Behind the Money Is there a future for the ‘Amazon of Africa’?
Sep 17, 2025
Aanu Adeoye, the West and Central Africa correspondent for the Financial Times, dives into the rise and struggles of Jumia, often dubbed Africa's 'Amazon.' She discusses the challenges of applying Western business models in diverse African markets and highlights Jumia's ambitious turnaround plans amidst investor skepticism. Adeoye examines geographic disconnects, local market dynamics, and the quest for profitability in a competitive landscape. Tune in for insights on navigating the complexities of the African tech scene!
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Splashy NYSE Debut
- Jumia's IPO moment in April 2019 played out with huge fanfare on the NYSE and founders celebrating publicly.
- The listing was notable as the first major African tech startup IPO and the largest African IPO outside energy at the time.
Ambitious One-Stop Marketplace
- Jumia aimed to be a one-stop online marketplace across Africa, branded as the "Amazon of Africa."
- That positioning attracted investor excitement as internet and mobile access were rising on the continent.
Fundraising Fueled By Tech FOMO
- Jumia benefited from a global era of cheap capital and "X-for-Y" tech optimism that encouraged copycat plays.
- Investors feared missing out and backed Jumia heavily despite continent-specific execution risks.