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Jumia has tripled in value within one week. We look at why.

Jumia’s IPO saw its share price rose by 75% on Day 1. Shares were priced at $14.50 before the IPO. Five days later they are trading at $43, valuing the business at more than $3bn. What are the company’s prospects …

Remittances to Africa rose by 11.7% to $86bn in 2018

If remittances to Africa were an economy, they would be the 6th largest in Africa, ahead of Kenya in the rankings. Within Africa, the largest recipient of remittances is Egypt ($29bn) – equivalent to almost 12% of its GDP. Note – …
Africa eShop

DHL partners with MallforAfrica to offer new online retail app

DHL is the latest company to try to offer a window for retailers to sell into African markets. The logistics company has partnered with MallforAfrica to launch its Africa eShop app in 11 countries, providing a platform for more than 200 …
AfCFTA Ratified

The Africa Continental Free Trade Agreement is set to come into force

The Africa Continental Free Trade Agreement (AfCFTA) has now been ratified by 22 countries, meeting its minimum threshold to come into force. It will create the world’s largest free trade zone, covering 1.2bn people and a combined GDP of $2.5 trillion. …
Mastercard logo

Mastercard invests $56m in Jumia ahead of IPO

Mastercard has agreed to invest €50m($56m) in Jumia in a private placement ahead of the African online retailer’s IPO in New York. It joins Pernod Ricard, Rocket Internet and MTN as an investor. The Pernod Ricard deal, which saw it acquire …
Twiga Foods

Twiga Foods hires ex-Coca-Cola senior exec as CEO

Twiga Foods, the Kenyan mobile-based B2B fresh produce distribution platform, has hired Peter Njonjo away from Coca-Cola. Njonjo, who is a key shareholder in Twiga, was the President of Coca-Cola’s West and Central Africa business unit. According to the company’s press …
mPharma

Ghanaian startup mPharma set to buy Kenyan pharmacy chain Haltons

mPharma is reportedly acquiring the Kenyan pharmacy chain Haltons in a cash deal. The acquisition is subject to regulatory approval and the successful closure of mPharma’s $12m Series B funding round. mPharma is a A digital vendor management platform that manages prescription drug …
Shoprite Angola

Shoprite opens its second Kenyan supermarket, moves softly, softly

Shoprite has opened its second supermarket in Kenya. The new supermarket is located at Garden City Mall in Nairobi, the former site of a Nakumatt store. The South African retailer has also revealed it will open just two more stores …

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