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Jumia Gains Harps on Service Quality

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Black friday

With barely four years of operation in the Nigerian eCommerce space, Jumia, one of Nigeria’s online shopping solution companies, said eCommerce has revolutionised shopping in Nigeria, with lots of economic gains for governments at all levels.

The Chief Executive Officer of Jumia Nigeria, Mrs. Juliet Anammah who made the disclosure during a media tour of Jumia facilities in Lagos recently, said the online shopping company is ready to further deepen eCommerce in Nigeria through new initiatives that would open vista of opportunities for Nigerians.

According to her, the initiative would come as innovative partnership that would be launched in few weeks to support the development of businesses that manufacture or assemble locally. Under this new initiative, Jumia will partner and invest heavily in supporting Nigerian brands in order to help boost an ecosystem that creates local jobs and keep more profits within the Nigerian economy.

During the facility tour, the media team visited the company’s training and customer service facility in Yaba, Lagos as well as the warehouse and fulfillment centre in Ikeja, Lagos. At the warehouse, the global CEO of Jumia services, Indrek Henloo, explained the processes involved in transferring tested and approved products from vendors and sellers, through the fulfillment centres to the final consumers.

Addressing the team shortly after the facility tour, Anammah gave insight into how Jumia has steadily impacted eCommerce in Nigeria by focusing on quality service delivery, customer satisfaction, innovation and enhanced logistics.

Giving a detailed narrative of Jumia’s operation, Head of Customer Operations, Chidinma Ifepe, presented various innovative programmes and customer centered activities that have energised the Jumia brand to its present level. Ifepe explained how the team’s constant focus on improvement in customer relations grew from a level where about 60 per cent of Jumia’s customers expressed full satisfaction to the current satisfaction level of over 80 per cent.

Ifepe also revealed that the 2015 e-commerce customer service award won by Jumia was a positive industry nod, which reflected the high level of customer satisfaction achieved collectively by the entire workforce. She cited the persistent customer focus in taking company decisions, and swift handling and resolution of customer complaints as key factors behind the company’s outstanding customer service delivery.

Partner Relations Manager, Omolara Awoyemi, spoke on various payment options that have kept Jumia top of mind with online shoppers in Nigeria. She explained how innovations like cash-on-delivery, and free returns within 7days changed the face of online shopping in Nigeria.

Awoyemi stated that what drives her team and indeed the massive acceptance of the Jumia brand is the consistent pursuit of convenient and secure payment options through a secure server. She revealed other new payment options like Jumia pay- direct which is a payment plan where once authentication is done once, revealing account details subsequently becomes unnecessary. The Book on hold plan is another option where orders can be made online and then payment via Automated Teller Machine (ATM) or other payment forms can later be used to pay within an agreed space of time.

Awoyemi also explained that other issues like prompt processing of customer refunds, charge backs and card payment reversals as well as prompt resolution of issues relating to credit reversals, cash refunds and online pre-paid orders have helped to ensure maximum satisfaction and retention of Jumia customers.

Speaking on the strength of Jumia vendors, Senior Vice-President, Vendor Management, Thomas Simonet, revealed that Jumia has 12,000 registered vendors. From this list 5,000 are active. All of Jumia’s vendors receive onboarding and training as well as ongoing support on how to maximise visibility and sales.

“With Jumia, traders in one town in Nigeria can have the opportunity of showcasing their product to millions of prospective customers at no cost on the Jumia platform,” Simonet said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Telecommunications

Airtel Africa Receives $194 Million Loan Facility From IFC

Airtel Africa partners with IFC, a member of the World Bank Group to connect even more Africa

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Airtel Financial Results - Investors King

Africa’s leading telecommunications and mobile money services, Airtel Africa has signed a new $194 million credit facility with the International Finance Corporation (IFC), a subsidiary of the World Bank.

According to the telecommunications giant, the new financing facility is in accordance with the company’s strategy to improve debt within its operating firms and support operations in key African markets.

The eight years tenor credit facility will help Airtel Africa support operations and investments in the Democratic Republic of Congo, Kenya, Madagascar, Niger, Republic of Congo and Zambia.

Also, it would help provide more diversified access to local funding, the company stated in a statement signed by Simon O’Hara, Group Company Secretary and obtained by Investors King.

In line with IFC requirements for a loan facility, Airtel Africa is expected to deepen its Social and Environmental Sustainability and has put in place a dedicated Environmental and Social Action plan.

This, Airtel said would deepen its commitment to changing the lives of people in the communities in which it operates and provides clarity on how the Group can help address inequality and support economic growth in these communities.

Commenting on the facility, Segun Ogunsanya, Chief Executive Officer, Airtel Africa said: “I am very excited to announce the signing of this new facility with IFC. Not only does it align with our focus on improving our balance sheet through localising debt within our OpCos, but as we make progress on our sustainability journey it also supports our commitments and ability to meet strong ESG criteria. I look forward to working closely with IFC in the coming years as we explore further opportunities to support the economies and communities where we operate.”

On the part of IFC, Sérgio Pimenta, IFC Vice President for Africa, has this to say: “The COVID-19 pandemic has made mobile connectivity even more urgent for both social and economic development. Helping more people connect to affordable and fast internet networks is a priority for IFC in Africa, especially in the continent’s lower-income countries. The partnership with Airtel Africa will help achieve this.”

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Fund Raising

Property Tech Company, VENCO Secures $670,000 Pre-Seed Funding

The company stated that the fund will be deployed to scale its all-in-one technology platform

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Start-up - Investors King

Nigeria property technology company, VENCO has secured $670,000 in an oversubscribed pre-seed funding round.

The company stated that the fund will be deployed to scale its all-in-one technology platform that manages collections, service charge administration, utilities, and visitor access, among other services associated with multi-unit property developments across Africa.

Founded by Chude Osiegbu (CEO), Reagan Mbitiru (CTO), and Uzochukwu Alor (COO), VENCO already has a growing presence in both Nigeria and Kenya with the plan to expand to other cities and countries in Africa. 

The CEO, Chude Osiegbu stated that VENCO was used by 100 estates on about 4000 property units in 2021. He added that the startup is currently in 186 estates with about 12,000 property units and now has larger estates like Banana Island and 1004 in its roster.

Although Osiegbu noted that the company presently relies on subscription fees that it charges for the deployment of its software solution, he nevertheless stated that VENCO has a long-term plan to introduce a number of monetised operations.

He added that the startup already helped finance the purchase of prepaid energy meters for the Primewater View Gardens estate, and the Tejuosho Market, a shopping mall.

In the last 9 months, VENCO says it has recorded over 200 percent growth, currently in 6 cities in Nigeria and Kenya. 

Dating from the beginning of this year, VENCO noted that it has processed more than $10 million in transaction value via its platform. The company added that it is already in talks with e-commerce platforms to enable easier access to merchants within and around the community. 

Investors King learnt that some of the investors that participated in the pre-seed funding round include Zrosk Investment Management, Voltron Capital, Decimal Point Ventures, Fast Forward Fund, Tayo Oviosu (CEO of Paga), Odun Eweniyi (COO of Piggyvest), Oo Nwoye, Desigan Chinniah, Dakar Network Angels and Viktoria Business Angel Network.

Speaking at the event, Samson Esemuede, Managing Director and Chief Investment Officer at  Zrosk Investment Management, said, “ We view VENCO as both a SaaS and a financial inclusion play with a potential for strong multiplicative impact across the continent.”

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Fintech

Instant Payment Transactions to Surpass 376 Billion Globally by 2027

The number of instant payment transactions to grow by 289% globally exceed 376 billion globally by 2027; increasing from 97 billion in 2022

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NIBSS

A new study has found that the number of instant payment transactions will exceed 376 billion globally by 2027; increasing from 97 billion in 2022, a 289% growth.

The study predicts that an increased roll-out of instant cross-border payment schemes in multiple countries will drive this growth by enabling businesses and consumers to benefit from greater speed and efficiency.

This efficiency is gained by processing payments over instant payment rails, which provide time and cost savings, while also offering greater transparency over transactions to stakeholders than traditional payment rails.

An instant payment is any payment outside of a card network that is capable of receiving funds in 10 seconds or under.

Regulators to Play Key Role in Cross-border Instant Payments

The report forecasts that cross-border transactions will grow at a faster rate than domestic transactions globally. It anticipates that cross-border transactions will rise from 631 million payments globally in 2022 to over 6 billion in 2027. The creation of instant payment schemes by international bodies, such as the EU, and an increase of bilateral agreements between these bodies will be key drivers of growth over the next five years.

These bodies will be essential in creating cross-border instant payment networks, as they have the capital and influence to connect disparate payment schemes across different geographical regions in order to maximise the value proposition of instant payments. In turn, the report recommends that regulators increase partnerships with international bodies to broaden payment schemes and expand access to instant payment services.

Greater Efficiency to Drive Business Adoption

Additionally, the report predicts that the increased time and cost efficiencies, and the improved cashflow management of using instant payments will be primary factors in influencing businesses to adopt. This will contribute to the total value of instant payment transactions rising from $6 trillion this year, to $33 trillion in 2027.

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