AXA plans to invest €75 million in Africa Internet Group, AIG, the Nigerian owner of several online businesses including retailer Jumia which is currently present in 11 African markets.
As part of the partnership AXA will become the exclusive insurance provider for AIG, which includes a network of e-commerce companies ranging from food delivery to online taxis, fashion and job search sites that works in 23 African markets.
– 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, said Denis Duverne, Deputy CEO of AXA.
Joins MTN, Rocket Internet and Millicom
The French insurer will also become a shareholder of AIG with a 8% stake, along with MTN (the largest cellphone operator in Africa), Rocket Internet and Millicom.
Africa’s e-commerce and online businesses is expected to develop rapidly in the near future as a result of the strong growth of the middle class coupled with the increasing mobile phone and internet penetration.
– 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, says Sacha Poignonnec and Jeremy Hodara, founders and co-CEOs of Jumia and AIG.