I&M Bank has introduced a new AI-powered ‘Buy Now, Pay Later’ service anchored on enhancing its unsecured lending offerings.

The service, available to existing customers, is designed to provide a flexible and convenient financing option across multiple merchants and e-commerce platforms through a partnership with Craft Silicon’s Spotit platform.

Accessible via the I&M Bank On The Go (OTG) Mobile App and Web channels, this digital solution enables customers to make purchases and repay in installments.

Customers can shop at participating outlets like Hotpoint Appliances, Jumia, Furniture Palace, and more. The new service allows for purchases of up to KES 350,000, with repayment spread across 12 months.

According to the lender, the introduction of this service underscores its commitment to leveraging advanced technologies like AI to meet the evolving needs of its customers.

The AI-driven platform automates the credit assessment process, offering faster, personalized loan approvals based on individual credit histories and behaviors.

This advancement ensures that customers can apply for and receive loans within ten minutes via the OTG app.

“Our AI technology allows for faster and more accurate credit assessments, simplifying the application process and making it more efficient for customers to access credit. This is especially important in today’s challenging financial environment,” said its Executive General Manager, Digital Business, Eunice Gatama.

On his part, Craft Silicon’s Group CEO, Kamal Budhabhatti, expressed excitement over the partnership, stating, “We are pleased that I&M Bank has introduced Spotit into their digital lending ecosystem. This solution highlights how technology can transform the banking sector by delivering instant and reliable financial services.

According to I&M, this AI-powered service marks a significant milestone in I&M Bank’s digital transformation, offering a seamless and customer-centric lending solution for the modern banking era.