The ‘Buy Now Pay Later’ (BNPL) financing model has become increasingly popular among consumers worldwide, providing a flexible and convenient way to purchase goods and services. CrediMax and the BENEFIT Company are teaming up to bring this innovative business model to Bahrain.
We sat down with Abdulwahed AlJanahi, Chief Executive of BENEFIT Company, and Ahmed A. Seyadi, Chief Executive of CrediMax, to learn more about their collaboration and the future of BNPL in Bahrain.
Can you tell us about the recent Memorandum of Understanding (MoU) signed between CrediMax and BENEFIT Company?
The MoU signed between CrediMax and BENEFIT Company aims to explore innovative business models for financing consumer products integrated into the customer shopping journey, focusing on elevating the customer’s financial digital experience. Through this collaboration, we will leverage our existing assets and technical and financial partnerships ecosystem. At the same time, BENEFIT will provide access to their APIs, facilitating digital onboarding, credit assessment for instant credit offering, authentication, and repayment.
Furthermore, through our team of professionals, both parties will jointly endeavor to explore ‘Buy Now Pay Later’ financing best practice solutions to develop a recommended framework that will serve the BNPL ecosystem in Bahrain.
What do you hope to achieve through this partnership?
Enabling BNPL operation in the country is one of our strategic objectives. We look forward to successful implementation with CrediMax, other market players, and credit providers to enhance the customer shopping experience.
We take pride in our ongoing commitment to know and do best – provide excellent customer service and bring the most innovative and easy-to-use products and services to the financing ecosystem. Through this collaboration with BENEFIT Company, we want to create a new and exciting way for consumers in Bahrain to shop and pay for goods and services.
How will the collaboration between CrediMax and BENEFIT Company benefit consumers in Bahrain?
By leveraging our technical and financial partnerships, we can offer consumers a seamless and secure BNPL financing experience. This will enhance the customer shopping experience and provide a convenient way for consumers to manage their finances.”
We aim to create a recommended framework for BNPL financing in Bahrain that will benefit consumers and help promote financial inclusion and digital transformation in the country.
As BNPL financing becomes increasingly popular worldwide, it’s exciting to see companies like CrediMax and BENEFIT Company working together to bring this innovative business model to Bahrain. With their collaboration, we can expect to see a more seamless and secure way for consumers to shop and pay for goods and services in the future.