Hassanein Hiridjee’s AXIAN Telecom sees promise in Africa’s digital economy with $35 million Jumia stake

Key Points

• The $35 million investment shows confidence in Jumia’s strategic reset and growth potential in Africa’s digital economy.
• AXIAN plans to integrate JumiaPay into its fintech services, expanding digital payment infrastructure across African markets.
• Backed by major development financing, AXIAN is expanding mobile broadband and financial access across Africa.

AXIAN Telecom, the pan-African telecom group led by Malagasy businessman Hassanein Hiridjee, has made a bold move that reflects growing confidence in the continent’s digital future.

It recently revealed it now holds a stake worth about $35 million in Jumia Technologies AG, Africa’s leading e-commerce platform, signaling more than just a bet on stock performance. This points to a belief in the promise of African digital commerce, especially as the sector shifts toward more grounded, long-term strategies backed by meaningful partnerships.

Just two weeks ago, AXIAN Telecom began building its position in Jumia by acquiring an 8 percent stake. That stake has since grown to 9.18 percent, now valued at $35 million, according to market data tracked by Billionaires.Africa. With Jumia’s market capitalization approaching $400 million on the New York Stock Exchange, AXIAN’s growing interest underscores its faith in the platform’s renewed business focus.

AXIAN sees long-term value in Jumia

In its statement, AXIAN described the investment as more than a financial play. It’s a vote of confidence in Jumia’s strategic reset, its sharper operational focus, growing logistics network, and the expanding potential of JumiaPay, its digital payments arm.

The telecom group sees real value in Jumia’s efforts to strengthen its marketplace, streamline delivery operations, and broaden its reach across African cities. AXIAN’s backing offers Jumia not just capital, but a partner that understands the importance of infrastructure, inclusion, and scale. AXIAN Telecom’s CEO, Hassanein Jaber, said the group is “supportive of Jumia’s strategic vision,” pointing to the importance of its retail, logistics, and fintech platforms as tools for boosting financial inclusion.

JumiaPay integration signals new strategy

Notably, AXIAN also plans to explore integrating JumiaPay into its own fintech offerings, a move that could turn Jumia from an e-commerce platform into a digital payments gateway with wide-ranging applications across the continent. This approach highlights a growing recognition of the role payment infrastructure plays in unlocking Africa’s digital economy.

The partnership brings together two major players in African innovation: AXIAN, with its expanding telecom and digital services footprint, and Jumia, with its deep understanding of the e-commerce landscape. Together, they could drive improvements in everything from last-mile delivery and digital payments to mobile commerce and data-led customer engagement—areas where connectivity and digital trust are essential.

Performance in Jumia’s biggest market, Nigeria, is already showing signs of progress. In the first quarter of 2025, orders in Nigeria rose by 22 percent, and Gross Merchandise Value increased 20 percent year-over-year. This comes on the back of a strong 2024, during which Jumia posted impressive double-digit growth in Nigeria (in constant currency terms), despite challenges such as high inflation and a weak naira.

AXIAN expands digital access in Africa

Based in Mauritius, AXIAN Telecom serves over 42.9 million mobile subscribers and 15.2 million users of its mobile financial services, making it the sixth-largest mobile operator in Africa. Under Hiridjee’s leadership, the company has seen steady growth, with revenue rising from $1.08 billion to $1.4 billion last year, driven by rising demand for 4G and 5G services.

This isn’t AXIAN’s only recent move to deepen its presence on the continent. In January, it secured $160 million in financing from the African Development Bank to support digital transformation and expand access to financial services.

Just a few months later, in April, it received a further $100 million from EIB Global, the development arm of the European Investment Bank, to accelerate mobile broadband rollout in Madagascar and Tanzania, two fast-growing markets with strong demand for better internet access.

AXIAN’s growing investment footprint across Africa shows it’s not just placing bets, but building foundations. Its partnership with Jumia marks another step in a broader push to drive meaningful digital inclusion across the continent, backed by capital, infrastructure, and a clear commitment to long-term growth.