I&M Bank has launched an innovative AI-powered ‘Buy Now, Pay Later’ (BNPL) service aimed at enhancing its unsecured lending portfolio.
This new service, available to existing customers, provides a flexible financing option through various merchants and e-commerce platforms. The offering is made possible through a collaboration with Craft Silicon’s Spotit platform.
Accessible via the I&M Bank On The Go (OTG) mobile app and web channels, this digital solution allows customers to make purchases and repay in installments. Participating merchants include outlets such as Hotpoint Appliances, Jumia, and Furniture Palace, among others. Customers can make purchases of up to KES 350,000, with repayments spread over a period of 12 months.
The bank emphasizes that this service demonstrates its dedication to adopting cutting-edge technologies like AI to address the evolving needs of its clientele. The platform uses AI to automate the credit assessment process, providing quicker and more tailored loan approvals based on individual credit histories and spending behaviors.
Through this technology, customers can apply for and receive loan approvals within ten minutes via the OTG app.
“Our AI technology allows for faster and more accurate credit assessments, simplifying the application process and making it more efficient for customers to access credit. This is especially important in today’s challenging financial environment,” said Eunice Gatama, Executive General Manager, Digital Business.
Craft Silicon’s Group CEO, Kamal Budhabhatti, expressed enthusiasm about the partnership, stating, “We are pleased that I&M Bank has introduced Spotit into their digital lending ecosystem. This solution highlights how technology can transform the banking sector by delivering instant and reliable financial services.”
I&M Bank believes this AI-powered solution is a significant step in their digital transformation, offering a seamless and customer-focused lending option for the modern banking landscape.
