 credit facility, to help customers acquire goods on credit.){kind=link}
LOOP, an NCBA Bank product, has launched LOOP FLEX, a Buy Now, Pay Later (BNPL) credit facility, to help customers acquire goods on credit, according to a report by Business Tech Kenya.
With just a minimum deposit of 10%, LOOP FLEX customers can get their items then LOOP sttles the full purchase to the merchant. The buyer repays monthly installments over a flexible period of up to 12 months, with interest applied on the loan amount.
According to Eric Muriuki, CEO of LOOP DFS, “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. With this product, therefore, we are reimagining how our customers experience smarter, more flexible financial solutions while at the same time we inspire confidence, empower them to unlock opportunities, and fit seamlessly into the way they live their lives without unnecessary limits. ”
FLEX credit limits stand at a minimum of KES.15,000 and a maximum of KES.1,000,000. To be eligible, one has to be fully registered on LOOP, to have been assigned a positive LOOP FLEX limit, to hold no overdue loans, and to accept the terms and conditions.
Repayments are structured monthly, with a minimum loan amount of KES.9,000 and the ability for customers to hold up to five active FLEX loans at any given time. The product is offered on risk-based pricing in line with LOOP’s pricing matrix, supported by a facility fee of 4% of the disbursed amount, plus the applicable excise duty. The model ensures both affordability and responsible lending, while giving customers full transparency on the cost of their loan.