CredPal: Africa’s Booming Buy-Now, Pay-Later Industry Meet Fehintolu Olaogun, Co-founder Of CredPal

Fehintolu Olaogun, co-founder and CEO of CredPal

In recent years, “buy now, pay later” (BNPL) has grown from a niche payment method to an industry worth hundreds of billions of dollars.

Companies such as Klarna and Afterpay allow customers around the world, and particularly in the United States and Europe, to buy items whilst paying just a small upfront deposit.

The bulk of the cost is then paid in instalments over the next few months, often without any additional interest payments.

With sub-Saharan Africa being one of the fastest-growing consumer markets in the world, many consumer financing start-ups are looking to take a share of the potential African BNPL market. Goods purchased using BNPL were forecast to reach US$325 million in Nigeria alone by the end of 2021, and $1.195 billion by 2028.

Fehintolu Olaogun, who founded BNPL company CredPal in 2018, believes sub-Saharan Africa will follow other regions in experiencing a rapid growth in the adoption of BNPL.

The Nigerian-based company recently closed a $15 million funding round to support expansion into countries such as Kenya, Egypt, Ghana and Cameroon.

Source:How we made it in Africa

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