerians who want to buy electronics and smartphones without having to pay for them in full up front.
Features
- Initial down payment of 30% of the device’s price
- Flexible repayment periods typically ranging from 3-6 months
- EasyBuy offered BNPL choices on Jumia Nigeria’s platform after partnering with them recently.
- Accessible in several Nigerian locations, such as Jos, Ibadan, Benin City, and Ikeja.
- An easy-to-use smartphone application for monitoring loan status and managing payments
4. Klump: Klump, a relatively recent arrival, has already established a reputation for being creative in its approach to BNPL services in Nigeria.
Along with AltSchool for laptop financing, the portal has forged alliances with WhoGoHost and Gigalayer, the biggest domain and hosting companies in Nigeria. The verticals Klump focuses on—education, travel, and healthcare—set it apart from rivals.
Key Features:
- Divide purchases over three months into four equal installments.
- Payment schedules lasting up to 12 months following a 25% down payment
- Credit judgments are made in less than three minutes using a proprietary credit eligibility and fraud detection engine.
- 3% interest rate based on credit assessment
- Klump pays merchants in full within one business day
5. PayWithSpecta: PayWithSpecta, a digital credit solution created by Sterling Bank, provides Nigerian customers with a special option.
PayWithSpecta simplifies the credit application procedure by asking consumers to register using a phone number linked to their BVN and submit basic financial data.
Key Features:
- A digital spending cap that can be applied to both in-person and online purchases from retailers
- 30% of the spending limit can be accessed as cash for personal needs
- Repayments made in one to three installments are free of interest and fees.
- Extended repayment options of 7-12 months available with interest
- Using a digital credit card as opposed to a conventional physical cards
How To Choose The Right BNPL Platform
When selecting a BNPL service in Nigeria, consider the following factors:
- Interest Rates: Examine interest rates on various websites. For certain payback periods, some offer 0% interest.
- Repayment Terms: Check the flexibility of repayment schedules and any penalties for late payments.
- Merchant Network: Ensure the platform works with stores where you frequently shop.
- Application Requirements: Check the qualifying requirements, such as the required documentation and income.
- Customer Support: Take into account the available assistance channels and the caliber of customer service.
- Hidden Fees: Read the fine print for any additional charges or processing fees.
Conclusion
Availability of money shouldn’t be a barrier to placing an order on a product you want to purchase, because with Buy Now Pay Later (BNPL), you can conveniently pay back without being put under pressure.
You no longer need to break the bank when you want to make that purchase because Buy Now Pay Later (BNPL) is here to ease that burden for you.
With these platforms, you get to make purchases and make payments in segments of two, three or four, depending on the platform policy. The best part about them is that you would get a flexible payment plan.
Go through this post, and pick which one you would like to try.
In our next post, we’ll explore why you should choose Buy Now Pay Later Today and its Pros and Cons. We hope this post was helpful for you.