Jumia Leads Digital Transformation in Egypt: Black Friday 2024 Results Highlight Significant Payment Trends

Jumia Egypt’s Black Friday 2024 results reveal a qualitative shift in payment habits among its customers, underscoring the company’s leadership in promoting digital solutions and reducing reliance on cash. While Egypt’s e-commerce market remains heavily dependent on cash, accounting for 70% to 80% of transactions, Jumia successfully reduced its cash payments to only 51% during its campaign.

Jumia

Additionally, Jumia reported significant growth in the adoption of flexible payment options such as “Buy Now, Pay Later” (BNPL) and installment services, representing 32% of total transactions. These figures position Jumia as a leader in the digital transformation of Egypt’s e-commerce, surpassing market averages that generally report BNPL usage below 10%, according to recent reports from Statista and Research and Markets.

Central Bank of Egypt data indicates a sharp rise in the use of digital payment solutions, with the number of e-wallets increasing to 26 million and transactions exceeding EGP 268 billion last year. However, there is still a gap between current market practices and future projections, as digital payments are expected to account for only 14.3% of total transactions in Egypt by 2027.

Commenting on the results, Abdellatif Olama, CEO of Jumia Egypt, stated:

“The results of Black Friday 2024 at reflect the company’s vision to empower customers with flexible and secure payment solutions. We are proud that Jumia is leading the shift towards the adoption of digital payments in the Egyptian market, where this trend not only facilitates shopping but also expands financial inclusion.”

As national efforts to enhance financial inclusion continue—such as the initiatives of the Central Bank of Egypt and Financial regulators authority  and the growing adoption of e-wallets—experience during Black Friday serves as a model for other companies in the sector.

Sources:

1. Statista: Payment methods in Egypt
2. PayNet Pro: Digital payments trends in Egypt
3. Research and Markets: Digital transformation in Egypt
4. Central Bank of Egypt: Financial inclusion data
5. Fast Company Middle East: E-payments forecast for Egypt

Financial regulators authority