Payoneer has helped us save lots of time and effort. We are thankful to Payoneer for creating such a seamless environment. Jumia is becoming a major player in cross border ecommerce and Payoneer will help us achieve that with significant inputs. What’s more, the whole team at Payoneer is super active and helpful. That makes my job a lot easier to do.
Challenge
Transferring money from Nigeria to sellers in China and Hong Kong, cost effectively and smoothly
Solution
Payoneer account enables Jumia sellers to withdraw their funds in their local currency
Result
Jumia is onboarding more sellers from China and Hong Kong and is reaching sellers in other parts of the world
ABOUT JUMIA
Jumia is the largest online shopping mall in Nigeria with over 700,000 weekly visitors, 50,000 product items and over 30 categories. Driven by a relentless commitment to customer satisfaction, Jumia offers customers the widest assortment at the most affordable prices.
Jumia Nigeria was started with the vision of offering Nigeria’s substantial consumer demographic a shopping experience that is convenient, consistent, safe and second to none. It strives to promote economic development and empower young entrepreneurs to gain direct access to potential customers across Nigeria’s 36 states. Since its launch in 2012, the company has become the number one online retailer in Nigeria by value, volume and visits.
THE CHALLENGE
The majority of Jumia’s sellers are located in China, Hong Kong and Malaysia with the largest buyers’ community residing in Nigeria. Jumia found it very difficult to transfer the money from Nigeria to their sellers around the world. After moving their operations to Europe, they still struggled with transferring the money on time, smoothly and in a regular fashion. They also faced challenges with regards to large transaction costs and the high fees taken by each party involved when making international wires.
Before moving to Payoneer, Jumia tried two other solutions, however they were dissatisfied by the high cash deposit necessary and the high commission rates that the companies were charging. Jumia was looking for a platform that was easy for them to use with no hidden costs.
THE SOLUTION
Jumia heard about Payoneer through their sellers who recommended it as their preferred payment method. The solution provided by Payoneer allows Jumia to pay sellers in 200 countries in over 90 local currencies. Jumia pays sellers into their Payoneer account, from which they can withdraw funds to their bank account, in their local currency, or transfer money to others in the Payoneer network.
“It is not easy to find a solution that can seamlessly and smoothly transfer payments from Europe to China. Payoneer’s added advantages are that it’s a secure platform, offers multiple payment options and has a customer support team that can deal with our sellers’ enquiries,” said Shayak Mazumder, Head of International Operations, MD, Africa Internet Group, the mother company of Jumia.
THE RESULT
Jumia was able to onboard many sellers from China and Hong Kong and they’re now looking to onboard sellers from other parts of the world, such as India, Pakistan and Bangladesh, using Payoneer.
