Save Now and Buy Later

I have been thinking about this idea called Save Now and Buy Later, which is different from Buy Now and Pay Later.

In SNPL, you are incentived to save for what you want to buy, then buy for it later when you have accumulated the right amount of money to do so. This means that you get a savings culture, as well as feel good when you buy the thing.

This will be good for items that are wants and not needs like a new laptop, a phone, a car, a bike and so on. It will be for the conscious type who want to save up for something instead of get a loan that they have to pay interest for. I am sure that this is what SACCOs do, as well as banks, money-market funds and so on. We have a lot of competition but ours is geared towards encouraging saving up for purchases and not getting loans for them.