The International Finance Corporation (IFC), the World Bank Group’s private-sector investment arm, is investing $25m in Jumia to support the e-commerce company’s expansion across its core African markets.
The investment will strengthen Jumia’s online marketplace and logistics network and help more small businesses participate in the digital economy.
The IFC expects the investment to support about 60,000 local sellers annually, create 1,800 direct jobs and provide income opportunities for more than 100,000 independent sales agents.
Jumia currently operates in eight African markets, including Egypt, after exiting Algeria earlier this year.
Jumia CEO Francis Dufay said the investment would help the company accelerate the development of digital commerce infrastructure across Africa.
IFC said the investment would also help digitise supply chains and distribution networks while attracting more private investment into the continent’s growing digital economy.