Crown Paints and Aspira, a product-financing credit facility have inked a deal that will enable customers to purchase paint and pay in easy installments of up to 12 months.
Crown Paints Group Chief Executive Officer Rakesh Rao said the financing option will be available to all customers at the firm’s head office showroom at Likoni road through a convenient source of medium-term credit for individuals and small and rapidly growing enterprises which cannot qualify for any sources of capital easing the financial burden brought about by the pandemic.
“Crown Paints and Aspira conducted extensive market research and realized that there is a huge gap in the credit market that was not being addressed by any other financial institutions. Kenyans seek to transform and uplift their lifestyles and paint play a major role in transforming their spaces, especially during this Covid-19 period where many people have spent their working days at home. This solution will facilitate them to purchase paint and Lipa Baadaye once they have funds”, Mr. Rao said.
On his part, Aspira Senior Account Manager, Ryan Deen that Kenyans need more financial options, especially during the pandemic period, to be able to purchase the products they want. To access the credit facility, customers need to apply on www.aspira.co.ke, fill in their information to get approved, and take their desired products home. The credit facility can be paid in easy monthly installments.
Aspira is a Fintech Company that officially launched in Kenya in 2018. It is a wholly-owned subsidiary of a Publicly-Listed company in Mauritius called CIM Finance Group, which has been doing consumer product financing for 33 years and disburses close to $200 million a year, financing anything from utensils to yachts.
“This credit system will enable Crown Paints customers who visit the Likoni road showroom to quickly acquire and leave with paints, coatings or accessories and pay for them in installments over a period of one year in either daily or monthly. This is unlike other programs that require customers to fully pay for the goods and services before collecting them,” Mr. Deen explained.
Since the outbreak of Coronavirus in the country early this year, the construction industry has faced a myriad of challenges including staff layoffs experienced by 40% of construction firms, need to adopt new safety procedures for handling materials and transferring tools and equipment between job sites as well as delayed or canceled projects.
The virus’s adverse effects on the economy have led to stock-outs and delayed deliveries, cancellation of business-related travels and high cost of operations which has reduced competitiveness as the price of imported inputs has skyrocketed.