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By Merit Ibe
In a bid to help Nigerians mitigate the rising cost of living, Accion Microfinance Bank and Justrite Superstores have signed a partnership agreement on a credit wallet; ‘Buy now, Pay later’ deal to empower customers to shop on credit and pay later.
Giving insight into the partnership at the signing of a Memorandum of Understanding (MoU) in Lagos, Managing Director, Accion MfB, Taiwo Joda, said the partnership which is powered by Accion Wallet, is expected to kick off in December 2023 and will provide the needed funds for existing and new customers of both companies to purchase groceries and products they need.
He said the collaboration gives customers the financial capacity to walk into any Justrite store, buy what they want and then pay later within a 30-day window.
“It is a credit wallet and we are going to carefully select who qualifies through algorithms developed by Accion MfB. We will look at individual customers’ financial history, capabilities and their willingness to pay. We will put all these together to form what we call a credit score.”
The buy now pay later deal, is expected to lead to other product development with the e-commerce firm as part of the agreement which has no timeline. Joda noted that it is not a December bonanza but a product that will remain in the market and will continue to expand. “Now it’s groceries, the next line will be the acquisition of fixed assets, so you can buy your furniture and fittings, electronics, from there it will go to funding lifestyles and more. We have quite a lot of things we are bringing on board.”
He disclosed that interested customers are expected to have an account with Accion MFB before they can access the credit facility.
On his part, Chairman, Justrites Superstore, Dr. Ayodele Aderinwale, said the deal meets their preposition of business concept in providing services to their numerous customers.
“We are constantly looking at business partners that meet our values in a way that will not rob customers of their dignity through loan recovery. So, this partnership provides us the opportunity to help Nigerians put food on their table without breaking the bank and at an affordable price,” he said.
He applauded the bank for accepting the deal, noting that it’s an affirmation that Nigeria will be good.
“This is just a step one of so many to come from the stable of Accion MfB.”
For Paul Ehiagbonare, Chief Digital Officer Accion MfB, this move is to empower both companies’ customers financially.
Explaining how it works, he said: When you visit any Justrite superstore, you can go there and be rest assured that you can get what you want without cash being a hurdle. Accion MfB is an impact driven organisation. The Accion wallet is convenient and so easy to access, all you need do is to download the Justrite app; Do a one-time setup, we will run a credit check on you to determine your eligibility and other information. So, when this is done, you can walk into any Justrite store and purchase items with the credit wallet.
