I&M Bank has introduced an AI-powered Buy Now, Pay Later (BNPL) solution for its existing customers to enhance its unsecured lending offerings.
The solution has been launched in partnership with Spotit by Craft Silicon.
The bank said in a statement that this innovative option provides a flexible and convenient way for customers to finance purchases instantly across a variety of merchant stores and e-commerce platforms.
Available on the I&M Bank On The Go (OTG) Mobile App and Web channels, this digital lending solution enables customers to make purchases and pay in installments from participating merchant outlets on Spotit such as Hotpoint Appliances, Jumia, Furniture Palace, Salute iWorld, Patazone, Opalnet, Bountiful Safaris and many more.
“Our AI technology automates decision-making processes, allowing for faster and more accurate credit assessments. This ensures customers receive personalised credit offers based on their unique credit histories and financial behaviours.’’ Eunice Gatama, Group Executive General Manager, Digital Business at I&M Bank, said.
‘’The AI algorithms simplify the application process, making it quicker and more efficient for customers to access credit,’’ she added.
Kamal Budhabhatti, Group Chief Executive Officer of Craft Silicon, said, “We are pleased that I&M Bank has introduced Spotit into their digital lending ecosystem. This solution demonstrates how technology can transform the banking sector by offering instant, reliable, and customer-centric financial services. Through Spotit, we aim to make financial empowerment more accessible and provide greater purchasing power for customers.”
The lender notes that that digitization is essential to navigating the challenges of a rapidly changing and volatile economic environment. As a result, it has adopted ecosystems, partnerships, omnichannel distribution, machine learning, AI algorithms, and web, mobile, and cloud-based solutions to provide customers with greater flexibility and efficiency.
To initiate a Buy Now, Pay Later purchase, existing I&M Bank customers need to log in to the I&M Bank On The Go (OTG) Mobile App or Web channel, select the ‘Buy Now, Pay Later’ option under the ‘Short Term Loan’ section, and agree to the terms and conditions. Once enrolled, they can shop at any participating merchant outlets on Spotit who are listed on the app or website as many times as they can within their available Buy Now, Pay Later credit limit.
The Buy Now, Pay Later service allows customers to make immediate purchases of up to Kes 350,000 and repay in flexible installments over a period of up to 12 months.
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