EGYPT – Jumia, an e-commerce platform, JumiaPay the fintech electronic payments platform, and valU the Buy-Now Pay-Later (BNPL) fintech platform in the Middle East and North Africa, have signed agreements to enable valU to become a payment solution via Jumia and JumiaPay.
The partnership allows JumiaPay as a payment gateway to manage the payment operations of valU consumers by linking valU and JumiaPay for electronic payment services.
The deal will commence with an offer that clients will benefit from while shopping and paying in instalments over 9 months interest-free through Jumia.
“Our partnership with valU will allow JumiaPay to become an electronic payment service provider for valU. This cooperation enables JumiaPay vendors to accept valU transactions as a method of payment which will increase their sales volumes,” said Tawfik Mahmoud, Managing Director of JumiaPay Egypt.
valU’s app provides consumers with an integrated platform to shop and pay in instalments from more than 5,000 vendor partners, service providers and more than 200 e-commerce websites with a variety of products and services from fashion, furniture, home appliances, electronics, healthcare and travel and much more.
Walid Hassouna, CEO of the Non-Banking Financial Institutions at EFG Hermes and CEO of valU, expressed his thrill to be signing a partnership agreement with one of the largest e-commerce platforms in the Egyptian and African market.
“Capitalizing on valU’s extensive experience in consumer financing services, we aim to help Jumia’s customers fulfill their needs enabling them to achieve a modern lifestyle without the financial burden,” he said.
Hassouna indicated that signing such a partnership comes in line with the firm’s goals to focus on strengthening strategic relationships with key retail partners to expand our network to reach more customers enhancing their shopping experience.
“We are proud to have a leading brand like vaIU amongst our success partners, as the two companies aim to provide the best instalment services, which in return will increase the number of consumers transacting on our e-commerce platform elevating the financial burden on them,” Eng. Hesham Safwat, CEO of Jumia Egypt said.
Mohamed El Wakeel, Group Chief Operating Officer of EFG Hermes said that they worked closely with JumiaPay to integrate both platforms in a record time to extend to our customers a seamless experience empowering them to access a wide range of products available through Jumia.
He concluded by saying that they were mindful to build a solid foundation promoting digital payments allowing both parties to expand their business in Egypt and to act as a Launchpad to grow in African markets.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE