In compliance with the Egyptian approaches and supporting its efforts to accelerate the transformation into a digital community and spreading the non-cash payment culture, that’s in order to encourage the citizens to depend on smart payment methods to ensure benefiting from services provided by the financial institutions and banks services at any time and place with reasonable cost.
Recently, the government announced its intention to propose a law regarding electronic payments to the house of representatives in accordance with the recommendation of the supreme council of payments under the chairmanship of president Abdel Fattah el-Sisi, which aims at developing the non-monetary financial transactions, enhancing and regulating the non-cash transformation. Thus, this will help the domestic economic growth according to “moody’s”; a credit rating agency, as it stressed that each 10% increase in electronic payment will contribute in increasing GDP by $1.5 billion and creating 200 thousand new job vacancy. The acceleration to adopt this vision is considered a must as it improves the economic conditions and boosts the life quality of the citizens and creates new job vacancies.
Jumia, a leading e-commerce company, has stressed that what the Egyptian government seeks is complied with our strategy in the market which is encouraging the citizens to adopt the pre-paid solutions as well as refunding in case of item return. In addition to working on providing new mechanism to encourage the customers to use the digital system in their financial transactions.
Hisham Safwat, CEO of Jumia Egypt, stressed that the company has an ambitious plan focusing on expanding the beneficiary of electronic payment ecosystem and encouraging the customers to benefit from advantages offered. Adding that Jumia since its start at 2012 in Egypt, is aiming to make digital transformation and financial inclusion as a nominal goal seeking to achieve, in cooperation with its partners in the Egyptian market whether the government or the private sector especially. He continues, the company is providing the credit card users with benefits at checking out by giving them 5% as a cash back on their financial transactions, thus increases usage rate of credit card payment method at Jumia from 10 to 30%.
Since day one, Jumia has succeeded in providing innovative means in electronic payments whether through “Fawry” or “cash on delivery” or “pre-paid purchase.”
Jumia adopts the Egyptian vision, which is decreasing the monetary transactions to facilitate citizens life and to provide unprecedented and instant services at the same time, especially that there are great chances for the growth of the electronic payment methods in the light of the government encouragement of these systems according to Egypt 2030 vision where individuals who do not have a bank account will be able to use financial services through digital channels that provide the main financial services smoothly and conveniently at lower cost compared to conventional banks. In addition to financial companies and institutions which are investing in this trend, as the digital financial companies all over the world are replacing the traditional banking transactions with new payment technologies by using innovative electronic means services to let their costumer benefit from these new services.
Jumia has succeeded to provide a variable portfolio /variety of service, that shall aid customers who are interested in advanced payment methods, through collaborating with major partners in providing payment services and electronic payment, as to contribute in expanding digital payment which lead to enforce financial inclusion and enhance electronic payment experience.