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Nigerian “Buy Now, Pay Later” Startup On the Rise

CredPal has raised US$15 million in funding to expand its consumer credit offerings in Nigeria and scale across Africa. Launched in 2018 by Fehintolu Olaogun and Olorunfemi Jegede, CredPal is a consumer credit platform that gives buyers the freedom to buy now and pay later, and helps merchants acquire more customers to increase sales. The startup has over 85,000 active customers and over 4,000 onboarded merchants and has now raise debt financing and a bridge round totalling Additionally, the funds will support the company’s expansion across Africa, starting with Kenya, Egypt, Ghana, and Cameroon. The announcement also coincides with a new partnership with Airtel Nigeria to foster digital inclusion by allowing low and middle-income earners across Nigeria to access BNPL services to own smartphones and broadband modems.  “We are delighted to have the support of our investors and partners as we complete this fundraise. Our commitment to better credit facilities for African consumers and helping sellers grow their sales is getting a huge boost with these latest milestones,” said Fehintolu Olaogun, CredPal’s CEO and co-founder. CredPal Pay serves as a point-of-sale infrastructure that enables BNPL through various means – a credit payment link, checkout plugin, QR codes, and a transaction management system. This suite is redefining the point-of-sale experience for online and offline merchants as well as consumers.