E-commerce platform Jumia has announced that American payments & technology company Mastercard has agreed, subject to certain conditions, to become an investor in the company.
Under the new agreement, the two companies will look to build on Mastercard’s presence across Africa, bringing its deep knowledge and expertise in payment solutions and technologies. As part of the deal, the companies have also agreed to build on their current efforts to accelerate the adoption of electronic payment platforms among consumers and merchants.
Currently, e-commerce is nascent in Africa and accounts for less than 1% of total retail volumes. However, there are over 400 million internet users across the continent – amongst the largest in the world – which highlights the vast potential for growth.