I&M Bank has partnered with Craft Silicon’s Spotit platform to launch a new AI-powered ‘Buy Now, Pay Later’ service to enhance its unsecured lending offerings.

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

According to the lender, the service is accessible via the I&M Bank On The Go (OTG) Mobile App and Web channels for purchasing and repaying in installments.

I&M Bank Executive General Manager, Digital Business Eunice Gatama stated that customers can shop at participating outlets like Hotpoint Appliances, Jumia, Furniture Palace, and more.

Further, the new service allows purchases of up to Kes 350,000, with repayment spread across 12 months.

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

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

Further, Gatama said the advancement ensures 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.”

On his part, Craft Silicon’s Group Chief Executive Officer (CEO) Kamal Budhabhatti expressed excitement over the partnership.

 “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.