Though BNPL has taken off in most parts of the world, it’s yet to pick up steam in Africa, according to yahoo.com. Sympl has found that in countries such as South Africa and Egypt, there is a newfound surge in demand for such services. Company officials have said that they joined forces to establish Sympl because they share the vision that there is a significant opportunity for Buy Now, Pay Later in Egypt, given its populous market.
The twist in the company’s services is that Sympl operates a save your money, pay later model rather than the normal buy now, pay later model. Sympl says it targets over 50 million debit and credit cardholders in the country. And like any BNPL service, the company wants to incentivise a portion of this demographic at checkout, in-store or online.
With no pre-registration required and payment plans approved at checkout, Sympl allows merchants to sell directly to consumers on short-term, fully interest-free (zero-interest) payment plans. A typical BNPL model involves a purchase split into multiple equal payments. The first payment, usually 25% of the total purchase, is made at checkout, while the rest are paid in three instalments.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now