CredPal is a modern consumer credit solution for Africa. They connect consumers to lenders willing to finance their retail purchases while they pay back in fixed monthly installments. According to Euromonitor International, retail sales in the region amounted to over USD500 billion in 2018.
The African market, generally, is a consumption powerhouse. Product purchases grow by the day, just as the population rises. It is then understandable and wise that companies like CredPal try to leverage tech to provide much more versatile payment options for consumers to thrive.
They serve three facets of the market — Consumers, Retailers/Merchants, and Financial institutions.
CredPal for Consumers
A typical human probably has financial goals they try to hit through savings and investments. Some of the time, the money saved from these goals is invested in buying a particular item of immense value. Say, a laptop or a camera, a phone, a house or a car. CredPal is changing this narrative.
The platform allows customers to make purchases and pay for them over time. So, instead of saving to hit a target and buy an item, you can get the item upfront while you pay for it throughout a certain period. This provides you the value you need almost immediately and avails you with more flexibility regarding payment.
However, making purchases via this model is limited to just merchants on CredPal.
CredPal for Retailers/Merchants
For the CredPal model to run smoothly, there should be quite a number of merchant partnerships. This would enable consumers to purchase products sold specifically by the merchants that have agreed to get onboard.
Due to the flexibility of this model, CredPal also helps merchants on their platform increase their customer base, and hence, sales. As almost every consumer would consider a flexible payment option.
Some of the merchants CredPal have partnered with include SLOT, Konga, Guddies Planet, Dreamworks, Pointek, Gopandy musical, KingOaks Technology Limited, Gadease, Sims, Buytins and more. CredPal currently has over 1000 merchants on its platform.
For Financial Institutions
Even financial institutions are not left out. Institutions that are interested in advancing their consumer credit portfolio can do that with CredPal.
For these partners, they provide quite a number of features, some of which include credit scoring, bank statement analytics, loan insurance, credit management, reporting, and a credit bureau.
How to use CredPal
Depending on who you are or what you represent, Credpal might be suitable for you. You can either register as a consumer where you have access to flexible payments, register as a merchant where you can grow your customer base and sales or register as a financial institution to increase your consumer lending portfolio.
It is important that more innovations like this are introduced to help consumers find their way around payments for purchases.