Africa’s First Adaptive Learning Online High School Launches

Prestigious, independent school, Bridge House and award-winning EdTech company, Digemy, have joined forces to create ConnectEd - the first Independent Examinations Board (IEB) curriculum...

Latest Posts

Which Are The Best Mobile Casino Games Right Now?

Online casinos are really popular among bettors because they allow them to play their favorite games without the need to visit any land-based facility....

A Few Things To Keep In Mind Before You Start Betting On Sports

Ever since online betting became so popular, many people have started placing online bets. Some of them have been following a specific team or...

Why Is Betting On Live Events Better Than Placing Pre-Match Bets

There are many reasons why online betting is as big as it is today. Apart from the fact that the famous betting operators sponsor...

eSports Betting Guide For New Punters

Betting on the sport you like is great, but it could get boring, especially if you do it all the time. Luckily, the eSports...

AXA buys 8% stake in AIG for R1.3bn

 

French insurance and asset management firm AXA has bought an 8% stake in Africa Internet Group (AIG), Africa’s biggest e-commerce firm for €75 million (R1.4 billion). By Staff Writer


AIG is owned by mobile phone giants MTN, Millicom and Rocket Internet. MTN is planning to use AIG to grow its e-commerce business.

The company said in a statement that the completion of the transaction is subject 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.

Jeremy Hodara, co-founder and co-CEO of Jumia and AIG
Jeremy Hodara, co-founder and co-CEO of Jumia and AIG

As part of the transaction, AXA will become the exclusive provider of custom-made insurance products to Jumia and AIG’s e-commerce client base.

“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,” Sacha Poignonnec and Jeremy Hodara, founders and co-CEOs of Jumia and AIG, said in a statement.

 

“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.”

Jumia, AIG’s main subsidiary, is currently present in 11 African markets and grew its transaction volume by 265% during first 9 months of 2015 to reach €206 million (R3.7 billion).

Logos of ecommerce operations of Africa Internet Group
Logos of ecommerce operations of Africa Internet Group

“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,” Denis Duverne, Deputy CEO of AXA, said in a statement.

 

Latest Posts

Which Are The Best Mobile Casino Games Right Now?

Online casinos are really popular among bettors because they allow them to play their favorite games without the need to visit any land-based facility....

A Few Things To Keep In Mind Before You Start Betting On Sports

Ever since online betting became so popular, many people have started placing online bets. Some of them have been following a specific team or...

Why Is Betting On Live Events Better Than Placing Pre-Match Bets

There are many reasons why online betting is as big as it is today. Apart from the fact that the famous betting operators sponsor...

eSports Betting Guide For New Punters

Betting on the sport you like is great, but it could get boring, especially if you do it all the time. Luckily, the eSports...

Don't Miss

Drivers Improving the Business Case for Solar

COVID-19 presented businesses across the board with the opportunity to re-evaluate both their operational models and costs. Proactive organisations found themselves navigating the wake...

Vodacom Urges Consumers to Contribute Towards the Green Economy and Recycling

A record 53.6 million metric tonnes (Mt) of electronic waste was generated worldwide in 2019, up 21 per cent in just five years, according...

Telkom Wants Competition Tribunal To Declare Vodacom, Rain Agreements a Merger

Telkom announced on Wednesday that it had approached the Competition Tribunal to declare the suite of spectrum arrangements between Vodacom and Rain as a...

Econet Group Launches #SasaiWiFiFinder Hotspots in Kenya, Uganda, Zambia and Rwanda

Econet, through its subsidiaries Liquid Telecom Group (LTG) and Cassava Fintech International (CFI) has today launched a network of #SasaiWiFiFinder hotspots in Kenya, Uganda,...

Tips From ISPA For Making Your Home Cyber Safe For Children

The Internet Service Providers’ Association of SA (ISPA) says October is the ideal time for parents to turn their attention to making the home a...

Stay in touch

To be updated with all the latest news, offers and special announcements.

%d bloggers like this: