Due to the critical economic situation in Nigeria and the invention of expensive products, such as electronic and electrical devices, home and work technological developments, whose prices keep increasing at a close interval of time, the need of populace is now keen on having available opportunities where they can buy stuff and pay later—especially for the salary earners, who takes the more significant percentage among the Nigerians working-class group.
The good news is that many business opportunists have developed initiatives to render buy now pay later (BNPL) programs, allowing shoppers to buy now and pay later.
Keep scrolling to see my analysis of the trusted platforms you can reliably sell and shop using the BNPL method as a payment option.
1. PayQart
PayQart allows eligible users to buy goods and services in installments and spread repayment over 2 to 6 months. Their physical address is 32 Lewis St, Lagos Island, Lagos.
Their repayment plan for consumers is quite friendly. And you can choose to pay back in weeks or months once you’re approved. You must’ve spent at least N50,000 with a merchant supporting PayQart and have an active PayQart account to enjoy their BNPL service.
As a consumer, find a merchant that supports PayQart, walk in, request to pay with PayQart, and they would handle the process of using PayQart service for your payment option.
Merchants can also register their stores with PayQart. For every credit purchase by users, PayQart pays you in full on their behalf, but they will charge an interest of 1.7% per month or customer.
Examples of Nigerian Companies that support PayQart
- Spredda
- LG
- Zerofinance
- Nexus
- Panasonic
- Samsung
- Reohob
- Techno, and so on.
2. Credpal
Credpal is another company that offers buy now, pay later in Nigeria. Both consumers and merchants can use their service, and they are at 75b Olonode Street, Off Spencer St, Alagomeji-Yaba, Lagos.
You can spread repayment over 6 to 12 months once your credit application is approved.
Merchants can register with Credpal by providing all the necessary documents, like their CAC certificate. Then set the Credpal plugin as a payment option for the shoppers to select. Once a customer buys using Credpal, merchants will be notified and fully paid by Credpal.
A consumer can either go through an online platform with the Credpal app or look for a merchant that supports Credpal to enjoy their BNPL service.
To use their online application for BNPL,
- Login or signup for an account on the Credpal app.
- Submit your BVN and your bank statement for KYC verification.
- Go through other registration requirements.
- Credit request. Your eligible amount will depend on your credit score.
See How To Open Kuda Bank Without BVN
Once you are given credit, you can shop on the available stores and choose Credpal as a payment option.
Examples of Nigerian Stores that Support Credpal
- Shoprite
- Slot
- Jumia Food
- Hard Rock Cafe
- Pointek
- Bukkahut
- Image Stores
- Airtel
- LG
- Sales 366
- Sketchers
- Just rite
- Fixit45
- Dream works
3. Paywithspecta
You can meet Paywithspecta representatives by walking into any Sterling Bank branch. They allow consumers to buy and repay within 1 to 12 months. If you repay between 1 to 3 months, you won’t pay with interest.
Merchants can register under Paywithspecta and allow their customers to benefit from Paywithspecta’s BNPL program. First, open an account with Sterling Bank, sign up with Paywithspecta for business with your BVN and phone number linked to your bank. After that, you will integrate paywithspecta for customers to choose from as payment options.
The consumer can also use the BNPL service from Paywithspecta; just open an account with Sterling Bank and sign up for Paywithspecta using your BVN and phone number.
After that, click on “get your spending limit” on your dashboard. Next, fill in the required details, such as your details and bank information. Once approved, you will be given a spending limit, which you can use to make purchases from online stores or in-stores using your specta ID.
Examples of Nigerian Stores that support Paywithspecta
- JustFones
- Slot
- Cars45
- Jamara Home
- JMG ltd
- DOe Resources
- Elveco Stores
- AdvanceCare Medicals
- Auto check
- Imperium
- Allbase Global Energy
- Just Fragrance
- Argone
- Zoomba Digitals
- Shopaz Hub
- LG
4. EasyBuy
EasyBuy focuses on offline deals. Their BNPL service is available to both shoppers and merchants. As a consumer, you can spread installment payments over 3 to 6 months. EasyBuy is at 2AIsaac John Street, Ikeja, Lagos State.
You must be able to pay 20% to 30% of the price of any product you intend to purchase to enjoy EasyBuy BNPL service. This will be paid upfront after submitting all the required details, such as a valid ID, salary statement, and BVN. After this, you can take your product home. The 70% will now be spread over between 3 to 6 months.
A consumer or individual would need to walk into a store that supports EasyBuy and request to buy now and pay later using EasyBuy.
Sign up with EasyBuy as a merchant by providing your business details, including your physical location. After this, EasyBuy helps you handle the registration process, and your customers can now buy from your store with EasyBuy. You will be charged a 6% per month Interest rate.
Examples of Nigeria Stores that Support EasyBuy.
- Tecno
- Infinix
- Itel
- Apple
- Oppo
- Gionee
- MI
- 3CHub
5. PayFlexi
This is a buy now, pay later payment gateway that allows shoppers to pay installmentally. Shoppers must pay 40% of the product price tag, while the 60% payments would be spread over six months.
Merchants can register by signing up as merchants and connecting. If a customer visits your store, you will be provided with the option to pay via PayFlexi, which will use your payment gateway. You will be charged a 2% interest rate per transaction.
Examples of Nigerian Stores that Support PayFlexi
- Oyato.ng
- Ojaayo
- RegalPlanet
- Micserah
- TravelNow
- Orbitbaby
- Z Mart
- Smartprintsink
6. Carbon Zero
This is among the top platforms that render BNPL programs. In addition, carbon Zero allows Nigerian shoppers to buy now and pay later with at least 25% of the actual product price.
You will spread the other 75% payment over 3 to 6 months without interest. However, carbon zero, right now, offer its services to salary earners with a verified salary of #120,000.
Individual shoppers will need to open an account with the app and sign in. After this, walk into a store that supports carbon zero, then check out with Carbon Zero as a payment option.
If you are approved, you can then go ahead to choose a repayment option—between 3 to 6 months. Then, make your 25% payment and have your purchased item.
Examples of Nigeria Stores that Support Carbon Zero.
- Konga
- Electromart
- I store
- The Simba Den
- Solar Flares
- Piqit
- Ebeosi
- VG stores
- Prag
- Sales 366
- Ansvel
- Babbliss
- Argonne World
7. Afterpay
AfterPay is one of the major buy now pay later companies in Nigeria, allowing shoppers to pay 25% down and pay the remaining in three installments.
To access the AfterPay service as shoppers, browse any online store with AfterPay as a payment gateway. Then scan your desired items and choose to pay with AfterPay. Next, sign in to complete your order, and then you can pay 25% of the item’s price and set your repayment plan.
Merchants can integrate PayAfter into their payment gateway by signing up as a merchant, fill all the required documents, and waiting to be approved.
8. Buy Now Pay Later Akure
This shopping company runs fully online and has a physical address at No 21, Oyemekun Road, Akure, Ondo State, Nigeria. Buy Now Pay Later allows shoppers to browse through their websites to choose from their array of products online—electronic gadgets and domestic technologies, like washing machines and so on. They allow both shoppers to register under them to shop now and pay later and merchants to sell their products.
Merchants would need to register by choosing ‘guest’ under the company’s registration web page, while shoppers would choose the pay later option. Once you complete filling out the registration form according to whether you are a shopper or a merchant, you can continue to enjoy the benefit of Buy Now Pay Later. You can now choose your desired item and pay via the pay later option as a shopper.
Visit the web page of Buy Now Pay Later Akure here to learn more.
