This archive report was first published on 14 November 2019.
Launched in Kenya in 2018, Aspira is a financing platform that has revolutionized the way Kenyans shop for goods. With the rise of online shopping, Aspira has made it possible for individuals to purchase items they need without having to pay the full amount upfront.
Aspira's buy now, pay later model allows customers to select a product they want to purchase, choose a payment plan that suits their budget, and then make secure payments through the Aspira app. The platform has partnered with several retail stores in Kenya, including Jumia, Kilimall, and Masoko, to offer a wide range of products to its customers.
One of the key features of Aspira is its credit-worthy assessment process. Before lending to a customer, Aspira assesses their creditworthiness based on their current income, average expenses, and any other financial commitments they may have. This ensures that customers only borrow what they can afford to pay back.
Aspira also offers credit protection, which provides customers with an insurance policy that pays off any outstanding debt in case of death, disability, or inability to pay back. This feature is mandatory for all customers using the Aspira app.
With Aspira, customers can purchase a wide range of products, including electronics, furniture, household appliances, and more. The platform has made shopping more convenient and accessible to Kenyans, and its buy now, pay later model has been a game-changer in the retail industry.
