Ayobami Aduragbemi, a young professional in Lagos, used a Buy Now, Pay Later (BNPL) option at a phone store to buy a Samsung device when he did not have the full amount.
He knew he wanted to change his phone but could not afford to pay the entire cost at once. When the sales agent explained that he could take the phone and pay in installments, the monthly amount and payment date were what mattered most to him.
For the first three months, the arrangement worked.
Then his salary was delayed.
He told BusinessDay he had already planned his money around the payment, but when his salary did not come on time, he missed it. The missed payment did not immediately result in a penalty.
