As I&M Bank continues to celebrate its 50th year anniversary, the Bank has unveiled its ‘Buy Now, Pay Later’ proposition to existing customers that leverages. AI to extend unsecured personal loan financing. Buy Now, Pay Later is a flexible and convenient way for customers to finance their purchases across multiple merchant stores and e-commerce platforms instantaneously.
Available on the I&M Bank On The Go (OTG) Mobile App and Web channels, this innovative digital lending solution enables customers to make purchases and pay in installments from participating outlets such as Hotpoint Appliances, Jumia, Furniture Palace, Salute iWorld, Patazone, Opalnet, Bountiful Safaris and many more.
I&M Bank recognises that digitisation is key to meeting the challenges of a fast paced and volatile economic landscape, so it has embraced ecosystems, partnerships, omnichannel distribution, machine learning, AI algorithms, web, mobile and cloud-based solutions to offer greater flexibility and efficiency to customers. The I&M Bank Buy Now, Pay Later service leverages the Spot It platform, which is powered by Craft Silicon.
Eunice Gatama, Group Head of Ecosystems, Strategic Partnerships and Digital Lending at I&M Bank, commented, “Our AI technology automates decision-making processes, allowing for faster and more accurate credit assessments.
This ensures customers receive personalised credit offers based on their unique credit histories and financial behaviours. The AI algorithms simplify the application process, making it quicker and more efficient for customers to access credit. Via the I&M Bank On The Go (OTG) app, a customer can apply for a loan, get it disbursed and complete their purchase in under ten minutes.
This enhancement underscores our unwavering dedication to our customers not just by delivering financial services, but also a relevant solution in recognition of the challenging financial times we are in. We continue to onboard additional merchants to broaden the range of options available to customers.”
Shameer Patel, Executive General Manager, Personal and Business Banking added, “The Buy Now, Pay Later service is designed to meet our customers’ diverse needs, offering them greater control over their spending. With automated & flexible installment repayments options, we aim to provide an experience that aligns with the expectations of today’s digital banking consumers. This offering is supported by our digital account opening capabilities which can allow a buyer to immediately open an account with us using our the I&M Bank OTG mobile app to access Buy Now, Pay Later services.”
Kamal Budhabhatti, Group Chief Executive Officer of Craft Silicon, stated, “We are pleased that I&M Bank has introduced Spotit into their digital lending ecosystem. This solution demonstrates how technology can transform the banking sector by offering instant, reliable, and customer-centric financial services. Through Spotit, we aim to make financial empowerment more accessible and provide greater purchasing power for customers.”
To initiate a Buy Now, Pay Later purchase, existing I&M Bank customers need to log in to the I&M Bank On The Go (OTG) Mobile App or Web channel, select the ‘Buy Now, Pay Later’ option under the ‘Short Term Loan’ section, and agree to the terms and conditions. Once enrolled, they can shop at any participating outlet listed on the app or website as many times as they can within their available Buy Now, Pay Later credit limit.
The Buy Now, Pay Later service allows customers to make immediate purchases of up to Kes 350,000 and repay in flexible installments over a period of up to 12 months.