Aspira MD Yoeal Haile discusses how the Aspira is financing lifestyles through a revolutionary point of sale fintech solution
Various researchers have identified that access to the Internet would be critical in the development of Kenya and a key driver for innovation. With the country’s increased broadband penetration driven by improved infrastructure, mobile penetration now covers almost 90 per cent of the population. Simultaneously, as disposable incomes of Kenyans increased, so did the appetite for these consumers to spend on products that improve their lifestyles.
Household income has been growing by 5% yearly within the last few years, driving greater demand for middle-class goods and credit to finance them.
This revolution has created an ideal environment for the development of innovative financing solutions like Aspira.
Founded in 2018, the product-financing platform enables clients to make purchases from selected retail stores across the country and pay later in monthly instalments.
“We conducted extensive market research and realized that there is a huge gap in the credit market that was not being addressed by any other financial institutions. Many consumers cannot afford to purchase essential commodities like smartphones, TVs or furniture because of their limited financial capabilities,” says Yoeal Haile, Managing Director of Aspira.
He believes that his firm can transform and uplift the lives and livelihoods of many Kenyans by enabling them to acquire items they need to complement their lifestyles. “There’s a need for responsible and affordable access to financing. There is no escaping the fact that this market was clearly underserved compared to other similar economies globally,” he says.
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