Absa launches ‘Buy Now Pay Later’ at Abhaye Megastore |21 July 2023

Mrs Horner addressing the gathering

The Absa Bank Seychelles officially launched its ‘Buy Now Pay Later’ product yesterday morning at the Abhaye Megastore in Victoria.

This new product allows its customers to split their Absa credit card purchases into equal regular monthly repayment at lower interest rates, with no additional or late fees.

The ‘Buy Now Pay Later’ product is only limited to the Absa Seychelles credit card purchase to one specific retail shop. The conversion will be limited for Credit Card purchases between R1000 and R50,000. Cash withdrawals are excluded from the offer.

It is explained that after a regular purchase is made through the Absa Seychelles credit card, the customer will have the option to log-in to the Absa Mobile app or Absa internet banking after 24hrs to review the eligibility of purchase. They can then choose an option to convert the purchase to instalments which they will choose if they want to pay over a period of 3, 6, and 9 or 12 months, after which they would follow the onscreen options.

Absa advises its customers to choose an electronic repayment option as it is more convenient and can be done as part of their monthly due through the Absa mobile app or Absa internet banking platform. However they can also repay manually through its branches.

Other method includes Absa deducting the amount as part of your monthly direct debit instruction against your credit card. Absa urges its customers to ensure that they have sufficient funds available on their account to cover the monthly payment if this option is chosen.

There is also the option of cancelling a plan, that can be done on the app and Absa internet banking where they will have to follow the instruction and options onscreen.

Timely repayments are crucial for maintaining the agreement. In cases where the agreement is not properly met, Absa Bank Seychelles will issue an automatic cancellation of the agreement. This will lead to the purchase being subjected to the default Annual Percentage Rate associated with the customer’s credit card account.

Absa’s retail banking director, Fabiola Horner, said that they are proud to be launching this ‘Buy Now Pay Later’ product as a type of short-term financing option that allows their customers to make purchases and pay later at their convenience, in equal instalments.

“This will allow customers a greater flexibility and control over their finances allowing them to tailor the installments to suit their financial needs, and this also serves to demonstrate Absa’s commitment to customers’ centricity and to bring possibilities to the lives of all of our valued customers,” she said.

As part of its effort to provide enhanced financial solutions, Absa urges all of its customers who have yet to obtain a credit card to consider applying for one.

“With an Absa credit card customer can get access to a wide range of exciting new features, experience and conveniences that it offers,” said the director.

Tracey Vidot, a representative from Abhaye megastore, said that Abhaye takes pride in its commitment to offering quality products at an affordable price.

“This recent introduced solution by Absa bank Seychelles is truly a remarkable initiative, especially given the current economic circumstances,” she said.

She concluded by saying that Abhaye is thrilled to be partnering with Absa for this launch as it enables them to provide their customers with a convenient option to pay installments over a 12-month period.

“This flexible payment plan will undoubtedly enhance the customers’ shopping experience.”

For more information on the BNPL contact the Absa customer service personnel on 4383838 and 4383839 or through email on Customerservices.SC@absa.africa

Diane Larame

Photos by Joena Meme