KIB Launches BuyNow for Buy Now, Pay Later Services

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 was made during a press conference held by KIB on Wednesday (the 7th) 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 efforts to roll out digital experiences that address various customer needs.

BuyNow features 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 and no fees, along with instant eligibility verification and immediate approval. Customers can also link their K-Net debit card or credit card to the app.

The “Finance” service enables financing for purchases exceeding 500 dinars and reaching up to 25,000 dinars, with 0% profit and no requirement to transfer salaries. Repayment periods start from three months, depending on the customer’s eligibility, with a minimum monthly installment of 20 dinars. The service is available to both Kuwaitis and residents, whether they are KIB customers or clients of other banks, through consumer financing structured as Murabaha, compliant with Islamic Sharia principles.

Commenting on the launch, Othman Tawfiq, General Manager of Retail Banking at KIB, said: “The launch of BuyNow represents a new step in developing what we offer to 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, continuing our KIB Now strategy, which aims 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, ‘A Bank for Life.’”