Accion Microfinance Bank (Accion MFB) and Justrites Superstore, a leading e-commerce firm, have entered into a strategic partnership to provide customers with a convenient and accessible buy now, pay later (BNPL) solution.
This collaboration will commence in December 2023 and will enable customers to purchase goods from any of Justrites’ 23 stores, subject to creditworthiness approval by Accion MFB.
The signing of the Memorandum of Understanding (MoU) took place at Accion’s head office in Lagos, where the Managing Director, Taiwo Joda, expressed his enthusiasm for the partnership.
He emphasized that this agreement will provide much-needed financial support to customers, enabling them to access essential groceries and products that align with their aspirations.
- “This BNPL solution empowers both existing and new Justrites customers with the financial flexibility to shop for their desired products and make payments conveniently within a 30-day window,” Joda explained.
- “We will carefully evaluate each customer’s creditworthiness through our proprietary algorithms,” he elaborated.
Joda further clarified the assessment process, stating,
- “We will assess individual customers’ financial history, creditworthiness, and willingness to repay. These factors will be combined to generate a credit score.”
Equally, interested customers are expected to have an account with Accion MFB before they can access the loan facility.
On his side, the Chairman, of Justrites Superstore, Dr. Ayodele Aderinwale, said the deal meets their preposition of business concept in providing services to their numerous customers.
- “We are constantly looking at business partners that meet our values in a way that will not rob customers of their dignity through loan recovery.
So this partnership provides us the opportunity to make Nigerians put food on their table without breaking the bank and at an affordable price.”
He noted that the BNPL agreement forms the foundation for further product development collaborations between Accion MFB and Justrites Superstore, to expand the range of financial solutions available to customers.
