11/23/2021 | Press release | Distributed by Public on 11/23/2021 02:41
Cairo, 23 November 2021
Jumia, the leading e-commerce platform in Egypt, JumiaPay the fintech electronic payments platform, and valU the leading 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.
This 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 installments 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 installments 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." 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.
Eng. Hesham Safwat, CEO of Jumia Egypt expressed his happiness with this strategic partnership, "we are proud to have a leading brand like vaIU amongst our success partners, as the two companies aim to provide the best installment services, which in return will increase the number of consumers transacting on our e-commerce platform elevating the financial burden on them."
"We 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. We 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." Concluded Mohamed El Wakeel, Group Chief Operating Officer of EFG Hermes.
We believe that technology has the potential to transform everyday life in Africa, for the better. We built Jumia to help consumers access millions of goods and services conveniently and at the best prices while opening up a new way for sellers to reach consumers and grow their businesses.
Jumia is a leading e-commerce platform in Africa. Our marketplace is supported by our proprietary logistics business, Jumia Logistics, and our digital payment and fintech platform, JumiaPay. Jumia Logistics enables the seamless delivery of millions of packages while JumiaPay facilitates online payments and the distribution of a broad range of digital and financial services.
For further information, please contact:
Head of Public Relations & Communications at Jumia Egypt
A subsidiary of EFG Hermes established in 2017, valU is the leading Buy-Now Pay-Later (BNPL) fintech platform offering convenient and customizable financing plans up to 60 months. With more than 5,000 points of sale and over 200 websites, valU offers access to a wide network of retail and e-commerce providers across a diverse array of categories including home appliances, electronics, home finishing, furniture, residential solar solutions, healthcare, education, travel, and fashion, among others. As the first platform of its kind in the MENA region, valU customers are able to receive instant credit decisions through their devices and gain access to the ever-growing platform's partners.
For further information, please contact:
The EFG Hermes Public Relations Team
May El Gammal
Group Head of Marketing & Communications at EFG Hermes
Note on Forward-Looking Statements
In this press release, EFG Hermes may make forward looking statements, including, for example, statements about management's expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Hermes' belief regarding future events, many of which, by their nature are inherently uncertain and are beyond management's control and include among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.