The emergence of buy now, pay later (BNPL) firms in Nigeria over the last three years has been one of the most talked about phenomena in the country's thriving startup scene. Many of these new businesses are making it possible for people to acquire goods and services they previously would have had to save up for. There's little doubt that it's become an overnight sensation in Nigeria.
CredPal, a Nigerian finance business, has just released a new product called Ride-On, which allows its customers to have access to "ride now, pay later" services. CredPal customers in Nigeria may now take trips with the popular ride-hailing service Bolt and pay with their preferred payment method.
As the firm currently foots the bill for customers' travel expenses, the service is now invite-only on CredPal. Users, however, do not have to pay any of the fees at the time of the journey, unlike with normal BNPL services. They may instead pay using CredPal and then refund the ride at the end of the month. Pre-qualification is based on the same criteria as the company's standard BNPL offer, and the repayment schedule for Ride-On is timed to correspond with the borrower's pay period.
In a statement sent to Techpoint Africa, CredPal CEO and Co-Founder Fehintolu Olaogun emphasized the enhanced financial management capabilities afforded by Ride-On.
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