AXIAN Telecom, a rapidly growing telecom and digital services provider operating across Africa, has acquired an 8% stake in pan-African e-commerce giant Jumia Technologies. This marks the first significant telecom investment in Jumia since MTN Group’s exit in 2020. AXIAN disclosed the purchase in a Schedule 13D filing with the U.S. Securities and Exchange Commission, though financial details were not publicly revealed.
AXIAN Telecom CEO Hassan Jaber described the investment as a strategic alignment with Jumia’s growth trajectory and digital ecosystem. “Jumia’s achievements in digital retail and fintech, especially through JumiaPay and its logistics network, make it a very attractive investment for us. We believe in Jumia’s potential to promote financial and economic inclusion, which aligns with our core values,” Jaber said.
Jumia, once hailed as the “Amazon of Africa,” was the first African-founded tech company to list on the New York Stock Exchange in 2019. However, years of underperformance, leadership shifts, and mounting competition eroded investor confidence. MTN Group sold its 18.9% stake in Jumia for $138 million in 2020, a fraction of its original valuation.
Since the appointment of CEO Francis Dufay in 2022, Jumia has refocused by exiting low-performing markets like South Africa and Tunisia, reducing costs, and prioritizing core markets including Nigeria, Kenya, Egypt, and Morocco. The company is emphasizing high-growth sectors such as everyday essentials and digital financial services.
Vinod Goel, Jumia’s regional CEO for East Africa, recently outlined plans to expand international brand offerings and open the logistics network to third-party businesses.
AXIAN’s investment underscores renewed faith in Jumia’s long-term potential and reflects AXIAN’s mission to advance Africa’s digital economy through its fintech and digital infrastructure brands, Yas (mobile) and Mixx by Yas (fintech).
