Nigerian fintech startup CredPal has launched a new product called Ride-On, which lets users take rides on credit and pay at a later time. The firm is starting the service with the ride-hailing company, Bolt.
This appears to be a first-of-a-kind offering in an economy like Nigeria where many are still getting used to the buy now, pay later offerings.
According to a TechPoint report, you have to signup for a CredPal account to enjoy the service. You will be judged based on certain parameters before you qualify for the Ride-On service.
This ride now, pay later service is different from the buy now, pay later service because you don’t have to pay any part of the fare to show your commitment to pay in full later. The company covers the entire cost of the ride instead. You pay at the end of the month, most likely, when you receive your salary.
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It is not clear if the startup will be rejecting entrepreneurs or others who do not have a fixed time of the month when they are expecting to be paid. Meanwhile, Fehintolu Olaogun, CEO and Co-Founder of CredPal, pointed out that the service is a good way for users to manage their finances.
“I believe transportation is one of the daily essentials that a working Nigerian considers when planning a monthly budget, so what we’ve done with CredPal Ride-On is offer a choice of using credit that has been availed to them to better manage their monthly expenses,” he told TechPoint.
Both CredPal and Bolt stand to benefit immensely from the service if it ever grows on users. For the fintech, it means more Bolt users would get to know of it and either use Ride-On or its other services. As for Bolt, it will encourage more usage as customers will be able to ride around on credit.
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