Key Points

AXIAN Telecom, a fast-rising pan-African telecom group led by Malagasy businessman Hassanein Hiridjee, has acquired an 8 percent stake in Jumia Technologies AG, marking a significant step toward deeper involvement in Africa’s growing digital economy.

The deal, disclosed in a recent U.S. Securities and Exchange Commission (SEC) filing, comes as longtime backer Baillie Gifford sold off its remaining shares in Jumia, closing the book on a multi-year bet on the e-commerce platform.

A fresh bet on Jumia’s future

AXIAN’s decision signals a vote of confidence in Jumia’s evolving business model, particularly its fintech arm, JumiaPay, and its logistics operations. “We believe Jumia’s digital retail infrastructure and fintech capabilities are key to expanding financial inclusion across Africa,” said Hassan Jaber, CEO of AXIAN Telecom.

The investment also reflects AXIAN’s broader ambitions. The company is already active in mobile and digital payments through its Yas Mobile and Mixx by Yas brands, making Jumia a natural partner in its push to reach more underserved markets.

Shifting hands, changing vision

AXIAN’s entry follows the quiet departure of Baillie Gifford, a UK-based investment firm that once held more than 18 million shares in Jumia. The firm was one of Jumia’s early believers, backing it when it was often referred to as the “Amazon of Africa.”

Its exit, along with those of founding shareholders Rocket Internet and MTN Group, signals a changing of the guard, as venture capital gives way to strategic investors more focused on long-term growth in African markets.

New capital eyes old problems

The shift comes at a time when interest in Africa’s digital economy is picking up. A joint report by Google and the International Finance Corporation (IFC) projects the sector could contribute $712 billion to the continent’s GDP by 2050.

With e-commerce, payments, and logistics increasingly intertwined, platforms like Jumia are seen as central to unlocking new opportunities for small businesses and low-income communities.

AXIAN is already a major part of that story. Based in Mauritius, it’s the sixth-largest telecom provider on the continent, with 42.9 million mobile subscribers and 15.2 million mobile money users spread across countries like Madagascar, Tanzania, Senegal, Togo, and Comoros.

Under Hiridjee’s leadership, the group posted a 29 percent jump in revenue last year, from $1.08 billion to $1.4 billion, fueled by strong demand for 4G and 5G services. Earlier this year, it also secured a $100 million boost from EIB Global to expand broadband networks in Madagascar and Tanzania.

A new chapter for Jumia

With early investors stepping back, AXIAN’s involvement could bring a more grounded, locally focused approach to Jumia’s next phase. More than just a change in ownership, it may point to a shift in how digital growth in Africa is funded, managed, and, most importantly, shared.