Emmanuel Ojukwu
Jumia Nigeria has entered into a strategic partnership with Credpal to introduce a “Buy Now, Pay Later” (BNPL) feature for its customers. This collaboration aims to enhance the shopping experience by providing a flexible payment option, allowing consumers to purchase items immediately and pay for them over time.
The BNPL feature, facilitated by Credpal, will be integrated into Jumia’s online platform, giving customers the ability to spread the cost of their purchases over a set period. This payment solution is designed to cater to the financial needs of Nigerian consumers, making high-ticket items more accessible and reducing the financial burden of lump-sum payments.
With this partnership, Jumia Nigeria aims to drive sales and increase customer loyalty by offering more convenient and affordable shopping options. Credpal, known for its expertise in credit solutions, will handle the credit assessment and financing aspects, ensuring a seamless and secure transaction process for Jumia’s customers.
This initiative reflects a growing trend in the e-commerce industry, where BNPL services are becoming increasingly popular. By integrating this feature, Jumia Nigeria not only enhances its value proposition but also supports financial inclusion by providing consumers with greater purchasing power and flexibility.
Overall, the Jumia Nigeria and Credpal partnership represents a significant step towards innovating the online shopping experience in Nigeria, making it more inclusive and adaptable to the financial realities of its customer base.
Commenting on Jumia’s partnership with Credpal, Sunil Natraj, Jumia Nigeria CEO said,
“We are excited to partner with Credal to offer our consumers a seamless and convenient “Buy Now, Pay Later” solution. This partnership aligns perfectly with our missionto make e-commerce more accessible and inclusive for all consumers. We remain committed to providing Nigerians with a wider range of payment options and fostering
financial inclusion within the e-commerce space. The ‘Buy Now, Pay Later’ option will give our consumers more control over their finances and allow them to purchase the products they want at the exact time they need it”.
Also commenting, Fehintolu Olaogun, CEO, CredPal said,
“This partnership underscores our shared commitment to simplifying shopping experiences for everyone. At CredPal, we leverage innovative tech solutions to empower individuals to manage their finances more effectively. Teaming up with Jumia isn’t just about facilitating seamless purchases; it’s about supporting individuals in reaching their aspirations, step by step”.
Jumia’s integration of a BNPL feature reflects a growing trend in the e-commerce industry, where BNPL services are becoming increasingly popular. Reports revealed that the global e-commerce buy now pay later market was valued at $4.2 billion in 2022 and is projected to reach $57.8 billion by 2032, growing at a CAGR of 30.4% from 2023 to 2032.
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