Cairo – As part of its strategic partnership with the National Bank of Egypt (NBE), the leading bank in Egypt, and Jumia, the leading e-commerce platform in Egypt and Africa, announced the launch of JumiaPay Ù Egypt as as a payment service provider, after obtaining the necessary licenses from the Central Bank of Egypt. As a digital and fintech payment platform, JumiaPay facilitates online payments and the distribution of a wide range of digital and financial services.
Highlighting this success, JumiaPay will act as a payment service provider offering payment facilitation (PayFac) for merchants, and as a payment processor allowing merchants to process payments outside of Jumia’s main platform. . It is worth mentioning that the launch of the platform, starting with Egypt, will help us determine if the platform is cost-effective, user-friendly and in line with both Egypt’s policy framework and that of our clients.
Tawfik Mahmoud, Managing Director of JumiaPay Egypt, pointed out that through JumiaPay Business, âmerchants can properly manage the acceptance of digital payments through a single central digital platform instead of going through lengthy and overpriced processes with direct integration. for their various local and international payment methods. Referring to our strategic partnership with Zbooni as a payment solutions provider allows us to penetrate and support the SME sector and allows us to help facilitate e-commerce and financial services transactions in Egypt by providing solutions from convenient, secure and easy to use payment. . We have just done our first off-platform transaction, we are currently in the beta phase and the integration of some merchants, after which we will be ready to expand as the number of JumiaPay transactions has increased by a third to reach 3 million in the third quarter. year 2021, representing around 36% of platform orders at group level.
In addition, JumiaPay will offer unique payment processing models that will enable the digital economy through convenient, secure and easy-to-use payment solutions which in turn will help build trust between consumers and other businesses, and thus to improve financial inclusion and digital transformation in Egypt and Africa in general.
For his part, Ing. Hesham Safwat, CEO of Jumia Egypt, explained that “This step comes after the successes achieved by Jumia in the field of digital payments and is in line with the general direction of the Egyptian state to transform into a cashless society and the movement towards financial inclusion in Egypt Jumia believes in the need to provide all necessary means to customers to accelerate the digital transformation system.
Mohamed Jamil, Head of Alternative Channels and Retail at the National Bank of Egypt, said: âWe are proud of our partnership with Jumia which targets a large number of clients with its pioneering services and look forward to through this partnership to provide JumiaPay.
On the other hand, Jumia today announced the first beneficiaries of the financial services of JumiaPay, the company “Zbooni”. Ramy Assaf, CEO and Co-Founder of Zbooni, founded in United Arab Emirates in 2016, said that âJumiaPay is a key strategic partner as we launch and grow in Egypt. Through JumiaPay, we can seamlessly integrate our platform with their payment gateway capabilities, delivering safe and secure transactions to the businesses we serve. Egypt is a very important market for our strategic growth and this partnership with JumiaPay, as well as our strengthened relationship with the National Bank of Egypt, can serve as a catalyst. We look forward to enabling businesses of all sizes to take advantage of eCommerce opportunities. “
The JumiaPay app supports financial inclusion in the country, especially for the unbanked population, as it enables people to make contactless and cashless payments for their daily transactions. This is consistent with Jumia’s goal of digitizing financial services and improving accessibility.
Â© Press release 2021