In a bold move set to reshape Africa’s e-commerce and fintech landscape, Axian Telecom has revealed ambitions to acquire full ownership of Jumia Technologies AG, the continent’s largest online retail platform.
The Mauritius-based telecom giant has steadily increased its stake in Jumia, now holding 9.18% of the company. This strategic investment, worth around $52.5 million, signals Axian’s growing interest in Africa’s digital retail space. Backing this effort is a substantial $600 million raised through international bond markets.
Why Jumia?
Founded in Nigeria in 2012, Jumia has grown into a household name across 11 African countries, offering everything from electronics to groceries. But Jumia is more than just e-commerce, it has a rising star in its financial technology arm, JumiaPay.
- JumiaPay – A powerful fintech platform enabling seamless digital transactions
- Advanced logistics – A revamped supply chain across key urban and rural regions
- Digital infrastructure – Supporting merchants, buyers, and partners with end-to-end tech
Despite ongoing profitability challenges and mounting competition from players like Temu, Jumia holds immense strategic value. And Axian knows it.
Axian’s Strategy: Driving Financial Inclusion
Axian Telecom, led by Malagasy entrepreneur Hassanein Hiridjee, has a clear mission, to promote financial and digital inclusion across the African continent. A full acquisition of Jumia would align perfectly with this vision.
- ✅ Pan-African presence – Active in Tanzania, Madagascar, Comoros, Senegal, and Togo
- ✅ Fintech expansion – Plans to harness JumiaPay to push digital payments deeper into local economies
- ✅ Shared values – Both companies share a vision for technology-driven growth and inclusion
“Jumia’s digital retail infrastructure, fintech capabilities through JumiaPay, and logistics strengths uniquely position it to promote financial and economic inclusion,” said Hassan Jaber, CEO of Axian Telecom.
What’s Next?
If the acquisition goes ahead, it could lead to Jumia delisting from the New York Stock Exchange, a major shift for a company that made headlines with its 2019 IPO.
- ✅ Potential NYSE delisting
- ✅ Integration of Axian and Jumia’s operations
- ✅ Expansion into new digital and financial verticals across Africa
For Jumia, the move could bring fresh capital, deeper infrastructure, and a long-term growth partner. For Axian, it’s a rare opportunity to leapfrog into Africa’s booming e-commerce and digital finance sectors.
A Defining Moment for African Tech
The bid represents more than just a corporate transaction, it’s a milestone for African innovation. A telecom operator acquiring a U.S.-listed e-commerce firm is almost unheard of. Yet, in today’s dynamic African tech space, ambition and creativity often rewrite the rules.