AFRICA Internet Group (AIG), a leading e-commerce group in Africa, and AXA, a global player in insurance and asset management, have sealed a deal that will see AXA will become the exclusive provider of insurance products and services through Jumia and other AIG online and mobile platforms in Africa.
Going forward, AXA’s African insurance companies plan to propose custom-made insurance products to Jumia and AIG’s e-commerce client base through its ecosystem of marketplaces and classifieds services.
As part of the partnership, AXA will also become a shareholder of AIG, along with MTN, Rocket Internet and Millicom. AXA and Jumia view Africa as a fast developing market for financial services and insurance products, benefitting from strong fundamentals such as low penetration rates, rise in middle class, urbanization as well as the youth of its population.
Founders and co-CEOs of Jumia and AIG, SachaPoignonnec and Jeremy Hodara, said: “The 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. We expect Africa’s e-commerce and online businesses to develop rapidly as a result of the strong growth of the middle class coupled with the increasing mobile phone and internet penetration.
“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.”
According to them, this transaction confirms AXA’s long-term commitment towards the African markets and represents another step in our development on the continent.