Amazon Egypt is now offering buy now, pay later (BNPL) plans to qualified buyers through valU, the companies announced Sunday (July 3).
FinTech valU serves the Middle East and North Africa (MENA) region and is a subsidiary of EFG Hermes Holding. According to the announcement, Amazon.eg shoppers who are valU customers will have an option to select BNPL plans, spreading payments over periods of six to 60 months.
Additionally, approved purchasers do not have to make down payments and can shop in across product categories, but must spend a minimum per purchase of about $27. The process will involve customers choosing among valU options at checkout and then entering their valU customer numbers if they want to use BNPL.
“As we continue to grow our businesses in different parts of the world, I am very excited to see Amazon Egypt contributing to the country’s digital economy through innovation to provide our customers with the best possible shopping experience, anchored in convenient payment methods,” said Peter George, managing director of Amazon Payment Services.
“With the thriving fintech sector in Egypt, we will continue to come up with localized, simple, affordable, and trusted payment services, including Buy-Now, Pay-Later with valU, to ensure our customers enjoy shopping on Amazon,” he continued.
Meanwhile, Amazon Egypt General Manager Omar Elsahy said in a statement that the deal with valU “is a major step in our strategy to provide flexible and dependable payment methods for our customers.”
The CEO of valU, Walid Hassouna, said his company’s mission is “to provide all customers with unrivalled access to products and services over convenient payment plans … without having to deplete their cash reserves and [make] it easier for them to accommodate unplanned but needed purchases into their budget.”
When early word of Amazon’s deal with valU emerged in May, reports indicated Amazon was acquiring $10 million dollars of EFG Hermes global depository receipts (GDRs) as part of the arrangement.
ValU stated that its BNPL plans are available at 5,000 points of sale and on more than 330 websites.