Africa's $1bn unicorn Jumia does an Amazon in New York

LONDON — An e-commerce business has proven that Africa is not only the continent of the Big Five animals, elephants, lions, buffaloes, leopards and rhinos, it is also a continent that can grow unicorns, the $1bn kind. There are now three unicorns in Africa, South Africa’s Promasidor Holdings, Cell C and Jumia in Nigeria, which is regarded as the African Amazon. Jumia listed on the New York Stock exchange at an initial opening price of $18.90 on 12 April and has doubled in value in the first five days of trading. This is good news for the largest shareholder in Jumia, MTN. Jumia co-CEO and co-founder Sacha Poignonnec explained to Bloomberg’s Carol Massar and Jason Kelly the vision they have for the company… - Linda van Tilburg