Welcome the new age of Finance.
Digitally manage your expenses
Besides keeping an eye on your expenses Akafay has an in built AI assistant to help you plan out our purchases and not overspend accordingly.
Open API integration
Akafay integrates with many ecommerce platforms, payment gateways and shopping carts. This makes it easy for businesses to get up and running with Akafay.
Flexible re-payment for purchases
Allowing customers to pay over time in interest-free installments. This can increase conversion rates and average order values.
Fintech Highlight
In the initial phases, people who are living in the urban side of the country, have got an active bank account and have access to mobile connectivity are targeted as the TAM. According to the data from Digital Ethiopia 2023, the TAM for Akafay is around 7.9% of the population which come down to 9.96 million of the population.
Of the population has an account with a financial institution
Have got cellular mobile connection
Of the population has made a digital payment (2022)
Source: Digital Ethiopia 2023
Valued Stakeholders
With Akafay, there are 3 major stakeholders in play. While Akafay makes it easy and cheap to purchase products or acquire services for customers, it generates leads, improves average order for the merchant while creating appealing returns both in cash and customers for the partnering banks.
Customers / Consumers
Save interest & structured payments - - Digital UX and customer service - Instant credit decisions - Merchant discounts - Transparent and easy to understand
Merchants / E-commerce
Enhanced conversion - Lift in average order value - Boost in E-commerce sales - Leads, traffic, and co-marketing - Data and customer insights
Banks and Partners
Attract new customers - younger and digital-native consumers - revenue from transactions -cross-sell or upsell products or services (insurance, savings, or investements)
Check out our pitch deck
Agaz AI
Agaz AI is customers' in app AI companion, which helps you in finding products based on your interest, showing you top products, recommend products or even as far as finding a specific gift.
Circle Protocol
mixing behavior and biometrics, Circle protocol takes transaction security to the next level, by verifying and approving users on a transaction level.
AKAFAY
Core
Akafay Card
Is a digital card, with spending limit as its amount, and helps in pament via its code, allowing users create multiple cards for multiple income streams.
Akafay Advisor
Is a budgeting tool, that helps in managing your spending and reminding of credit re-payments saving from penalties and late fee charges.
Features
Credit Scoring AI Engine
Analyze customer data and provide improved creditworthiness prediction, credit score assignment and determining eligibility for use.
Merhcant Advertisement
Merchants can advertise their store (physical or online) and their products on Akafay with a small ad fee
Insights and analytics
Akafay provides data and insights into customer shopping behavior, preferences and trends. To further optimize marketing, product offerings and checkout experience.
Customer Service
Akafay handles customer service for the payment options they provide. Reducing the burden on the business to support payment-related customer inquiries.
Propositions
Flexible payment options
Allowing customers to pay over time in interest-free installments. This can increase conversion rates and average order values.
Seamless checkout
Akafay offers a smooth one-page checkout experience that is fast and mobile-friendly. This can reduce cart abandonment and improve the customer experience.
Insights and analytics
Akafay provides data and insights into customer shopping behavior, preferences and trends. This can help businesses optimize their marketing, product offerings and checkout experience
Customer acquisition
Akafay will help businesses attract more customers, especially younger and new-to-credit consumers, who prefer flexible and convenient payment options.
Repayment
options
- Pay in full after 2 weeks (For Premium Members)
- List ItemSplit in to 4 ways, Bi-weekly
- Split in to 3 ways, Monthy
- Split in to 4 ways, Monthly
- Split in to 5 ways, Monthly
Additional
- Late fees on unpaid bills
- Repayment extension functionality
Want to start using Akafay?
Our platform is offered in various outlets, depending on the user types:
For Customers:
Mobile Application
Web portal and Dashboard
For Merchants and Ecommerce Platforms
Mobile Application
E-commerce plug-in
Web portal and Dashboard
API endpoints
For Banks and Partners:
API endpoints
Activity and metrics dashboard
Affordability redefined
FAQ
Is BNPL an installment loan?
Yes, BNPL is a type of installment loan that allows consumers to pay for their purchases over a fixed number of payments, usually with no interest.
Where can I use BNPL?
You can use BNPL at any participating retailer that has partnered with a BNPL provider, either online or in-store12. You can also use some BNPL apps to shop at any retailer that accepts their payment method.
What happens if I don’t pay BNPL?
If you don’t pay your BNPL installments on time, you may incur late fees, interest charges, or penalties depending on the BNPL provider and the plan you choose. You may also damage your credit score if the BNPL provider reports your delinquency to the credit bureaus
Are banks offering BNPL?
- Some banks are offering their own versions of BNPL, either through their own apps or by partnering with existing BNPL providers. For example, Citi, Chase, and American Express have launched their own BNPL options for their credit card customers2.