Aspira, a Kenyan platform that allows customers to buy their dream products now and pay later in easy monthly installments has launched a checkoff financing program targeting over three million salaried Kenyans across all sectors.

According to a statement from the firm ,the program will enable employees to access up to 1.5 times their net pay with an installment plan of up to 36 months.

Aspira’s marketing lead, Arnold Muthama said, “This innovative financing option aims to alleviate financial stress and empower employees to make responsible financial decisions. We believe in financial empowerment and its impact on productivity”.

The checkoff program will allow employees to access financial solutions, which include education financing (Soma Loan), where customers can access credit to finance education from kindergarten to university and acquire vehicles through the Gari na Aspira credit facility.

As part of the deal, customers will gain access to product financing such as electronics, construction materials, laptops, cameras, auto services, sports equipment, home appliances, furniture, and mobile phones, as well as travel or vacation financing.

Small and medium enterprises will also receive B2B loans of up to Sh3 million with payments being made in flexible monthly installments.

“The products and services offered through this arrangement attract low-interest rates of up to 2.25% per month, depending on the employer type. The approval process is faster, with no collateral or down payment required,” said Muthama.

According to the Economic Survey 2023 by the Kenya National Bureau of Statistics (KNBS), over 358,000 people employed in the formal sector earn over Sh100,000, while 1.25 million earn between Sh50,000 and Sh99,000, with approximately 3 million Kenyans employed in the formal sector.