Thursday, April 22, 2021
TechMoran
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Classifieds
No Result
View All Result
TechMoran
">
Home Fintech

Jumia to give online loans to its vendors across Africa to bolster its inventory

Milcah Lukhanyu by Milcah Lukhanyu
4 years ago
in Fintech, Startups
7 min read
0

Rocket Internet-backed Jumia has launched an online lending programme for its merchants in Kenya, Nigeria, Egypt, Morocco and Ivory Coast helping them borrow loans to grow their inventory, and help it become an everyday and everything store.

By leveraging on transactional, operational and behavioral data on its vendors, Jumia believes it can work with partners to provide credit facilities to vendors who are the B2C platform’s lifeline.

“We are always working with those partners and we bring them business online and by just listening to them we realized how difficult it was for them to access funding. So we realized they had a problem and we thought we could help them solve their problem by using the Jumia data to provide them with better financing opportunities,” Jumia co-CEO Sacha Poignonnec  told TechMoran on the side lines of the TechCrunch’s Startup Battlefield Africa held in Nairobi.

The whole idea that the vendors-technically SMEs have little access to financing and if they do, it’s so expensive. So Jumia decided to mine its vendor data, get the right financing partners who will extend credit to the vendors to help the SMEs grow their online businesses.

Jumia is therefore creating a virtual Sacco where the vendors can access better finance from various financial institutions to create a win-win situation for both Jumia, its merchants and the financial institutions.

 

With low interest rates of up to 12% per annum, Jumia believes the loans will help provide the much needed working capital vendors need to buy goods to sell on the Jumia platform. With more items on Jumia, there will be less need for guys to shop offline or visit other sites such as Konga in Nigeria among others.

READ  CADx, a computer aided diagnostic system selected the best startup in Zimbabwe

Related posts

Nigeria’s Klasha & SA’s Akiba Digital to Receive $200,000 from Expert DOJO International Accelerator program

April 21, 2021
0

UNDP vets 4 African startups for transforming access to health, energy & waste management

April 21, 2021
0

Worldpay Partners Flutterwave to Expand Processing Services into South Africa & Nigeria

April 21, 2021
0

Okra raises $3.5M to expand its data infrastructure across Nigeria.

April 21, 2021
0

Nigeria’s Overwood Capital wants to be the go-to investment platform for the common man

April 21, 2021
0

Nigeria’s Babymigo provides right-hand information for expecting mothers and parents

April 20, 2021
0

However, for Jumia this is about choice and price for its customers as Africa is in the early stage of ecommerce and the move will imply shoppers can be sure of finding whatever good or service they are looking for online instead of looking for elsewhere.

“It’s really about bringing the relevant products to people and when we started a lot of transactions were for people to buy mobile phones and fashion but once you have bought one mobile phone you cannot buy a mobile phone everyday. So, it’s really about fulfilling people’s needs. Today, if you go to Jumia in Nigeria  or in Kenya you will see a lot of grocery items,  fashion, hygienic items, diapers, cream toothpaste and pampers, you see a lot of new products bringing which are fulfilling everyday needs to the people. To us its about about bringing more and more choice to people and better prices to the people that when they go to Jumia they can always save time and money because they can find whatever they are looking for.”

READ  M-TIBA unveils SMS-based service to verify healthcare service workers

The firm has not mentioned the financial partners and its still mum whether the public would soon be allowed to access loans on Jumia, but that is the plan, to make it the go to place for everything.

That’s the push Jumia is doing now. Going down to people’s needs and making sure that whatever it is they need they can find it on Jumia. So that Jumia becomes an option for them to buy anything anytime. Jumia will need to sort out its instant citywide delivery to become Africa’s everything everyday store and reign on estate kiosks.

 

Readers 5,824

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

Tags: JumiaKenyakongaNigeriaRocket InternetSMEs
Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

Related Posts

Startups

Nigeria’s Klasha & SA’s Akiba Digital to Receive $200,000 from Expert DOJO International Accelerator program

April 21, 2021
0
Startups

UNDP vets 4 African startups for transforming access to health, energy & waste management

April 21, 2021
0
Startups

Worldpay Partners Flutterwave to Expand Processing Services into South Africa & Nigeria

April 21, 2021
0
Startups

Okra raises $3.5M to expand its data infrastructure across Nigeria.

April 21, 2021
0
Startups

Nigeria’s Overwood Capital wants to be the go-to investment platform for the common man

April 21, 2021
0
Startups

Nigeria’s Babymigo provides right-hand information for expecting mothers and parents

April 20, 2021
0
MENA Edition

Cairo-based grocery startup Appetito raises $450,000 seed

April 20, 2021
0
People

Bolt Food Appoints Country Manager for Kenya to Drive Growth

April 20, 2021
0
Business

Kenya’s online trading broker EGM Securities cleared to offer NSE derivatives

April 20, 2021
0

ADVERTISEMENT

Join our Mailing List

Loading

Recent Posts

Google releases third Android 12 developer preview

April 22, 2021
Toshiba

Facebook’s Audience Insights Is Going Away Soon, But Here’s A Google Ads Alternative

April 21, 2021

Nigeria’s Klasha & SA’s Akiba Digital to Receive $200,000 from Expert DOJO International Accelerator program

April 21, 2021
hand holding smartphone and finger tapping on the screen

5 Common Legal Risks of Smartphone at Work

April 21, 2021

Samsung’s 65’ Frame TV now available in Kenya for Ksh 239,995

April 21, 2021
">
">

Follow Us

">

There are many sites out there focused on blowing off some steam, from funny entertainment to thrilling experiences like playing online, in some cases online gaming could grant you the chance to win extra money. We came across rocketpot.io while browsing for a good btc casino online and it left us a very good impression with their wide variety of games and crypto offering.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy

© 2019 Moran Media Group - All rights reserved TechMoran.

No Result
View All Result
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Classifieds

© 2019 Moran Media Group - All rights reserved TechMoran.

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d bloggers like this: