Nigerian startup CDcare, which is making it easy for Africans to own gadgets, appliances, cars and more at zero interest through smart installment plans, has passed the 500,000 download mark.
Launched in 2019, CDcare combines savings and loans features in its marketplace, allowing users to automate the payment of a monthly or weekly amount towards buying an appliance. When up to half of the cost of the item has been saved, it is shipped, and the automatic payments continue until full payment is made. All of this at zero interest.
The startup, which recently took part in the inaugural ARM Labs Lagos Techstars accelerator, has seen more than 500,000 downloads of its app on the Google Play Store, and believes its growth is due to the success of its “save now, pay later” (SNPL) model as compared with the more common “buy now, pay later” (BNPL) approach seen across the continent’s fintech and commerce spaces.
Whereas BNPL services have been gaining popularity across the globe, they have also…