Jumia Looks To Launch Digital Payments For Egyptian Firms Left Unexplored By Amazon, Alibaba

Jumia Technologies AG JMIA looks to offer its digital payments services to Egyptian firms, seeking to capitalize on a surge of cashless transactions, Bloomberg reports.

• Jumia won a new payments license and worked with the National Bank of Egypt to extend the services to other online retail platforms.
• Egypt is already Jumia’s most significant market after Nigeria.
• “Opening up the platform, starting in Egypt, will enable additional monetization,” Jumia co-CEO Sacha Poignonnec said separately. “Ultimately, this will boost our revenues.”
• Jumia sought to bring e-commerce to a continent where global giants like Amazon.com Inc AMZN and Alibaba Group Holding Ltd BABA had yet to make significant inroads.
• Jumia aims to launch similar payment systems in some of the other countries.
• Price Action: JMIA shares traded lower by 4% at $10.80 on the last check Friday.