British International Investment


AfricaConsumer - other services

Jumia, part of the Africa Internet Group (AIG), is Africa’s leading internet company operating in more than 20 countries across the continent. It provides a comprehensive range of services – including ecommerce, food delivery, financial services, travel and classified adverts – to Africa’s consumers and small businesses.

Founded in Lagos in 2012 by Jeremy Hodara and Sacha Poignonnec, AIG connects more than 50,000 local and international companies with millions of African consumers. To support this, it has developed its own payments system and one of Africa’s largest logistics operations.

Jumia is listed among the Massachusetts Institute of Technology’s Smartest Companies 2017.

This investment was made when British International Investment was named CDC Group.

We have now exited this investment. This is what we achieved.

Achieved impact

At the time of BII's exit, Jumia reported ~3,800 jobs (vs ~4,000 during baseline), 3.56 million active customers and ~58,000 active vendors.

Expected impact

In July 2016, CDC announced a $55 million equity investment in AIG.

Our capital injection is helping AIG improve its existing payment and logistics operations, boost local trade revenues and create additional jobs, as well as expand into new countries.

Our focus has been in supporting the business’s expansion into financial services, as well as its development of local manufacturing in key African markets.

With hardly any organised retail and little infrastructure, Jumia’s innovations are opening up new opportunities and setting new standards in African trade and ecommerce. Since its inception, Jumia has served more than 10 million consumers.

Jumia’s marketplace targets informal and small traders: 90 per cent sell less than $1,000 per month. Exchanges are underpinned by an extensive logistics network and convenient payment solutions that operates at an unprecedented scale across the continent. Consumers who create a Jumia wallet can access digital and financial services such as airtime recharge and utility payments.

In addition to direct job creation, Jumia operates a network of over 50,000 sales agents, known as the J-Force. Currently largely Nigeria-based, the J-Force is expanding into other countries, providing a route to engagement with the formal economy for many informal traders.

Jumia Group already has over 4,000 employees and it is expected that Jumia Services, the group's logistics business, will generate thousands of new delivery jobs by 2020.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    June 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.


    The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.


    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    Consumer - other services

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    April 2016
    End date :
    December 2019
    Amount :
    Currency of investment :

    The company or investment fund’s place of incorporation.


Related investments made by BII into this company:

Investment name Commitment Region Sector Start date Status
Investment 02 $2.43m Africa Consumer - other services April 2019 Exited

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