US Edition“I didn’t know”: BNPL startups fuel debt crisis in rural Kenya
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“I didn’t know”: BNPL startups fuel debt crisis in rural Kenya
When Grace Achieng’, a vegetable vendor in western Kenya, signed up for a Vivo smartphone on a Buy Now, Pay Later (BNPL) plan, it felt like a lifeline. With no deposit and weekly instalments of $2.71 (KES 350) or $0.39 (KES 50) daily, the deal was attractive: pay in bits, own the device, and stay connected with your friends and relatives. Three missed payments later, her device was remotely disabled. “Imagine your only way of sending money or c…
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