Owning a premium smartphone in Kenya is still a major financial stretch for many people, even though these devices have become central to how we work, transact, and stay connected. Global insurtech Bolttech has teamed up with LOOP (the fintech arm of NCBA Group) to change that.
The two have announced LOOP FLEX, a Buy Now Pay Later (BNPL) solution with embedded protection. Launching this October, the programme aims to make devices more affordable while safeguarding them against everyday risks like theft, screen cracks, or water damage.
How LOOP FLEX works
Unlike traditional BNPL or device loan schemes, LOOP FLEX bundles financing with comprehensive protection. Customers who sign up get:
- Theft protection: After 30 days, a voucher towards a replacement device, minus a 10% deductible (with a police report required).
- One-time repairs: Coverage for mechanical damage, liquid damage, cracked screens, batteries and other internal issues with no deductible.
- Certified repairs: Only genuine parts at approved service centres.
- Extended warranty: Coverage beyond manufacturer terms.
- Simple claims: Filing and tracking via Bolttech’s digital channels.
This is a big play in Kenya’s device financing space. Safaricom’s Lipa Mdogo Mdogo and M-Kopa already offer instalment-based phone ownership, but LOOP FLEX sets itself apart by pairing financing with robust protection. For a consumer, this means you’re not just getting the phone, you’re getting peace of mind if it breaks or disappears.
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Also Read: LOOP Unveils Quick 30-Day Loan to Address Short-Term Cash Flow Needs