AXIAN Telecom has acquired an 8.0% stake in Jumia, the eCommerce firm operating across various markets in Africa, according to the latest U.S. Securities and Exchange Commission (SEC) filings.
AXIAN Telecom adds eCommerce to its investments such as Yas (mobile) and Mixx by Yas (fintech) brands.
In a statement to TechMoran, Hassan Jaber, CEO of AXIAN Telecom, said: “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. 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. This unique position makes JUMIA a very attractive investment for AXIAN Telecom, and one which is aligned with our core values.”
AXIAN Telecom operates in nine markets through its operations in Tanzania, Madagascar, Togo, Uganda, Democratic Republic of the Congo, Senegal, Réunion, Mayotte, and the Comoros. It runs mobile and fixed networks as well as digital infrastructure and mobile financial services.
In July last year, AXIAN Group acquired a stake in WiASSUR, an insurance start-up based in Côte d’Ivoire to mark its entry into the lucrative insurance sector. As WiASSUR’s second-largest shareholder, Axian has a governance role in the company to actively contribute to its development in Côte d’Ivoire, and beyond.
In the same year, Axian acquired Wananchi Group, which owns the Zuku brand across Africa, is set to be acquired by Mauritius’ based Axian Telecom for undisclosed sum. Axian is set to buy 99.63 per cent of Wananchi Group according to filings at the Comesa Competition Commission.
Last year, AXIAN Telecom received $100 million investment from EIB Global for mobile broadband network expansion in Madagascar and Tanzania to help double 4G coverage in both Madagascar and Tanzania; and roll-out of 5G sites.
The addition of Jumia and Wananchi to its portfolio is in line with its play as a digital services firm providing insurance, cable TV, ecommerce, delivery and logistics among others across Africa.
In Madagascar, Comoros, Senegal, Togo and Tanzania under a single brand, Yas, while its fintech operations in Tanzania, Togo and Senegal are now branded as Mixx by Yas. The Yas brand aligns to AXIAN Telcom’s aim to create a pan-African powerhouse which brings a more streamlined customer experience and innovations that are solutions driven with real impact.
Yas positions itself as a trusted partner, dedicated to helping customers unlock their digital potential. By uniting its operations under one brand, AXIAN Telecom can better serve its customers leveraging the combined resources and assets of a strong, unified pan-African business under one brand.
AXIAN Telecom has more than 40 million customers and the acquisition of a stake in Jumia will see it complement its services and add new products to its portfolio as well as sign up new subscribers in the process. The group systematically ensure that its businesses have a sustainable and positive impact on the daily lives of millions of people.
