- By now pay later firm Spotit reported an increase in transaction that hit KSh 200 million in March 2025
- The Central Bank of Kenya (CBK) recognized the industry, stating intentions to begin overseeing this sector.
- Kamal Budhabatti, the CEO of Crafton Silicon, stated that this venture is a transformative force in enhancing financial access.
Craft Silicon’s Spotit, a Buy Now and Pay Later (BNPL) service, has surpassed KSh200 million in total transactions within just one year of launching, across various merchant partnerships. This achievement underscores the growing demand among consumers for fintech options that provide adaptable payment plans for goods and services.
Initially, Spotit was made available through Little Sacco. Nonetheless, its significant influence in the market started in mid-August 2024 upon its official launch with I&M Bank, which provided wider accessibility to customers.
This step aligned with the increasing demand for BNPL solutions in Kenya, demonstrating that the market is ready for significant change.
Providers active in Kenya also encompass Aspira, Loop, Safaricom, M-KOPA, and MasterCard.
“We envisioned Spotit as more than just a BNPL product. It is a game-changer in financial accessibility, and our journey so far has reaffirmed its necessity in the market. The response has been phenomenal, and we are excited about the future,” said Mr. Kamal Budhabatti , Group CEO at Craft Silicon.
He noted that the company's unique approach, where customers are pre-approved by their banks, ensures a frictionless shopping experience.
"Customers can enter any authorized store confident that they have a set spending limit from their bank, thereby enhancing the accessibility of product financing like never before," he pointed out.
As stated by Mr. Kamal, the firm is expected to reach Ksh 3.8 billion in transactions by the close of 2025, based on internal forecasts and banking information.
What is the current valuation of buy-now-pay-later services?
The Buy Now, Pay Later (BNPL) sector in Kenya has seen substantial expansion, with forecasts predicting an annual rise of 13.6%, culminating in a market valuation of $1.18 billion (KSh 152.6 billion) by 2025.
This expansion is driven by consumers' growing demand for flexible payment options and the rise of digital financial services.
Some players in Kenya’s buy now pay later market include M-Kopa, Safaricom’s Faraja, Tala and Branch
Safaricom’s Faraja, which was launched recently, offers interest-free credit to customers, allowing them to make purchases across various merchants, including Naivas outlets, Goodlife pharmacies, and City Walk. Merchants receive full payment upfront, enhancing their cash flow.
M-Kopa initially focused on financing solar energy solutions, M-Kopa has expanded to provide BNPL options for various products, targeting underbanked populations and utilizing a pay-as-you-go model.
The Tala and Branch primarily known for micro-lending, these fintech companies have ventured into BNPL by offering short-term credit for purchases, leveraging their existing mobile platforms to reach a broad user base.
The rapid growth of BNPL in recent years has drawn scrutiny from regulators and lawmakers alike.
Earlier last year, MPs urged the Central Bank of Kenya (CBK) to propose legislative changes that would grant it control over BNPL firms.
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