CEM REPORT, MARKET | Justrite has inked a ₦2 billion partnership deal with Accion Microfinance Bank to create a “Buy now, Pay later” scheme that will be powered by Accion wallet.
The scheme offers each customer a ₦100,000 credit facility for 30 days to be able to buy goods, products and different kinds of products from Justrite and pay later.
According to Ayodele Aderinwale, chairman, Justrite Nigeria Limited, the buy now, pay later initiative is just one step in the partnership agreement with Accion MfB.
He added that the partnership agreement is an affirmation of the fact that Nigerians can bridge the current socio-economic challenges.
“Our core value proposition is to facilitate the ability of our numerous clients to meet their aspirations, and that is why we seek credible partners”.
Elaborating on the partnership and the scheme, Taiwo Joda, MD/CEO, Accion Microfinance Bank, the new agreement streamlines the shopping experience for customers, allowing them to use a credit line backed by Accion Microfinance Bank’s risk assessment data to make purchases at any Justrite store, starting with groceries.
He added that the bank will evaluate customers’ creditworthiness, while individual customers’ credit scores will determine the level to which they can benefit after accepting the offer.
“We are taking the industry by storm, and this is not just a lending platform, it’s not just a supermarket; this is a social impact program, feeling the pain of our people.
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“So, it’s a credit wallet. It’s a loan if you put it that way for ease of understanding. And we are going to carefully select who qualifies. This is driven by technology – the technology we have developed, which is our risk algorithm, will look at the individual customers, will look at their financial history; will look at their financial capabilities, and their willingness to pay and put all this together to form what we call a credit score.”
Justrite at the signing ceremony revealed that two new outlets will be added to its chain of retail outlets by year-end.
