This strategic investment by AXIAN Telecom signals growing investor confidence in Africa’s digital economy and Jumia’s long-term potential as a regional technology leader.

AXIAN Telecom has announced the acquisition of an 8.0% minority stake in Jumia Technologies AG (NYSE: JMIA), a pan-African e-commerce platform. The development, announced May 30, was disclosed through a Schedule 13D filing with the U.S. Securities and Exchange Commission (SEC).

“AXIAN Telecom’s management is supportive of JUMIA’s strategic vision, and we look forward to contributing positively to its growth and success where we can,” said Hassan Jaber, CEO of AXIAN Telecom. “We believe JUMIA’s achievements in digital retail infrastructure and fintech through JumiaPay, as well as its logistics strengths, place it in a position to promote financial and economic inclusion for the communities which it serves.”

Jaber added that the investment reflects shared values and a mutual commitment to scalable, tech-driven solutions tailored to Africa’s fast-evolving consumer markets.

The move signals a new chapter for the African eCommerce pioneer, coming just as British investment firm Baillie Gifford exits its position, selling the last of its 18 million shares and ending a six-year investment in what was once dubbed the "Amazon of Africa."

Baillie Gifford had held more than double the stake of the next-largest investor, D.E. Shaw. The firm’s exit marks the latest departure of early backers, following exits by Rocket Internet and MTN Group, further closing the chapter on Jumia’s founding investor era.

AXIAN Telecom’s entry, by contrast, represents a strategic pivot toward Africa’s digital future. The telecom group, active through its Yas mobile and Mixx by Yas fintech brands, sees Jumia as a valuable partner in expanding digital services across the continent.

The investment comes at a pivotal moment for Africa’s digital sector. According to a joint report by the International Finance Corporation (IFC) and Google, Africa's digital economy has the potential to contribute $712 billion to the continent's GDP by 2050, representing 8.5% of total GDP. Platforms like Jumia, which integrate e-commerce, fintech, and logistics, are seen as essential engines of this projected growth, empowering small businesses, driving financial inclusion, and extending digital access to underserved communities.

Hikmatu Bilali