After monthly inflation rate exceeded 13% in Egypt, instalment payment became the magic solution for the Egyptians to overcome high prices and meet their daily needs. In this context, the online shopping platform Jumia announced signing a cooperation deal with Aman for electronic payments to provide the company with instalment payment services in a bid to stimulate trade movement and ease burden on citizens.
Payment facilities become very common recently, hence Jumia aims to allow its customer to purchase online unique and diverse products through instalment payment service. Jumia’s customers can choose “Instalment payment” option and fill required application on its website to get any product while the first instalment to be collected after two months of purchase.
The new service requires submitting photocopy (soft copy) of the customer and his guarantor’s valid IDs, on a condition that their age ranges between not less than after 21-years-old and not more than 65-years-old by the end of the instalments. In addition, the customer must submit electricity or gas bill issued within a period of three months since application. The address written on the facility bill shall be the same where the customer received his products and shows the consumption volume. The new payment service is now available for up to 36 months to the public and private sectors employees, pensioners, self-employed, and investment certificates and deposits holders.
“Jumia has launched this initiative with the aim of to give instalment option in payment, as the instalments system reduces the gap between citizens’ monthly income and their needs,” Hisham Safwat, CEO of Jumia Egypt, said. He added that Jumia aims through its new service to increase the citizens’ use of e-payments as a tool for financial transactions instead of cash payments, which comes in line with the state’s strategy towards transformation into a cashless society.
Meanwhile, Hazem Moghazi, CEO of Aman, said, “this agreement comes in the framework of the company’s strategy to spread instalment and electronic payments in the Egyptian society, as well as helping citizens to purchase different products in the simplest and most convenient payment method.”
He added that the company has expanded in providing instalment service throughout the company’s 150 branches in 15 governorates.