KIB launches 'BuyNow'.. First buy now, pay later service offered by a Kuwaiti bank

Ali Ibrahim: Kuwait International Bank (KIB) announced the launch of the BuyNow app, which offers the first Buy Now, Pay Later (BNPL) service provided by a bank in Kuwait. The app enables customers to enjoy a digital experience that combines shopping with flexible payment and financing options in one place, as part of its new KIB Now strategy, aimed at enhancing the customer experience and expanding its suite of digital solutions. The announcement came during a press conference held by KIB last Wednesday at the Business Center, where the bank presented the app, its benefits, and how to use it.

The launch of BuyNow marks the second digital platform introduced by the bank within just one month, following the recent launch of DriveNow, reflecting KIB’s accelerated pace in rolling out digital experiences that address various customer needs. BuyNow includes two main services: “Split” and “Finance.” The “Split” service allows eligible customers to purchase products and services worth up to 500 Kuwaiti dinars, repaying the amount in four equal monthly installments with 0% profit margin and no fees, featuring instant eligibility verification and immediate approval. Customers can also link their Kuwaiti ATM card or credit card to the app.

The “Finance” service, on the other hand, enables financing for purchases exceeding 500 dinars and reaching up to 25,000 dinars, with a 0% profit margin and no requirement to transfer salary, with repayment periods starting from three months, depending on the customer’s eligibility, and a minimum monthly installment of 20 dinars.

The service is available to both Kuwaitis and residents, whether they are KIB customers or customers of other banks, through consumer financing structured in accordance with Islamic Sharia principles using the Murabaha model.

Commenting on the occasion, Othman Tawfiq, General Manager of Personal Banking at KIB, said: “The launch of BuyNow represents a new step in developing what we offer our customers. The app combines shopping with payment and financing options in a single experience, giving customers greater flexibility to manage their purchases in a way that suits them. We have ensured that the experience is clear and simple, providing practical value across various aspects of daily life.”

Tawfiq added: “BuyNow comes shortly after the launch of DriveNow, as part of the KIB Now strategy through which we work to bring our services closer to customers and align them more closely with their interests and lifestyles. We aspire for these experiences to become part of various milestones in our customers’ lives, strengthening our relationship with them and embodying our corporate slogan, ‘Bank for Life.’”

BuyNow allows customers to browse products and services from a range of participating brands and partners, compare options, and take advantage of offers available through the app, across diverse categories including cars, health, education, furniture, electronics, and games. Customers can also track their financing requests and payments through the app in one place.

For his part, Mohammed Al-Sharif, General Manager of Digital Innovation and Information Intelligence at KIB, said: “When developing BuyNow, we started with the idea of streamlining the steps customers go through, from searching for a product or service to choosing the appropriate payment or financing method. Therefore, we designed an experience that integrates these stages within a cohesive digital environment, leveraging technology and data to make the customer journey faster and smoother.”

Al-Sharif added: “KIB Now serves as the framework through which we build a new generation of digital experiences. The rapid launch of BuyNow following DriveNow reflects our progress in implementing this direction and our ability to transform ideas into practical services for everyday use.”

“Building on the achievements we have made, we will continue to develop new solutions that keep pace with evolving customer behaviors and expectations.” The BuyNow user journey has been designed to be straightforward: customers can download the app, browse available partners, products, and services, and then choose either the “Installment” or “Mall” service based on their purchase value and eligibility. The “Installment” service can be used via the app, at checkout on selected websites, or in physical stores through a QR code or payment link.

In this context, Abdulaziz Al-Shammari, Assistant General Manager – Retail Banking at KIB, said: “For us, BuyNow represents more than just the addition of a new payment and financing option; it is part of a broader strategy to align customer needs with solutions that also serve our corporate and merchant partners. Through this model, we are transforming payment and financing solutions into tools that support our partners’ business activities, help them reach a wider customer base, boost sales opportunities, and deliver a more integrated experience for the bank, partners, and customers.”

Al-Shammari added: “This approach reflects greater integration among KIB’s sales channels, Retail Banking, and Corporate Banking divisions, as we work to build a cohesive ecosystem that brings together banking, payment, and financing solutions around the needs of customers and commercial partners. BuyNow represents a practical step in this direction, enabling us to expand our partner network, deepen our relationships with them, and deliver value that goes beyond providing banking services to actively supporting the growth of their businesses and enhancing their customers’ experiences.”

The launch of BuyNow comes as part of KIB’s ongoing efforts to strengthen its digital infrastructure and invest in innovation and technology to support business growth and explore new opportunities, keeping pace with the rapid evolution of financial services and customer expectations.