French insurance giant AXA announced today it is investing €75-million to take a 8% stake in Africa Internet Group (AIG), one of the continent’s largest e-commerce operations.
Jumia is AIG’s main subsidiary and operates in 11 African markets. Transactions grew 265% during the first nine months of 2015 to reach €206-million, AIG said.
AXA will become the exclusive insurance provider for AIG, which includes the Nigerian-based Jumia and other e-commerce operations in Africa. AXA joins MTN (the largest cellphone operator in Africa), Rocket Internet and Millicom as an AIG shareholder.