LOOP has announced that it launched LOOP FLEX, a Buy Now, Pay Later (BNPL) credit facility.
With LOOP FLEX, customers can acquire goods on credit with a minimum deposit of just 10%. LOOP instantly settles the full purchase amount directly with the merchant, and the customer then repays the balance in convenient monthly installments over a flexible period of up to 12 months.
LOOP FLEX is offering credit limits from a minimum of Ksh. 15,000 up to Ksh. 1 million.
“LOOP FLEX supports our role as a lifestyle enabler, and is designed to give our customers the power to enjoy life today while responsibly managing their tomorrow,” said Eric Muriuki, CEO of LOOP DFS. “We are reimagining how our customers experience smarter, more flexible financial solutions, inspiring confidence and empowering them to unlock opportunities that fit seamlessly into their lives.”
The product is offered using risk-based pricing in line with LOOP’s pricing matrix. The loan includes a single facility fee of 4% of the disbursed amount, plus applicable excise duty.
Customers can hold up to five active FLEX loans at any given time, with a minimum loan amount of Ksh. 9,000.
LOOP FLEX eligibility
To be eligible for LOOP FLEX, customers must be fully registered on LOOP, have a positive assigned FLEX limit, and hold no overdue loans.
Customers can access LOOP FLEX via their LOOP App through two easy options, utilizing popular payment methods like M-PESA Buy Goods, M-PESA Pay Bill, or LOOP BIZ:
- Navigate to the GROW Section and select Pay with LOOP FLEX.
- Use Quick Actions to select a payment method and proceed with the LOOP FLEX merchant’s Till Number.
LOOP DFS is a wholly-owned Fintech of the NCBA Group, has pioneered mobile lending and savings since 2012. LOOP serves over 60 million people across six markets in East and West Africa.
Some of the companies where can you utilize your LOOP FLEX credit limit:
Category | Merchant Name(s) |
Electronics & Appliances | Hot Point Appliances Limited, Mobile Connect Ltd, Galaxy Mobile Accessories Ltd, The Lifestyle Hub, Electronhub Solutions Limited, FoneXpress, Phonelink, Ropem Telcom Limited, Samsung Jaicom, LinkHills Telcom Limited, Cute Kitchen Limited, The Gadget Connect Limited, Vitu Zote supplies, Deeds Technologies, Generations Techzone Limted, Generations Electronics, BrandCart Ltd |
Retail & Groceries | Kilimall, QuickMart, Smart Ugavi Ventures Limited |
Furniture & Décor | Tile and Carpet Centre Ltd, TACC Stores |
Hotel & Travel | Travel Duqa Ltd, Wavu Travels, Bountiful Safaris Ltd |
Automobiles & Accessories | AutoXpress, Donga Carspa Ltd, ROAM Africa |
Health & Fitness | EBee Mobility Limited, Cycle Africa Bikes Limited |
Fashion & Beauty | Sandstorm |