EGYPT – noon.com, one of the leading e-commerce platforms in the Middle East, has partnered with fintech platform valU to enable customers to access flexible installment plans when buying goods on its platform.
The agreement was signed by Walid Hassouna, CEO of the Non-Bank Financial Institutions (NBFI) platform at EFG Hermes Holding and CEO of valU, and Mostafa Salem, VP of Growth and Digital Strategy, noon.
The partnership will allow noon and valU customers to utilize customizable payment plans for purchases over 500 EGP (US$31.84) on the one-stop-shop platform from fashion, electronics, beauty, home, and baby care to groceries.
According to Mostafa Salem, the partnership is in line with noon’s strategy in creating a seamless customer experience offering multiple payments methods.
“We’re looking forward to increasing our customers’ transaction volumes and fulfilling their shopping needs through even more convenient and affordable payment options,” Mostafa added.
The platform also provides customers with flexible payment solutions that will make products more accessible to a wider consumer segment, encouraging more people to purchase products online.
“Entering into new partnerships with digital innovators such as noon is a key tenet of our expansion strategy,” said Walid Hassouna.
“valU will provide online consumers swift and seamless payment services that will make products more accessible, as well as help noon broaden and diversify their customer base.”
The deal tends to take advantage of the country’s booming e-commerce sector that surged 52% to reach US$22 billion by the end of 2020.
The Covid-19 pandemic has accelerated the adoption of e-commerce by Egyptian consumers coupled with the growing population.
The e-commerce sector is expected to increase further by 30% at the end of 2022 pointing to increased use of the internet among the population.
valU is planning to expand into new sectors with integrated service offerings as the agreement aligns well with its strategy.
The company has maintained its position as the market leader in the buy now pay later (BNPL) lifestyle enabling fintech solutions, serving as the gateway through which consumers in Egypt can access financing solutions across various sectors.
Having successfully made strides in its service offering for the retail sector, valU continues to explore numerous service industries, including healthcare, education, real estate finishing, sports club financing, and many more.
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