E-commerce giant Jumia has announced the appointment of Anthony Mbagwu as the new Managing Director of its Nigerian fintech arm, JumiaPay.
Mbagwu, who joins from rival fintech company PalmPay, where he served as Senior Business Development and Partnership Manager, brings over 15 years of experience in the financial services sector to his new role.
Before joining PalmPay, Mbagwu held positions at Unified Payments as Head of Business Support and at Access Bank as Head of Service Operations. His extensive background in the financial sector is expected to enhance JumiaPay’s operations as it seeks to strengthen its position in the competitive fintech landscape.
JumiaPay, which is integrated as a payment option on Jumia’s online platforms, processed approximately 39.5% of Jumia’s orders in 2023. The fintech arm also operates a standalone app offering services such as bank transfers, bill payments, loans, and merchant payments. Reports indicate that JumiaPay’s largest client is its parent company, Jumia itself.
In 2023, JumiaPay managed $192 million in payments across 8.4 million orders. This is modest compared to PalmPay’s reported $5 billion in monthly transactions for the same period.
Mbagwu will be reporting to Sunil Natraj, the CEO of Jumia Nigeria. His appointment comes at a time when Jumia is placing a stronger emphasis on achieving profitability.
The company has undertaken significant cost-saving measures, including staff layoffs and the closure of its food delivery service. These strategies have begun to positively affect investor sentiment, with Jumia’s share price increasing to $12.16—nearly four times its value at the start of the year.
