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.
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