Jumia Appoints Ex-PalmPay Executive Anthony Mbagwu to Lead Fintech Arm Jumia Pay
E-commerce giant Jumia has appointed former PalmPay executive Anthony Mbagwu as the managing director of its Nigerian
fintech arm, JumiaPay.
Anthony’s appointment brings in a seasoned professional with a strong background in financial services to steer the company’s payment platform. Mbagwu brings over 15 years of experience in the financial services sector to his new role.
Prior to PalmPay, he was previously the head of business support at Unified Payments, Nigeria’s premier payments and fintech company, and head of service operations at the multinational commercial, Access Bank.His appointment is seen as a strategic move to revitalize JumiaPay, which has been struggling with significant operational losses in recent years.
In 2023, JumiaPay saw transactions fall 38% year-over-year to 2 million, while the number of orders completed using the JumiaPay app also dropped from 34% to 29% year-over-year. Its transactions reached 2 million, an increase of 52% year-over-year. Besides, streamlining the user experience and the introduction of the Pay on delivery service, the fintech company has increased cashless orders, boosting its records in the eCommerce market.
JumiaPay plays a crucial role in the Jumia ecosystem, serving as an integrated payment method on Jumia’s online platforms. Additionally, JumiaPay offers a standalone app that enables users to perform various financial transactions, including bank transfers, bill payments, loans, and merchant payments.
