Palmpay, one of Nigeria’s fintech apps, has integrated its network with Jumia’s to allow the fintech customers to pay for products on Jumia directly from their accounts.
This came as Nigerian fintechs continue to build payment methods on the pay-by-bank feature.
“We have over a hundred partners that we’re working with for this online payment solution,” a Palmpay spokesperson said at a press conference in Lagos at the weekend.
Palmpay is building these payment methods for its 35 million customers as bank transfers continue to represent an easy payment option for users.
In 2023, transfers accounted for 45% of online retail payments, according to data from CBN.
“By integrating PalmPay, we are providing more options for customers to access affordable and quality goods with the convenience of cashless transactions,” Sunil Natraj, the CEO of Jumia Nigeria, said at the press conference.
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