InfoStride News and Justrites Superstore, a prominent e-commerce firm, have forged a strategic alliance to introduce a buy now, pay later (BNPL) solution, making shopping more convenient and accessible for customers.
Scheduled to kick off in December 2023, this collaboration allows customers to make purchases at any of Justrites’ 23 stores, contingent upon approval based on creditworthiness by Accion MFB.
The signing of the Memorandum of Understanding (MoU) occurred at Accion’s Lagos head office, where Managing Director Taiwo Joda expressed his excitement about the partnership. He highlighted that this agreement would offer crucial financial support to customers, enabling them to acquire essential groceries and products aligned with their aspirations.
Joda explained, “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.” He added, “We will carefully evaluate each customer’s creditworthiness through our proprietary algorithms.”
Elaborating on the assessment process, Joda stated, “We will assess individual customers’ financial history, creditworthiness, and willingness to repay. These factors will be combined to generate a credit score.” Additionally, potential customers are required to have an account with Accion MFB to access the loan facility.
Dr. Ayodele Aderinwale, Chairman of Justrites Superstore, emphasized that the deal aligns with their business concept of providing services to their numerous customers without compromising their dignity through aggressive loan recovery. He stated, “This partnership provides us the opportunity to make Nigerians put food on their table without breaking the bank and at an affordable price.”
Aderinwale highlighted that the BNPL agreement sets the stage for future collaborations between Accion MFB and Justrites Superstore, aiming to broaden the range of financial solutions available to customers. This partnership reflects a commitment to fostering financial inclusion and easing the financial burden on consumers.
In conclusion, the collaboration between InfoStride News and Justrites Superstore signifies a significant step toward enhancing financial accessibility and affordability for customers. The BNPL solution not only addresses immediate financial needs but also lays the foundation for future collaborations that could further revolutionize the financial landscape for consumers.
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