Flexpay Technologies,the Africas’s pioneering merchant-embedded saving-based purchase platform,claims the 2nd runner up prize after pitching it’s innovative fintech solution of “Save Now, Buy Later,” model that is designed to bridge the affordability gap for the vast underbanked African population.
The announcement was made by Pan-Africa’s Ecobank Group jury during the Ecobank Challenge competitions’ Grand Finale at the bank’s headquarters at the Pan African Centre in Lomé, Togo, after the Fintech facing fierce Competition from seven other Fintechs,all of whom pitched their innovative Fintech Solutions to a distinguished panel of judges.
What is Flexpay’s SNBL
Flexpay’s “Save Now, Buy Later,” model is set out to revolutionize the way people pay and buy by empowering individuals with the ability to purchase essential goods and services without the burden of traditional credit models, offering them a sustainable and credit-free way to buy.
“In the realm of modern retail, the word “FlexPay” is synonymous with progress, empowerment, and financial prudence. As the African shopping landscape continues to evolve, FlexPay leads the charge toward a brighter, more financially inclusive tomorrow,” said FlexPay co-founder and CEO Richard Muchomba,adding that apart from customers being able to pay for retail products,they are also able to save towards their goals.
Through the merchant-embedded saving-based purchase experience, customers are able to save up for their desired purchases, earn rewards, and pay over time. By combining technology, data-driven insights, and strategic partnerships with merchants, Flexpay is transforming the financial landscape, providing a solution that is accessible, flexible, and promotes responsible spending habits.
With FlexPay, everyday people have access to the goods and services they dream of owning,By;
- Creating an Account through the FlexPay platform.
- Selecting the item they desire by browsing through the extensive range of products and choose the one wish to save for.
- Start Saving , by putting aside money for your chosen item, one manageable installment at a time.
- Enjoy their Purchase: Once their goal is met, they can finally buy your item and celebrate their prudent financial decision.
In addition, merchants are able to optimize and enhance the overall customer experience .SNBL, “Lipia Polepole” makes shopping more fun, accessible and less financially draining, making the brand attractive to a broader audience and opening up new opportunities for business growth. When customers can spread their payments over a longer period and only have to pay low upfront costs, they are more likely to add items to their shopping cart and shop more often.
For E-commerce Merchants they just needs to:
- Integrate FlexPay’s SNBL into their checkout process.
- Offer FlexPay Plans : Give your customers the option to save for their future purchases using FlexPay.
- Maximize Sales : Benefit from higher conversion rates and reduced cart abandonment, boosting your online sales.
A total of 1,490 fintechs applied for the 2023 edition, from 64 countries in Africa,8 making it to grand finale.Ecobank Fintech Challenge brings together fintechs, regulators, investors, financial institutions, globally-focused technology companies, technology hubs, entrepreneurs and experts in Africa’s fast-growing financial sector.
Conclusion
The future of shopping in Kenya and Africa is undergoing a remarkable shift, thanks to FlexPay’s innovative SNBL model.By fostering financial literacy and bridging the affordability gap, FlexPay is not just redefining retail; it’s transforming lives. So, whether a merchant or a shopper,it’s time to embrace the future and join the FlexPay revolution.
