Craft Silicon, a leading technology solutions provider, has launched a groundbreaking ‘Buy Now Pay Later’ (BNPL) product called Spotit in the country. Spotit is a revolutionary technology solution that aims to empower eligible bank customers with seamless access to produce financing directly from their mobile apps. Craft Silicon Group Chief Executive Officer (CEO) Kamal Budhabhatti said that the company was proud to revolutionize GNPL in Africa and create a product that offers unparalleled value to their partners and customers. ‘Spotit represents a significant step towards financial inclusion and empowerment for individuals across the continent,’ stated Budhabhatti The CEO who was speaking at a Nairobi Hotel on Tuesday reiterated that Craft Silicon is a leading technology solutions provider committed to empowering financial institutions with innovative and user-friendly products. With a focus on financial technology, he added, Craft Silicon continues to drive advancements in the industry through its cutting-edge solutions. He observed that the product has been meticulously designed and thoughtfully crafted to address the needs of both merchants and customers by ensuring that qualified customers can easily obtain the products they desire. Budhabhatti highlighted the different procedures in which GNPL works to customers including activating their accounts, selecting the desired merchant by inputting the merchant code on their app, and the merchant will process the items on a hub provided by Spotit. ‘Once the customer confirms the purchase on their app and accepts the terms and conditions, a unique code is generated, finalizing the loan booking and confirming the sale completion to the merchant. Spotit then promptly transfers funds to the merchant for the sale and the platform will accommodate a wide range of e-commerce merchants to offer an omni channel shopping experience,’ he explained. The CEO maintained that Spotit stands out from its competitors by fostering collaboration among three key stakeholders: The Bank, the merchant, and the customer, adding that by uniting these parties, the GNPL product ensures that each derives substantial value from the transaction. Unlike other competitors who primarily focus on lending, he posited, Spotit acts as a technology provider, leveraging its expertise to streamline the process for all involved parties. ‘The target customer for Spotit is anyone with a bank account. Additionally, Spotit has a greater vision of reaching the unbanked customers in Kenya and beyond. By encouraging unbanked individuals to open accounts, Spotit aims to provide them with opportunities to access product financing, improving their financial inclusion in the market,’ said Budhabhatti. The CEO noted that the product benefits young professionals who have recently graduated and embarked on their first job as it offers a path to upgrading their lifestyle gradually where responsible borrowing will be facilitated, fostering financial growth and independence as they progress in life. While addressing concerns about potential defaulters, Budhabhatti emphasized that the BNPL product targets existing customers within the banking ecosystem, ensuring a carefully considered scoring process and since the facility will be collateralized, it will enable efficient repossession in the event of default, with the cooperation of partner merchants. In its pursuit of excellence, Budhabhatti said that the product seeks partners who prioritize customer centricity where the customer experience is the core focus of the organization, and Spotit aims to establish seamless and hassle-free interactions for users. ‘As part of its expansion plans, Spotit intends to initially roll out Spotit in Kenya, with future plans to extend its reach throughout Africa. This strategic approach ensures that the product is fully established and optimized before reaching broader markets,’ the CEO revealed. Budhabhatti described one of the key differentiators of Spotit is its commitment to timely merchant payments and unlike traditional BNPL providers with delayed payment processes, Spotit guarantees that merchants will receive upfront payments immediately after the transaction is completed. He added that the product promises customers a seamless journey, eliminating the need for lengthy sign-ups or document processing where he insisted that both offline and online customers can expect a purchase process that takes less than 5 minutes.
Source: Kenya News Agency