World Bank Group Invests $25 Million in Jumia to Expand Africa’s Digital Commerce
• Targets 60,000 sellers, 1,800 direct jobs, 100,000 sales agents • Funding to strengthen digital payments across 8 African markets Emmanuel Addeh in Abuja and Sunday Ehigiator in Lagos The
The World Bank Group has allocated $25 million in equity investment to Jumia Technologies AG, aiming to bolster digital commerce infrastructure across Africa. This investment is projected to benefit around 60,000 active sellers, generate approximately 1,800 direct jobs, and create employment opportunities for over 100,000 independent sales agents.
The funds will bolster Jumia's marketplace and logistics network, facilitating the expansion of its e-commerce platform in eight African markets. Jumia's CEO, Francis Dufay, highlighted the significance of this investment, emphasizing its role in enhancing job creation, increasing sales, and improving access to goods and services for consumers.
Farid Fezoua, IFC's Director for Equity, Funds and Venture Capital, stressed the potential of Jumia and similar platforms in driving economic opportunities across Africa.
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