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The International Finance Corporation (IFC), the private sector arm of the World Bank Group, is investing $25 million in equity in Jumia Technologies, Africa’s largest public e-commerce platform. The investment will support Jumia’s next phase of growth across its core African markets, strengthening its integrated marketplace and logistics network.
Jumia has operations across eight African countries. The Jumia platform consists of a marketplace, which connects over 60,000 sellers with customers; a logistics network, which enables the shipment and delivery of packages from sellers to customers; and payment gateways, which facilitate transactions among participants active on the Jumia platform in select markets.
“The support of the World Bank Group is a milestone for Jumia and for African e-commerce more broadly. It validates both the discipline we have brought to our business in recent years and the tangible impact our platform has on small businesses, jobs, and consumers across our eight markets. With partners like the IFC, we can accelerate the digital commerce infrastructure Africa needs,” said Francis Dufay, CEO of Jumia.
“Jumia demonstrates how pan-African e-commerce platforms can expand economic opportunity at scale. Our investment supports the company’s next phase of growth while contributing to create jobs, digitising supply chains and distributions channels and mobilising private investment,” commented Farid Fezoua, director for equity, funds, and venture capital at the IFC.
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