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Mastercard offers Jumia $56m ahead of IPO on NYSE

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African e-commerce startup, Jumia, has received $56 million from Mastercard Europe ahead of its unusual initial public offering (IPO) on the New York Stock Exchange (NYSE) of the United States.

Purpose of the investmentMastercard Europe made the investment in a private trade for the exchange of Jumia‘s shares. The shares, however, will be offered to Mastercard Europe at a price determined by investors ahead of the floating of shares.

The benefit of the partnership: The deal will create a strategic partnership to grow e-commerce operations and support the digital transformation of the African continent. Mastercard will also offer its expertise in payment solutions and technologies to upgrade Jumia‘s payment system.

This is a business relationship that started three years ago

Mastercard and Jumia have a business relationship that dates back to 2016 when both companies partnered to launch MasterCard payment gateway solutions in several markets. Also, Jumia received the support of MasterCard to launch Jumiapay which facilitates transactions for consumers and sellers.

According to the chief executive officer of Jumia, Sacha Poignonnec, the partnership will strengthen the objectives of both companies and cement Jumia‘s position as the e-commerce leader in Africa.

“We are delighted to strengthen our existing partnership with MasterCard and consolidate Jumia’s position as the leading e-commerce platform in Africa.

“This investment highlights the strategic synergies between the two companies, as we both seek to develop the payments ecosystem and drive financial inclusion across Africa.”

Also reacting to the development is the executive vice president of MasterCard (Middle East and Africa), Elcin Yanik, who said the investment shows the commitment of MasterCard in transforming Africa’s digital payments landscape.

“MasterCard has been rapidly expanding its presence and partnerships in Africa, bringing new technologies to the continent that help to enhance the consumer experience and enable greater access and inclusion.

“This partnership with Jumia underpins MasterCard’s commitment to transforming Africa’s digital payments landscape.

“In recent years, we have invested heavily in technology, people and local markets, and have seen tremendous growth in online payments in particular. We look forward to working with Jumia to enhance the region’s digital infrastructure and ecosystem.”

There’s growth despite e-commerce struggle in Africa’s retail market

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The challenge of e-commerce in Africa: the retail market has been dominated by the brick and mortar businesses, with only a few people depending on e-commerce platforms to purchase goods. This reflects in the contribution of e-commerce in retail volumes which is just 1%.

Confidence booster: but with over 400 million internet users across Africa, industry experts like Sami Louali, the executive vice president for corporate development and financial services, Jumia, believe there’s growth opportunity.

“Brick and mortar stores still dominate the commerce industry in Africa, but e-commerce is rapidly on the rise.”

While commenting on the partnership between Jumia and MasterCard, Louali said the financial services company will provide unparalleled capabilities to help create further awareness about Africa’s booming e-commerce sector. Adding that the deal will also ensure a secure, seamless and reliable payment system for Jumia‘s customers.

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Nestlé Partners LBS to Promote Fact-Based Reporting Among Journalists

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Nestlé, one of the largest food and beverage companies in Africa has partnered the Lagos Business School for the 2020 Advancing Nutrition, Health and Wellness (NHW) training.

The event was held in a bid to promote fact-based reporting among journalists to enable them improve fact-based reporting on nutrition, health and wellness.

According to the Corporate Communications and Public Affairs Manager of Nestlé Nigeria, Victoria Uwadoka, the intervention was to equip journalists to carry out this essential role.

The media training which was virtual indeed came at a critical time when the public needs to be well informed on nutrition health and wellness to help curtail the spread of the COVID-19 pandemic in Nigeria.

“The essence of this training is to provide a platform for journalists to acquire knowledge and skills to improve fact-based storytelling to help their audiences and consumers get the right information to make the right nutrition and lifestyle choices to promote a healthier lifestyle,” Nwadoka affirmed.

In his part, the Director of the LBS Sustainability Centre, Professor Chris Ogbechie noted that building the capacity of the media is key to Nigeria’s achievement of the United Nations’ Sustainable Development Goals, especially SDG3 – good health and well being.

“This is why LBS and Nestle Nigeria developed the Advancing NHW through the Media program to harness the impact the media can have through professional and innovative reporting on Nutrition Health and Wellness issues,” he added.

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Lagos State Acting Commissioner for Agriculture, Ms Abisola Olusanya inspects Imota Rice Mill

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The Acting Commissioner of Agriculture, Ms Abisola Olusanya was on an inspection visit to the Imota Rice Mill, Ikorodu today.

The Acting Commissioner’s visit to Imota was to inspect and gauge the level of progress of work done on the site – especially around equipment installation.

It is important to note that Civil work at the Rice Mill is already at about 85% completion, with just external work left to be completed.

 

Work is also ongoing on the casting of the treated water plants and the effluent treatment plant. Finishing touches are also being put on the VIP/Staff/Administrative buildings.

The installation of Mill lines is billed to commence by the end of this month.

Other parts of the construction work ongoing include the remaining 4 silos, boiler unit area and harvest dryers – all currently being assembled.

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How Vitafoam is responding to the COVID-19 fight

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Despite the huge challenge the COVID-19 pandemic is posing to businesses across the world and Nigeria, some corporate organisations are stepping up with laudable actions to support the government’s effort in the fight against the virus.

Vitafoam Nigeria Plc, one of the organisations that have responded to the fight, on Wednesday donated 100 units of mattresses and pillows to isolation centers through the Lagos State Government as the number of confirmed cases increases in Nigeria.

“As a Responsible Corporate Organization, we would also be playing our own part in fighting the spread as well as eradicating COVID-19, by giving out 100 units of Mattress and Pillows to the isolation centres through the Lagos State Government,” Vitafoam announced in a Twitter statement.

Nigeria presently has a total of 51 confirmed cases of COVID-19 – 48 are active, two have recovered while one death has been recorded.

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