Nairobi — Buying a fridge, television or any high value item can sometimes be difficult.
Lack of cash as well as cumbersome processes of accessing credit to acquire them can be daunting.
It is for the above reasons that Chengo Masha and Shiro Njoroge started Mosmos, an app that allows Kenyans to buy goods through saving.
The system works by allowing buyers to save bit by bit until they raise enough money for the products they are looking to buy.
"Mosmos is a concept called Save Now, Buy Later. Essentially, we enable customers to pay for high value products in very flexible and convenient installments," Masha says.
"So as they make their payments, ideally, they're able to unlock cash incentives and discounts throughout their payments journey derived from the value of their savings," he adds.
However, Mosmos journey began small. In 2021, it started through a soft launch and proof of concept. Over time, Masha says that the solution showed consistent growth and they officially launched in early 2022.
"The reception has been good. And it's growing every single day, as customers get to understand the concept of Save Now Buy Later and the unique value proposition we offer," Masha explains.
"The market essentially has known BNPL for quite some time, where customers essentially get credit, or finance their products through credit and continue their payments as they use the item," he adds.
"But now, the concept of Save Now Buy Later is currently catching on worldwide. We've seen companies emerging in Asia, in Europe, and America."
Mosmos partners with brands such as Fonexpress, HotPoint, Badili, Mabati Rolling Mills, among others.
"So customers purely buy at the retail price. And what's interesting is, most of our customers pay much less than what they would pay if they would have walked into a shop out there," Masha states.
"Because we also source products directly from distributors, we therefore get to offer them to our customers at very reasonable prices, and to add value to our customers, they will soon start earning interest from their savings" he adds.
Savers are afforded 90-days to pay for products before accessing them.
"We give a 90 day payment period where we encourage our customers to finish within, with a guarantee that the price of the item will not change, however each customer pays at the pace that best suits them" he adds.
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Despite studying non-tech courses, Masha studied Economics and Finance and Shiro Njoroge studied Bachelor of Law, the two had a strong passion for tech.
"So I started a tech company when I was in my third year, which is a Tech consultancy. And after college, that is what I doubled down on for a number of years," Masha says.
Their customer numbers now stand at about 100,000 with over 30 partners.
They have received investments from Antler East Africa, Sovereign's Capital, Startup Istanbul, and Nairobi Business Angel Network, a group of Angel Investors in Nairobi.
Some of the products that can be bought through the platform include mobile phones, electronics and appliances, furniture, construction materials, among others.
"It's a continuous learning process. Every single day, there are new lessons to be learned. I think that's the general mentality that we have and one of the biggest lessons too. You don't necessarily have all the answers all the time, so you have to be open to learning," he says.
"So be very much open to listen to your team, to listen to your customers, to listen to your investors, and be able to aggregate all this kind of information and knowledge for you to be able to make a decision that is going to move the company forward and also yourself," he adds.
