Jumia and AXA partner to provide insurance products and services to African customers

Africa Internet Group (“AIG”), a leading e-commerce group in
Africa, and AXA, a worldwide leader in insurance and asset management,
announced a partnership where AXA will become the exclusive provider of
insurance products and services through Jumia and other AIG online and mobile
platforms in Africa.
Going forward, AXA’s African insurance companies plan to propose
custom-made insurance products to Jumia and AIG’s e-commerce client base
through its ecosystem of marketplaces and classifieds services.

As part of the partnership, AXA will also become a shareholder of
AIG, along with MTN, Rocket Internet and Millicom. AXA and Jumia view Africa as
a fast developing market for financial services and insurance products,
benefitting from strong fundamentals such as low penetration rates, rise in
middle class, urbanization as well as the youth of its population. “Internet is
creating unparalleled opportunities for consumers and businesses in Africa to
connect and do business in a new way. We continue to be very excited about the
growth prospects of Jumia and this new partnership will enable us to capture
them,” said SachaPoignonnec and Jeremy Hodara, founders and co-CEOs of Jumia
and AIG. “We expect Africa’s e-commerce and online businesses to develop
rapidly as a result of the strong growth of the middle class coupled with the
increasing mobile phone and internet penetration.
With Rocket Internet’s extensive background in online business
models, MTN as leading mobile carrier with its broad African presence, and now
the partnership with AXA in insurance products and services, we are in a great
position to continue to innovate and connect businesses to the fast growing
consumer demand.”
 “This
transaction confirms AXA’s long-term commitment towards the African markets and
represents another step in our development on the continent. Africa is home to
some of the most dynamic and promising insurance markets in the world and our
partnership with Africa Internet Group will enable us to accelerate materially
our development by having access to their rich customer base and to their
state-of-the-art e-commerce technology. Going forward, we aim to enable African
consumers to better access insurance solutions to create sustainable financial
well-being throughout their lives and those of their dependants”, added
Denis Duverne, Deputy CEO of AXA. As a result of the transaction, AXA will
invest Euro 75 million and own approximately 8% of the capital of AIG.
Completion of the transaction is subject to customary closing conditions,
including the closing of the previous investment round, and is expected to take
place in the first quarter of 2016
The additional capital contributed by AXA will further strengthen
the balance sheet and support AIG’s continued growth. Jumia, AIG’s main
subsidiary, is currently present in 11 African markets and grew its transaction
volume (GMV) by 265% during first 9 months of 2015 to reach Euro 206 million. Jumia
is part of broader ecosystem of services providing opportunities for local
African businesses to do business with the fast-growing African consumers and
middle class.
Other services include Kaymu, a leading online shopping community,
as well as leading marketplaces in food delivery (Hellofood), travel (Jovago)
and leading classifieds in real estate (Lamudi), jobs (Everjobs) and cars
(Carmudi).

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