Jumia, Africa’s leading online shopping company, says it listed on the New York Stock Exchange to raise funds and drive innovation into Africa.
Mr Ernest Eguasa, Chief Financial Officer, Jumia Nigeria, said the company took the decision because the bourse was the world largest and more familiar with the e-commerce industry.
He also revealed that Jumia wanted to show the digital innovation happening in Africa and other opportunities in terms of technology and e-commerce.
“We met a lot of investors and New York seemed the more natural place given the number of investors familiar with the business model.
“More investors have a marketplace and Tech focus in New York than in any other place. We made a logical choice,” Eguasa said.
According to him, Jumia has been private for seven years and has seen a lot of positive aspects to being public.
“Many sellers or partners are yet to know about us, and once they do, we hope they will be keen to work with us.
“We also hope this will help us build even more trust with consumers, in particular, those who are still not comfortable with e-commerce, may now see us as an established company,” he said.
Olamide Amosun, Head of Engagement, Marketing, Jumia Nigeria, said that the company was African.
“Jumia operates in 14 African countries and we have invested heavily in tackling major infrastructure challenges including investing in logistics.
“Every impact we intend to make is majorly in Africa and we will never go anywhere else,“ Amosun said.
She also noted that although the company’s two Chief Executive Officers were French, Jumia’s management and staff in most countries were largely local, including country heads.
At present Jumia has international Shareholders.
By listing its shares on the floor of the NYSE, Jumia intends to bring investors to the African tech scene thereby building the economy and talent on the continent.
Jumia was initially funded by German investors in 2012, it got one of our main shareholders MTN in South Africa.