Tue. Nov 29th, 2022

Usually interest free over 30 days for the consumer, BNPL providers make money by charging merchants a fee to access their products. As such, they are much more affordable for consumers than credit cards that often come with exorbitant fees in the double digits.

Additionally, merchants are happy to pay, given the rising cost of living across the continent and consumers’ inability to pay in full for larger ticket items, such as computers, smart phones, and other expensive equipment required for personal or business development, says Fehintolu Olaogun, CEO at CreditPal, a BNPL company based in Nigeria.

“When I was growing up, my parents had to save over a long period of time to buy me a laptop for school,” says Olaogun.

Source link

By Joy

Leave a Reply

Your email address will not be published.