The new plan seeks to make high-end products more accessible to Kenyans.

“Our vision is to make quality appliances and a comfortable lifestyle affordable and manageable for people in Kenya,” Irshad Muttur, COO of Aspira, said.

“Kenyans aspire to have a good life, and with this partnership, they can now access essential appliances over a more extended period,” he added.

Aspira’s flexible payment plans, which range from 1 month to 6 months, have already been well-received by Kenyan shoppers, according to Muttur.

The addition of the 24-month plan allows consumers to spread the cost of their purchases over a more extended period, aligning with the lifespan of many durable appliances.

“The 24-month product will allow more customers to access a broader range of products. Previously, some high-end appliances and electronics may have been out of reach for many shoppers due to shorter payment terms,” Chris Rhys, Head of Marketing at Hotpoint, stated.

“Now, customers can consider these items and extend their payment terms, which is a win-win for both customers and Hotpoint.”

The Kenya Buy Now, Pay Later 2023 report showed that Kenya’s BNPL payment industry has recorded strong growth over the last two years due to increased e-commerce penetration.

The report predicts BNPL payments in the country to grow by 51.6 percent on an annual basis from Sh124 billion (USD 857.7 million) in 2022 to reach Sh310 billion (USD 2.1 billion) at the end of 2023.

The BNPL gross merchandise value in Kenya will increase from $1.4 billion in 2022 to reach $8.3 billion by 2028.

“The partnership between Aspira and Hotpoint is a long-term partnership where the customer sits at the center of every project we do,” said Muttur.