"KIB" Expands Its Digital Ecosystem with "Buy Now"

Kuwait International Bank (KIB) has launched the “Buy Now” app, offering the first “Buy Now, Pay Later” (BNPL) service provided by a bank in Kuwait. The app provides customers with 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 digital solutions ecosystem.

The announcement was made 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 “Buy Now” 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.

The “Qasim” (Installments) 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, with instant eligibility verification and immediate approval. Customers can also link their Kuwait ATM card or credit card to the app.

The “Mawal” (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. 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 customers of other banks, through consumer financing structured as Murabaha, compliant with Islamic Sharia principles.

On this occasion, Othman Tawfiq, General Manager of Retail Banking at KIB, said: “The launch of (Buy Now) 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: “(Buy Now) comes shortly after the launch of (DriveNow), extending 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, ‘Bank for Life.’”

“Buy Now” 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. Categories include 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 (Buy Now), 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 (Buy Now) following (DriveNow) reflects our progress in implementing this direction and our ability to transform ideas into usable daily services. Building on our achievements, we will continue to develop new solutions that keep pace with changing customer behaviors and expectations.”

“Pay in Installments” can be used via the app, at checkout on selected e-commerce websites, and in physical stores through a QR code or payment link.

In this context, Abdulaziz Al-Shammari, Assistant General Manager – Retail Banking at KIB, said: “‘Buy Now’ represents more than just the addition of a new payment and financing option for us; it is part of a broader strategy to align customer needs with solutions that serve our corporate and merchant partners simultaneously. 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 among the bank, the partner, and the customer.”

Al-Shammari added: “The bank’s strategy reflects greater integration between sales channels, retail banking, and corporate banking at KIB, as we work to build an interconnected ecosystem that brings together banking solutions, payment, and financing services tailored to the needs of customers and commercial partners. ‘Buy Now’ 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 their business growth and enhancing their customers’ experiences.”

The launch of “Buy Now” 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 evolving customer expectations.