{"id":596787,"date":"2019-07-08T04:00:34","date_gmt":"2019-07-08T04:00:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/its-been-hailed-as-a-great-african-success-story-but-does-jumia-represent-a-new-kind-of-colonialism\/"},"modified":"2019-07-08T04:00:34","modified_gmt":"2019-07-08T04:00:34","slug":"its-been-hailed-as-a-great-african-success-story-but-does-jumia-represent-a-new-kind-of-colonialism","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/its-been-hailed-as-a-great-african-success-story-but-does-jumia-represent-a-new-kind-of-colonialism\/","title":{"rendered":"It\u2019s been hailed as a great African success story, but does Jumia represent a new kind of colonialism?"},"content":{"rendered":"

<\/a> It\u2019s been hailed as a great African success story, but does Jumia represent a new kind of colonialism?<\/b> The Nigeria-based online retailer \u2014 which had raised around USD 770 mn from investors by the time it filed for an IPO<\/a> on the NYSE in March this year \u2014 operates in 14 African countries, including Egypt, and became the first entirely Africa-focused e-commerce company to list on the US stock exchange in April. But having been incorporated in Berlin, with French executives based in Dubai comprising the most senior level of management, and with most of its capital having been raised in Europe and the US, critics are questioning whether Jumia is really African at all, the FT reports<\/a>.<\/p>\n

Surely anything that attracts investment, capitalizes on Africa\u2019s potential as a tech hub, and contributes to the expansion of its consumer economy is a good development?<\/b> That\u2019s exactly what some Jumia\u2019s supporters say. The company\u2019s Egypt CEO Hesham Safwat argued in April<\/a> that the IPO would increase investor confidence and encourage private sector development. Investor interest in African startups is certainly growing, and with cities like Nairobi and Lagos gaining reputations as thriving tech hubs, Jumia\u2019s advocates believe that the company\u2019s success is paving the way for large-scale investment in African tech startups as a whole.<\/p>\n

Colonialism for the tech generation:<\/b> The charge of investor bias<\/a> towards expats who found African startups is leveled with regularity, and a study of startups in east Africa cited by the FT found that 90% of funding had gone to foreign founders in 2018. Cameroon-based tech entrepreneur Rebecca Enonchong argues vociferously that Jumia is not African, but a \u201ccopy paste\u201d version of an idea pioneered in Silicon Valley, rolled out by the German company Rocket Internet. This model, she believes, throttles Africa\u2019s own tech industries, which can\u2019t compete with the kind of capital companies like Jumia have access to. Enonchong argues instead that Africans with capital should be investing in early-stage local companies to support the growth of their own industries. \u201cWe cannot expect Silicon Valley to invest in African start-ups. It is our responsibility to take more ownership,\u201d she says.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s been hailed as a great African success story, but does Jumia represent a new kind of colonialism? The Nigeria-based online retailer \u2014 which had raised around USD 770 mn from investors by the time it filed for an IPO on the NYSE in March this year \u2014 operates in 14 African countries, including Egypt, […]<\/p>\n","protected":false},"author":1,"featured_media":596788,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9003],"tags":[7098,72,125,592,1244,123,2397],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worth-reading","tag-africa","tag-enterpriseam","tag-investment-watch","tag-jumia","tag-nyse","tag-startups","tag-worth-reading","wpautop","entry"],"acf":{"mongo_id":"0d158ac5-8304-4405-ba02-f5d5ca69f3db","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/7\/749.jpg","photo_position":"above","related_issue":[596764],"teaser":"","voice_url":""},"yoast_head":"\nIt\u2019s been hailed as a great African success story, but does Jumia represent a new kind of colonialism? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/its-been-hailed-as-a-great-african-success-story-but-does-jumia-represent-a-new-kind-of-colonialism\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It\u2019s been hailed as a great African success story, but does Jumia represent a new kind of colonialism?\" \/>\n<meta property=\"og:description\" content=\"It\u2019s been hailed as a great African success story, but does Jumia represent a new kind of colonialism? 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It\u2019s a bit of a pain when you\u2019re ordering something online from abroad and are tempted to type in any random five numbers, knowing that your package might end up somewhere in Sohag instead of your neighborhood. But that\u2019s\u2026","rel":"","context":"In "Worth reading"","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/226.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594049,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/17\/jumia-to-launch-tech-hub-in-egypt-to-support-its-e-payments-system-jumia-pay\/","url_meta":{"origin":596787,"position":4},"title":"Jumia to launch tech hub in Egypt to support its e-payments system, Jumia Pay","author":"enterpriseam admin","date":"17 October 2019","format":false,"excerpt":"Nigeria-based e-commerce platform Jumia plans to launch a tech hub in Egypt to support its e-payments system Jumia Pay, Jumia Egypt CEO Hesham Safwat said, according to Egypt Today. The tech hub will train a team of developers and engineers to offer technical support so that online payments through Jumia\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":564813,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/look-out-talabat-and-elmenus-jumia-has-come-out-to-play\/","url_meta":{"origin":596787,"position":5},"title":"Look out, Talabat and Elmenus. Jumia has come out to play","author":"enterpriseam admin","date":"1 March 2021","format":false,"excerpt":"Jumia looks to capitalize on Uber Eats\u2019 Egypt exit: Jumia is planning to expand its food delivery service Jumia Food in Egypt as part of the company\u2019s Africa expansion, co-CEO Sacha Poignonnec tells Bloomberg this morning. Jumia is bullish on food delivery services in Egypt where there is a gap\u2026","rel":"","context":"In "SPEED ROUND: INVESTMENT WATCH"","block_context":{"text":"SPEED ROUND: INVESTMENT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/385.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=596787"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596787\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/596764"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/596788"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=596787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=596787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=596787"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=596787"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=596787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}