Twiva, an Influencer-powered social commerce platform, has sealed a strategic partnership with Shortlist, a talent advisory firm, to introduce interest-free loans for devices such as smartphones, cameras and laptops used by influencers to create content.
The two say the facility would be extended to thousands of Kenyan youth, fostering accessibility and enabling them to embark on their careers of choice.
This collaborative effort between Twiva and Shortlist signifies a significant stride towards empowering the youth by bridging the gap between digital opportunities and the talent pool in Kenya.
It also aims at providing formal employment opportunities for early career professionals in the global digital economy.
“Many young individuals in the content creation arena face the challenge of inconsistent income, making it difficult for them to afford coveted gadgets like the iPhone 14 or 15, or the MacBook they aspire to own.
“To address this, we’re providing them with an opportunity to contribute a minimum of 15% and repay the remaining amount over the course of a year. This approach makes it more manageable for them to plan their finances effectively and acquire the devices they desire,” said Twiva Co-founder and CEO, Peter Kironji.
To be eligible for this exclusive offer, a minimum downpayment of 15% of the device’s total cost is required. The remaining balance can be conveniently settled over a flexible period ranging from three to 12 months.
The structured payment plan is designed to accommodate the client’s financial capacity, providing a pathway to ownership that aligns with their income levels.
The latest survey by Infotrack found that 73% of Kenyans are grappling with severe financial distress or struggling to meet their basic needs. According to the survey that was released last week, 18% of Kenyans are in severe financial distress, while an additional 55% are facing challenges in making ends meet.
Grace Gikonyo, Head of Marketing & PR at Twiva, said: “Through extensive market research conducted among our pool of 11,000 influencers, we discovered that a majority rely on Buy Now Pay Later (BNPL) services. Interestingly, the utilization of BNPL leads to influencers spending nearly 80% more when opting for buy now, pay later services.”
Of late, there has been a surge in cases where Buy Now Pay Later (BNPL) agencies exploit their clientele. These agencies extend their goods and services to a demographic that may currently struggle with affordability, thereby tapping into a larger market.
“The surging popularity of BNPL services prompted us to initiate a pilot study on their usage. While the findings may not be statistically significant due to the small sample size, the study revealed that young consumers, particularly those between the ages of 18 and 35, exhibit the highest reliance on online BNPL services.
“The primary motivations cited by consumers for opting for these services included budget constraints, an inability to pay the full price of a product or service upfront, and a desire to avoid interest and fees,” said Austen Stranahan, Chief Operating Officer at Shortlist.