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Buy Now Pay Later Isn’t Just About Increasing Retail Sales, it’s Also a Form of Financial Inclusion

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Eric Muli Lipa Later

By Eric Muli

It’s no secret that there’s still a long way to go when it comes to achieving true financial inclusion in Africa. As recently as 2021, 45% of people in sub-Saharan Africa didn’t have access to a formal bank account.

That doesn’t just make it difficult for them to save effectively, but also to access formal lines of credit.

The thing is, when most people talk about financial exclusion and the proposed solutions to it, they tend to focus on the “big” economic movers that come with financial inclusion.

A lot of attention, for example, is given to affordable home and vehicle financing and business and education loans. That’s understandable too: those are all vital tools in helping people advance economically.

But financial inclusion can’t be limited to those big-ticket items. It must also cover many of the day-to-day purchases that people in other markets take for granted. We cannot, after all, talk about real financial inclusion if someone can access a business loan but still has to approach informal lenders to pay for their child’s school uniforms and stationery.

It’s why the rise of “buy now, pay later” (BNPL) services in Africa is so important. These services allow people to purchase items and choose to pay for them over a specified period, typically in instalments with low interest rates.

Unlike lay-by offerings, people are allowed to take possession of their goods immediately. While these offerings are most visible online, they’re increasingly common in physical retail spaces too.

A personal journey 

There are many examples of how BNPL can empower ordinary Africans by enhancing their purchasing power. Maybe it’s someone needing to buy a new suit for a job interview, a promising athlete needing a new pair of running spikes as they look to secure a university scholarship, or someone needing to buy a laptop to start their side hustle.

Sometimes (as I discovered myself when I returned to Kenya in 2017 after studying in the USA), it’s just about staying connected. As I trawled the malls of Nairobi looking to buy a phone (something few of us can live without), I realised that very few stores had the option to pay off a device in instalments. It came as a stark contrast to the US, where instalment plans are available almost everywhere.

But it was also a lightbulb moment that inspired the founding of Lipa Later. I realised how effective BNPL could be in the Kenyan and broader African contexts, particularly if it was adapted to the way Africans shop.

That vision was further crystallised in the early days of the business when my co-founder Michael Maina spent hours walking around malls, speaking to shoppers. Many, he found out, wanted a specific phone that was just out of reach but which they could easily pay off over a few months.

BNPL for predominantly offline markets 

While many of us are familiar with BNPL in e-commerce contexts, we knew that launching an e-commerce-only BNPL product would have limited efficacy in an African context. Even in a country as renowned for embracing technology as Kenya, online made up just 4% of all retail sales in 2021 (the most recent year for which I could find figures).

But getting physical retailers on board with the concept wasn’t always easy. In the early days especially, there were a lot more noes than yeses. Nonetheless, we persisted because we knew that, implemented correctly, the BNPL solution we were building could be a “lifeline for a lifetime” for both our retailer and consumer customers.

As a result, today, we have a BNPL offering that works as effectively in offline physical retail settings as it does online. And because we’ve taken an attitude that everything about Lipa Later, from the name (Lipa is Swahili for “pay”) to the technology, should be tailored for Africa, we’ve been able to expand beyond Kenya into Uganda and Rwanda.

We also welcome the growing competition in the African BNPL space, not only because it’s pushed us to keep improving our own offering (a partnership with Mastercard means that we’ll soon be rolling out the first buy now, pay later card in Africa, for example) but also because it’ll help advance financial inclusion across Africa.

An increasingly important financial inclusion tool 

While BNPL can’t eliminate debt entirely, it can make a dent in it, and with nearly 60% of Kenyans living in debt and similarly high numbers across many countries on the continent, its role will only become increasingly important.

Without having to resort to expensive informal lenders, customers can save more of their money or use it on things that improve their lives, rather than simply servicing debt. As operators become mature and innovative (rewarding the best-paying customers with even lower interest rates, for example), its value will keep growing

But consumers aren’t the only ones who benefit from this expanded financial inclusion. Retailers also benefit from increased customer bases. Those increased sales, in turn, can lead to expansion and even contribute to national economic growth.

So, as important as more traditional forms of financial inclusion are, it’s important to remember that consumer spending power is a critical component of financial inclusion, too. Tailored effectively to African realities, there are few more powerful instruments for improving that spending power than BNPL.

Eric Muli is the Founder and CEO of Lipa Later

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Digital Consumers are Driving New Era of Online Shopping, Transforming How Nigerian Youth Buy

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The digital revolution is hitting Nigeria’s retail scene fast, and it’s being powered by the country’s youth. Armed with smartphones and a demand for affordability, they’re shaping the e-commerce industry where convenience reigns supreme.

Nigeria’s internet users, reaching more than half its population, creates a strong foundation for e-commerce growth. This growth is significantly fueled by the nation’s youth, a substantial 160 million (70% of the population), whose tech-forward nature drives the popularity of platforms like Temu, satisfying their demand for accessible and budget-friendly online retail.

This generation has flipped the retail script. Value is their compass, price comparisons their weapon, social media their guide, and convenience their non-negotiable. This isn’t just shopping; it’s a calculated pursuit of savvy options, the widest selection, and the best value-for-money deals.

The power of finding a good deal is undeniable, especially for these shoppers watching their wallets. Social media is a testament to this, filled with posts celebrating the newfound ability to purchase items once considered luxuries.

Take Anwulika Udanoh (@Anwulika Udanoh on Facebook), for example. Her recent post, detailing her shopping experience on Temu, is a perfect snapshot of this online shopping revolution. She stumbled upon affordable jewelry on the platform, swayed by glowing reviews, and took a chance. What followed was a delightful surprise: customised earrings bearing her name, a feat once thought impossible.

Even her son’s friend jumped on the personalisation trend with custom pendants. ‘Their prices will shock you,’ she wrote, with genuine excitement. And despite any concerns about longevity, the sheer joy of affordable, personalised style at good quality won her over. That’s the power of this shift.

This goes beyond mere bargain hunting; it’s about empowerment. It’s about unlocking the ability to express your unique style without sacrificing your financial stability. It’s about finding those small sparks of joy, like personalised jewelry that feels uniquely yours. For many, these platforms are a portal to a more colourful and individually tailored life.

Then there’s the spirit of adventure, captured in a simple tweet by Steph (@steph on X): ‘ordered a couple of desk items, wish me luck.’ It’s the essence of a generation eager to discover new ways to elevate their everyday life.

Launched in the country in November 2024, Temu offers a diverse selection that aligns with the dynamic needs of young Nigerians. The direct-from-factory online marketplace is known for cutting out layers of middlemen and their associated markups and costs, passing on savings to consumers. Serving more than 90 markets globally, Temu has become one of the most visited e-commerce sites worldwide and a top Apple-recommended app of 2024.

Let’s be real: budgets matter. In a country where every naira is carefully considered, competitive pricing and accessible payment methods, aided by partnerships like Temu and Verve, empower Nigerian shoppers with greater choice and freedom to embrace trends while making the budget go beyond. It’s like opening up a world of possibilities.

Adding to the appeal is a user experience designed for the mobile age. With 193.9 million cellular connections, smartphones are the gateway to this digital world, and intuitive platforms allow for seamless browsing and purchasing on the go, perfectly aligning with the dynamic rhythms of young Nigerian life.

This mobile-first approach is further amplified by the power of social proof. In a nation of 31.60 million social media users, reviews and recommendations carry significant weight, transforming satisfied shoppers into passionate brand advocates.

A growing digital environment, particularly in urban areas, presents a rich opportunity for platforms that resonate with the aspirations of young people. They seek more than just products; they want to build online communities, create digital identities, and shape their lifestyles.

Real stories like those of Anwulika and Steph show that Temu isn’t just a place to shop, but a platform that’s unlocking joy, creativity, and financial freedom for Nigeria’s youth. Whether it’s personalised jewellery, playful desk accessories or everyday essentials, Temu is turning everyday purchases into moments of empowerment — proving that with the right platform, anything is possible.

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Strong Visibility Positions Nigerian Banks, Tech for Investor Confidence

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Q1 2025 Top Performing Brands by Media Sentiment

Following the Central Bank of Nigeria’s directive to harmonize exchange rates and the subsequent spike in the dollar-to-naira rate—reaching over ₦1,600/$1 in official markets— Nigeria’s commercial banking, ride-hailing, and telecommunications sectors demonstrated media resilience in Q1 2025. This is the key insight from a comprehensive sentiment audit by P+ Measurement Services, Nigeria’s foremost media intelligence consultancy, which analysed over 1.3 million online publications and 2,100 print media articles locally and globally during the period.

Leveraging advanced media intelligence frameworks, the Q1 2025 analysis encompassed data from 28 commercial banks, 4 major telecommunications providers, and 4 leading ride-hailing platforms. The study deployed rigorous monitoring, measurement, and auditing techniques, drawing from structured metadata points such as editorial tone, CEO visibility, public discourse, and brand-specific media traction. By quantifying sentiment across these variables, the analysis offers a strategic lens into how media narratives—beyond operational milestones—are actively shaping brand trust, credibility, and relevance across Nigeria’s core economic sectors.

Commercial Banks: Visibility, Trust, and Turbulence

Q1 media sentiment around Nigeria’s banks showed a polarity in perception. Stanbic IBTC Bank emerged as the frontrunner in positive coverage, responsible for 24% of favorable sentiment across the industry. Wema Bank (23%), UBA (19%), Access Bank (18%), and First Bank (16%) followed closely. Their visibility was supported by initiatives such as Wema Bank’s 80th anniversary campaign and UBA’s ₦41 million customer reward promo.

However, First Bank, while present in positive narratives, also carried the burden of 34% of all negative sentiment. FCMB (30%), Sterling Bank (18%), and Ecobank (10%) followed, driven by litigation, regulatory reprimands, and negative market performance. These data points indicate that while strategic PR efforts amplified brand equity for some, crisis events significantly dampened sentiment for others.

Ride-Hailing: Innovation Meets Scrutiny

Among ride-hailing operators, inDrive dominated favorable mentions at 54%, aided by product enhancements like the “Light Cashless” bank transfer feature. Bolt (29%) and Uber (16%) also maintained a strong share of voice. Yet, sentiment was bifurcated. Bolt attracted 56% of all negative coverage, largely due to safety concerns and regulatory backlash. Uber followed with 33%.

Media narratives were significantly influenced by driver protests, public safety incidents, and the call for federal-level e-hailing regulations. These contributed to rising brand scrutiny despite aggressive service innovation.

Telecoms: Leadership in Spotlight, Policy Driving Talkability

In telecommunications, MTN Nigeria led positive sentiment at 39%, with Airtel (27%) and Globacom (26%) closely trailing. MTN’s “Go M.A.D” youth empowerment initiative stood out, as did Globacom’s roll-out of SIM-less eSIM technology.

Yet, MTN also bore the brunt of negative sentiment 46%, fueled by union threats and consumer backlash over tariff adjustments. A turbulent leadership transition at Globacom and an ongoing ownership saga at 9mobile contributed to reputational headwinds. Notably, telecoms media narratives in Q1 were driven as much by policy shifts and service upgrades as they were by instability and consumer rights activism.

The Media Intelligence Lens: Contextualising Sentiment Drivers

From an analytical standpoint, the divergence between positive and negative sentiment reflects not just brand activity, but the underlying media mood — a composite of how editors, commentators, and the public receive and interpret brand behavior in context.

In banking, initiatives tied to financial inclusion, brand legacy, and public goodwill increased positive talkability. Conversely, regulatory breaches, fraud allegations, and legal entanglements skewed perception negatively, reinforcing the classic PR principle: “Silence in crisis equals narrative surrender.”

For ride-hailing, product enhancements were insufficient buffers against public safety crises, a trend increasingly important in a media environment where social proof, particularly from user-generated forums and review sites, plays a strong role in shaping brand trust.

Telecommunications brands faced media volatility as regulatory pricing interventions and leadership instability challenged perception management. Here, media responsiveness and spokesperson effectiveness proved critical in determining how well brands navigated the sentiment curve.

Conclusion: Media Presence ≠ Media Health

As Q2 unfolds, the Nigerian media terrain will likely remain sensitive to leadership decisions, regulatory policy, customer experience, and public safety across sectors. This Q1 analysis reinforces the idea that media presence, while important, must be accompanied by brand media health management, the strategic balancing of visibility, credibility, and sentiment.

For stakeholders, from investors and regulators to brand custodians and PR strategists, these insights form a crucial foundation for navigating reputational capital in an era where perception can often outweigh performance.

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Why Your PR Report Must Include CEO Metrics — Or Risk Losing Their Interest Entirely

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Why Your PR Report Must Include CEO Metrics — Or Risk Losing Their Interest Entirely

By Philip Odiakose

Let us be honest — if I had a Naira for every time a CEO said or thinks PR is a “cost center,” I would probably have built a second agency by now. And I get it — PR feels intangible to some folks in the C-suite. It is not always as direct as “We spent X and sold Y.” But here is the kicker: PR is the only business function working daily to maintain the public reputation of the brand that the CEO wakes up every day to lead. Without PR, a brand’s reputation could crumble quietly while the finance team celebrates balance sheets. So when next you hear someone say PR doesn’t bring value, kindly show them this article — and maybe offer them a bottle of water too, because they are clearly thirsty for the truth.

Having stated the value of PR, let us start this conversation with a bit of PR truth serum. If you have ever presented a beautifully designed PR report and watched your CEO flip through it with all the enthusiasm of someone reviewing a phone book in 2025, I feel your pain. And I have lived it. With over 15 years in PR measurement, research, and media intelligence — and having worked across different markets in Africa — one recurring silent theme has always echoed from boardrooms: “This is great, but what exactly does it say about me?”

You do be surprised how fast a CEO’s interest sparks when they see their name with a performance score next to their competitors.

Now, before you roll your eyes and scream “vanity metrics,” hold on. This isn’t about stroking egos or creating a separate report that worships leadership. It is about relatability. One of the major reasons why some executives see PR teams as a cost center — and why they struggle to sign off on measurement budgets — is because they simply can’t connect with the report. Yes, the brand got 500+ mentions. Yes, the sentiment was 80% positive. Yes, you landed an exclusive in a top-tier publication. Yes, you have raised brand awareness. But guess what? If nothing in that report speaks directly to the leadership’s role in that performance, you are missing a critical link.

PR isn’t only about brand exposure and reputation — it’s also about brand leadership visibility.

At P+ Measurement Services, I can’t count how many times PR professionals have said to us during cold calls, “Our CEO isn’t buying into the PR measurement thing; he thinks it is fluff.” And honestly, I get why. When a report is full of brand numbers but doesn’t show how the leadership contributed or is being perceived, it loses the executive audience quickly. That is why in the early years of our agency, we developed a proprietary framework (P+MCA) that captures CEO-specific performance metrics — not just the presence of their names in headlines but how they rank in sentiment, thought leadership, share of voice, and positioning versus competitive CEOs.

You want sign-off on your Measurement and Evaluation budget? Show your CEO how they perform against other CEOs. Then step back and watch the magic.

There was a time we worked with a leading insurance brand in South Africa. The PR team had been practically begging their CEO to take up a keynote speaking slot at an industry event, but the man was adamant: “Not now.” Frustrated, the team approached us for help. We produced a CEO-focused performance audit — showcasing not just his media presence but a comparison of his leadership metrics against rival insurance CEOs. When he saw his score at the bottom of the table, his reaction was priceless: “How can I be last on this scoreboard?” The very next week, he was asking the PR team for the event lineup. That moment right there? That’s what we call data doing the heavy lifting.

Let the data speak where words fail. CEOs don’t argue with numbers.

This doesn’t just help you secure leadership buy-in for PR campaigns; it opens up strategic conversations around executive positioning, thought leadership, and industry influence. One of our proudest long-term engagements came from that South African experience — we have supported that team since 2018, helping position their CEO from media-shy to media-smart. Data made that happen.

And this isn’t just relevant for CEOs with PR-phobia. It is vital for CEOs who sit on multiple boards. A chairman might be squeaky clean in one company and still drag your brand into crisis by association. I remember working with a multinational FMCG brand in Nigeria whose chairman also served on the board of a financial services company. When the latter entered crisis mode, the FMCG brand was dragged into headlines it didn’t ask for. Why? Because media doesn’t separate leadership roles — it connects them.

Your CEO’s reputation isn’t siloed. If they sit on multiple boards, so do their risks.

Including CEO-specific metrics and competitive insights helps PR professionals spot reputational risks early. It also helps pre-empt crises. When you know how the media is talking about your leadership, and how that compares with others, you have the leverage to act — not react. And that, dear PR pro, is the difference between being seen as a “cost center” and a strategic partner.

This is your call to upgrade your report. Brand performance is great — but leadership performance? That’s where the real power lies.

So next time you are struggling to justify your PR strategy, your measurement and evaluation budget, or why your CEO should attend that industry event — don’t argue. Just present the data. Let it tell the story, and let P+ help you craft one they can’t ignore.

Philip Odiakose is a leader and advocate of public relations monitoring, measurement, evaluation and intelligence in Africa. He is also the Chief Media Analyst at P+ Measurement Services, a member of AMECNIPR, AMCRON, ACIOM and Founding Member of AMEC Lab Initiative

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