Craft Silicon’s Spotit, a Buy Now and Pay Later (BNPL) product, has hit over Sh200 million in transactions across multiple merchant partners, a year after launch, signifying consumers appetite for fintech solutions that offer flexible repayment opportunities on products and services.
Spotit initially went live with Little Sacco. However, its market impact began in mid-August 2024, when it officially launched with I&M Bank, unlocking access to a broader customer base.
This move coincided with the growing demand for BNPL solutions in Kenya, proving that the market is ripe for transformation. Other providers operating in Kenya include 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.
“Our unique approach where customers are pre-approved by their banks—ensures a frictionless shopping experience. Consumers can walk into any approved store knowing they have an available spending limit from their bank, making product financing more accessible than ever before,” he noted.
According to Mr. Kamal, the company is on track to hit Sh3.8 billion in transactions by the end of 2025, as per internal projections and bank data.
The Buy Now, Pay Later (BNPL) market in Kenya has experienced significant growth, with projections estimating a 13.6 percent annual increase, reaching a market value of US$1.18 billion in 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.
