BNPL payments in Kenya are expected to grow by 16.8% on an annual basis to hit just over $1 billion in 2024, according to a report by ResearchandMarkets.com. Motorbikes, smartphones, solar panels, and cooking gas cylinders are among the most commonly purchased items under BNPL arrangements in Kenya. Credit card penetration is also low at just over 6%, limiting options for consumers. With real wages on the decline for the past four years due to inflation, and unemployment high, BNPL offerings have become increasingly attractive to many in the country. But proposed legislative changes are expected to have ramifications for the sector. The amended Business Laws bill would enable the Central Bank of Kenya to control interest rates set by BNPL companies.
