Back in August 2024, TechArena reported that LOOP was rebranding and preparing to roll out LOOP FLEX. This was and still is its Buy Now, Pay Later (BNPL) product. This solution is designed to make shopping more flexible for customers. At the time, the company had not made an official announcement.
LOOP has finally unveiled LOOP FLEX. The launch has confirmed many of the details hinted at last year while expanding its scope to reach more customers.
LOOP FLEX is a credit facility that allows customers to make purchases with a minimum deposit of 10%. LOOP pays the full amount to the merchant and follows up payment with the customers. Customers then repay the balance in monthly installments for up to 12 months. Interest is applied on the financed amount.
The product now offers credit limits ranging from KES 15,000 to KES 1 million This gives users flexibility to manage both essential and lifestyle purchases. To qualify, users must be fully registered on LOOP, have a positive credit limit and hold no overdue loans.
“LOOP FLEX supports our role as a lifestyle enabler, and is designed to give our customers the power to enjoy life today while responsibly managing their tomorrow,” said Eric Muriuki, CEO of LOOP DFS.
Customers can hold up to five active FLEX loans at a time, with a minimum loan amount of KES 9,000. LOOP says the product operates on risk-based pricing, with a 4% facility fee plus excise duty. The company says this ensures transparency and affordability.
Back in 2024 when TechArena first reported on LOOP FLEX, Kenya’s BNPL sector was valued at around $1.26 billion There is still significant room for growth as more consumers seek flexible payment options for different reasons.
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Also Read: Bolttech partners with LOOP to launch LOOP FLEX in Kenya
