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Home Digital payments

JumiaPay has partnered with Egypt’s National Bank to provide business payment services

Tech Gist Africa by Tech Gist Africa
08/11/2021
in Digital payments, News - Middle East And North Africa, Partnerships, Payment
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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.

 

Read more on Tech Gist Africa:

Flutterwave and the Basketball Africa League have announced a multi-year partnership

MTN South Africa has partnered with World Bank’s IFC to expand its Mobile Money business unit, MOMO, with a $2 million investment

Google Pay has partnered with Wise and Western Union to provide international money transfers

 

 

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