Africa is rapidly transforming into the world's next e-commerce frontier, powered by its youthful demographics and booming digital adoption. With 435 million active online shoppers (33% penetration rate vs 60% global average) in 2024 and a population of 1.48 billion - 60% under age 25 - the continent boasts unparalleled consumer potential. The market is already valued at $46.1 billion (2024) and is projected to surge to $72.8 billion by 2027, growing at an impressive 16.4% CAGR (Statista), making Africa one of the fastest-growing e-commerce markets worldwide.
With such great opportunities, merchants around the globe are extending their business to this fertile e-commerce world in Africa. Jumia, the NO.1 e-commerce platform in Africa, is attracting global merchants to sell on its platform with its dominant position in Africa. According to the IMF and World Bank, Jumia accounted for 53% of Africa’s GDP of $2.87 trillion, and 69% of Africa’s consumer expenditure of $2.18 trillion in 2023.
However, how to frictionlessly receive payments from African buyers has been a challenge for global sellers on Jumia. Currently, Jumia provides two settlement methods for them；
USD settlement via Payoneer account;
Local currency settlement via third-party Payment Service Provider (PSP) or Local Representative.
To avoid exchange fluctuation risks, Payoneer account restriction and African local connection challenges, the optimal method is to cooperate with third-party Payment Service Providers (PSP), among which Pyvio is a an official licensed PSP by Jumia.
Since 2023, Pyvio has partnered with Jumia and become its official licensed Payment Service Provider to provide local payment and collection, foreign exchange, and global distribution to global sellers in Africa. This partnership aims to provide high-quality financial infrastructure and services to help companies expand in Africa and seize growth opportunities, which also helps Jumia extend its global growth.
Currently, Pyvio has launched services in Nigeria, Ghana, and Kenya. Global sellers on Jumia can easily receive payments in local currencies such as the Nigerian Naira, Ghanaian Cedi, and Kenyan Shilling following only 2 steps:
The entire process is 100% online, with real-time local account opening and activation. With Pyvio, global sellers on Jumia can directly receive KES, GHS, NGN from African markets and withdraw funds into domestic accounts securely and legally.
Start paying & getting paid in KES, GHS, NGN instantly. Sign up for Pyvio now!
About Pyvio
As a leader in cross-border payments for global emerging markets, Pyvio is committed to the mission of "Deepening Localization and Empowering Globalization" by building a one-stop financial infrastructure that serves as a growth engine across multiple regions, including Europe, America, Southeast Asia, and Africa.
By cooperating with multiple primary clearing banks across the globe and licensed domestic institutions, Pyvio assists going-global enterprises in achieving efficient global fund flow. We provide local payment solutions in multiple countries and regions, including US, UK, EU, Vietnam, Singapore, the Philippines, Thailand, Indonesia, Nigeria, Ghana, Mexico, Brazil, and Colombia. We are dedicated to empowering enterprises through financial technology innovation and building a payment service ecosystem that supports brands going global so as to provide out-of-the-box global fund management solutions for enterprises and help going-global enterprises better serve global clients and expand their international business.