Welcome the new age of Finance.
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
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.
Check out our pitch deck
Credit Scoring AI Engine
Analyze customer data and provide improved creditworthiness prediction, credit score assignment and determining eligibility for use.
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.
Akafay handles customer service for the payment options they provide. Reducing the burden on the business to support payment-related customer inquiries.
Want to start using Akafay?
Our platform is offered in various outlets, depending on the user types:
Web portal and Dashboard
For Merchants and Ecommerce Platforms
Web portal and Dashboard
For Banks and Partners:
Activity and metrics dashboard
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.