By Elijah Odhiambo
The Financial Times, a British business daily newspaper has named Buy now, pay later (BNPL) company, Lipa Later Group as one of the fastest-growing financial technology (fintech) companies on the African continent.
The list, now in its second year, emphasizes various fintechs and the tenacity and innovation of the Kenyan fintech sector.
Businesses in a variety of industries, including fintech, renewable energy, healthcare, commodities, and agriculture, are examined for the Financial Times/Statista 2023 annual ranking of Africa’s fastest-growing companies.
Lipa Later has shown remarkable growth and adaptation, displaying its capacity to flourish even in unstable times, despite the economic hardships the Covid-19 pandemic has brought to the world.
“We are thrilled to be recognized as one of Africa’s fastest growing fintech companies by the Financial Times,” Lipa Later’s Founder and Group CEO Eric Muli said.
“We will continue to leverage technology and our deep understanding of customer needs to drive financial inclusion and contribute to the growth of the fintech ecosystem in Kenya and beyond,” Muli added.
With eight fintech companies listed in the top 50, Kenya, a thriving center of fintech innovation, made a strong showing in the ranking.
This underlines the enormous potential of Kenya’s entrepreneurial environment as well as reaffirms Kenya’s status as a leader in the African fintech sector.
Other Kenyan companies recognised in different categories in the Financial Times/Statista 2023 annual ranking include Sokowatch. Ltd, Africa Healthcare Limited, Victory Farms, Poa Internet Kenya, Copia Global, Fourth Generation Capital Ltd, Mkopa Holdings.
What is Lipa Later all about ?
Lipa Later allows customers to own and have unrestricted use of what they want to buy while they pay for it in affordable and flexible monthly instalments.
The company has exclusive partnerships with retailers across various markets allowing shoppers to pay for products in installments.
For instance, Lipa Later’s partnership with French retailer Carrefour allows customers to pay for items including furniture, electronics and even perishables in monthly installments.
It was founded in 2018 with the intention of giving consumers financial solutions by boosting their spending power and serving as an alternative payment method.
Lipa Later is not only changing the consumer credit landscape across Africa, which to date has been largely inaccessible for most, but also catalysing the future of shopping, e-commerce, and payments.
It has markets in Kenya, Uganda, Rwanda, and Nigeria.
Lipa later industry partners
The tech has partnered with among others, the following Kenyan companies where customers can buy products as they pay later;
- Tecno mobile Kenya
- Carrefour
- CDI gadgets
- Anisumas’s company
- Tawaraq electronics and investment limited
- Dixons electronics
IBSintelligence.com listed Lipa Later among the three BNPL companies in Africa to watch out for in 2023.
