Kenyans can now enjoy shopping on credit at Naivas supermarkets, thanks to an innovative partnership with Visa. This new initiative aims to provide more payment solutions and ease the financial strain on consumers, especially in the face of shrinking disposable incomes. Naivas Chief of Strategy, Andreas von Paleske, emphasized their commitment to the “buy now, pay later” model, highlighting the retailer’s focus on enhancing customer experiences.
The BNPL (Buy Now Pay Later) market in Kenya is thriving, with annual growth of 20.8% and projections reaching US$1.1 billion by the end of 2023. The medium to long-term outlook remains robust, with the BNPL Gross Merchandise Value expected to hit US$1.9 billion by 2028. This growth underlines the increasing acceptance and demand for flexible payment options among Kenyan consumers.
Naivas will introduce a new loyalty card in collaboration with Visa, complementing their existing loyalty program. The new Reward Card allows shoppers to make global purchases while earning Naivas loyalty points, blending convenience with rewards. This initiative signifies a shift towards modern, digital payment solutions, catering to the evolving needs of consumers.
Chad Pollock, Vice President and General Manager of Visa East Africa, emphasized that the partnership with Naivas aims to promote seamless and secure digital payments in Kenya. This collaboration will enhance financial accessibility and inclusivity, aligning with global trends and consumer preferences.
Since the Covid-19 pandemic, there has been a notable increase in card purchases, prompting retailers like Naivas to innovate and adapt. With 3.6 million loyalty card holders, Naivas is strategically positioned to lead the charge in transforming the retail payment landscape in Kenya.
This partnership between Naivas and Visa not only underscores the growing importance of digital payments but also marks a significant milestone in Kenya’s retail sector. By providing flexible and secure payment options, the initiative aims to drive economic growth and improve the shopping experience for millions of Kenyans.
