JumiaPay partners with Egypt’s National Bank to provide business payment services
Pan-African eCommerce platform Jumia has partnered with Egypt’s largest state-owned bank, the National Bank of Egypt (NBE), as it aims to provide financial services through its payment channel and business line, JumiaPay.
JumiaPay was launched in September 2017 by the Jumia eCommerce platform. The platform was created as a third-party payment solution to provide merchants and service providers with a secure and fast payment system.
Note that in September 2020, Jumia also announced a partnership with Airtel Kenya to enable users to create their online payment transactions using Airtel Money as part of steps to ease payment and also reduce the cash payment.
This partnership means that services including Payment Service Provider (PSP), Payment Facilitator (PayFac), and Payment Aggregator, are now licensed on the JumiaPay business line for Egyptians (PA).
This NBE license to Egypt’s Jumia eCommerce marketplace 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.