Bitmama goes long on the market with Buy Crypto Pay Later Product

We are announcing our new feature, Buy Crypto Pay Later (BCPL), which allows users to collect loans without collateral from our platform to buy cryptos. We are the first in Africa to be launching this product in partnership with our lending partners who are as bullish and as curious about cryptos as we are.

Buy crypto pay later feature
Buy crypto pay later feature

Features of our BCPL Product

  • Loan period: 30 days or more
  • Interest rate: 15% per month
  • Use: To buy BTC, ETH and CELO currently
  • Repayment: Deducted from the wallet at the end of the loan term inclusive of the interest
  • Availability: Nigeria, Ghana and Kenya

How it works

  • The loans can be accessed by all users of Bitmama including first-time users
  • Users can access a maximum of $50 for their first loan request
  • The user’s creditworthiness with Bitmama is then built over time as the user continues to repay back their loan on time. A credit-worthy user will then have their limit increased. Users who do not pay back on time have their limits lowered.
  • Our BCPL loans cannot leave the platform until they are paid back and can only be used to purchase crypto on our platform. The user can only view their account performance.
  • A customer will also be able to access their returns once their account is funded and principal plus interest is paid back.


  • The product is a good way for a user to lock in positive returns on trades without having cash in their wallet upfront.


  • If a customer loses due to volatility, the user will still have to repay the loan or have their credit history on the platform affected.

The buy crypto pay later feature reinforces our confidence in the crypto market and its potential, despite the current market cycle we are in. As a gateway to the crypto ecosystem, this is also a way we are driving adoption and financial inclusion by allowing anyone including those who are without cash or illiquid still purchase either BTC, ETH or CELO and pay later. Users who secure loans can also use our suite of products including crypto cards, bill and airtime payment with crypto, and send and receive crypto and fiat from around the world among others.

Note: We do not access user phone records to contact friends and relatives in the event of a default. The user’s credit standing with us will only be affected when there is a default, the loan can also not be withdrawn so it always stays on our platform, so we do not see the need to go after users in a predatory manner.


Bitmama Team

Jan 26, 2022

2 mins read

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