Jumia, a pan-African eCommerce platform, has partnered with Egypt’s largest state-owned bank, the National Bank of Egypt (NBE), to provide financial services through its payment channel and business line, JumiaPay.
This collaboration comes after the NBE received preliminary approval from the Central Bank of Egypt (CBE) to engage JumiaPay in processing off-the-platform payments for third-party merchants on Egypt’s Jumia eCommerce marketplace.
As a result of the collaboration, some services, including Payment Service Provider (PSP), Payment Facilitator (PayFac), and Payment Aggregator, are now licensed on the JumiaPay business line for Egyptians (PA).
These licenses will facilitate online banking, provide a platform for merchants to integrate multiple payment modes, and enable the onboarding of customers for electronic payments on the platform.
JumiaPay, which debuted as JumiaOne in September 2017, is the fintech vertical of the Jumia eCommerce platform.
JumiaPay was created as a third-party payment solution to provide merchants and service providers with a secure and fast payment system.
