As I&M Bank continues to celebrate its 50th anniversary, the Bank has unveiled its ‘Buy Now, Pay Later’ proposition to existing customers that leverage AI to extend unsecured personal loan financing.

Buy Now, Pay Later is a flexible and convenient way for customers to finance their purchases instantly across multiple merchant stores and e-commerce platforms.

Available on the I&M Bank On The Go (OTG) Mobile App and Web channels, this innovative digital lending solution enables customers to make purchases and pay in instalments from participating outlets such as Hotpoint Appliances, Jumia, Furniture Palace, Salute iWorld, Patazone, Opalnet, Bountiful Safaris and many more.

I&M Bank recognizes that digitization is key to meeting the challenges of a fast-paced and volatile economic landscape, so it has embraced ecosystems, partnerships, Omni channel distribution, machine learning, AI algorithms, web, mobile and cloud-based solutions to offer greater flexibility and efficiency to customers.

 The I&M Bank Buy Now, Pay Later service leverages the Spot It platform, which is powered by Craft Silicon.

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Eunice Gatama, Group Head of Ecosystems, Strategic Partnerships and Digital Lending at I&M Bank, commented, “Our AI technology automates decision-making processes, allowing for faster and more accurate credit assessments. This ensures customers receive personalized credit offers based on their unique credit histories and financial behaviours. The AI algorithms simplify the application process, making it quicker and more efficient for customers to access credit.”

On his part, Shameer Patel, Executive General Manager, Personal and Business Banking added, “The Buy Now, Pay Later service is designed to meet our customers’ diverse needs, offering them greater control over their spending. With automated & flexible instalment repayment options, we aim to provide an experience that aligns with the expectations of today’s digital banking consumers. This offering is supported by our digital account opening capabilities, allowing a buyer to immediately open an account with us using our I&M Bank OTG mobile app to access Buy Now, Pay Later services.”

Meanwhile, Kamal Budhabhatti, Group Chief Executive Officer of Craft Silicon, stated, “We are pleased that I&M Bank has introduced Spotit into their digital lending ecosystem. This solution demonstrates how technology can transform the banking sector by offering instant, reliable, and customer-centric financial services. Through Spotit, we aim to make financial empowerment more accessible and provide greater purchasing power for customers.”

To initiate a Buy Now, Pay Later purchase, existing I&M Bank customers need to log in to the I&M Bank On The Go (OTG) Mobile App or Web channel, select the ‘Buy Now, Pay Later’ option under the ‘Short Term Loan’ section, and agree to the terms and conditions. Once enrolled, they can shop at any participating outlet listed on the app or website as many times as they can within their available Buy Now, Pay Later credit limit.

The Buy Now, Pay Later service allows customers to make immediate purchases of up to Kes 350,000 and repay in flexible instalments for up to 12 months.