Windows26: 🛒 Jumia Reports $167.5m Revenue in 2024

February 21, 2025 | Read Online

Innovation Village

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📱Airtel Nigeria's Revenue Drops 40.34% Amid Naira Devaluation, Tariff Hike to Boost 2025 Recovery
🛒 Jumia Reports $167.5m Revenue in 2024, Cuts Losses by 10% Amid Currency Challenges
💰 MANSA Secures $10 Million in Funding Led by Tether to Solve Liquidity Challenges in Cross-Border Payments
🚙 Dubizzle acquires Hatla2ee, Egypt's leading online car marketplace
💸 The Rise of Cross-Border Payment Providers in Africa

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📱TELECOMS

Airtel Nigeria's Revenue Drops 40.34% Amid Naira Devaluation, Tariff Hike to Boost 2025 Recovery

Airtel Nigeria, the country's second-largest telecom operator, reported a 40.34% decline in mobile services revenue, which fell to $738 million for the year ending December 31, 2024, from $1.2 billion in the previous year. The drop was primarily due to the significant devaluation of the Nigerian Naira, which lost over 40% of its value. Despite these challenges, the company remains optimistic, supported by a recent tariff hike and growing demand for data services.

The decline was largely due to the naira's depreciation—from an average exchange rate of NGN/USD 677 to NGN/USD 1,532—and rising operational costs, including a 60% increase in diesel prices. Despite these setbacks, Airtel Nigeria's subscriber base grew by 3.17% to 52.1 million, with data usage per customer rising by 37.2% to 8.4 GB per month. Smartphone penetration increased by 6.4% to 49.5%, driving smartphone data usage to 11.2 GB per month.......…continue reading

🛒 ECOMMERCE

Jumia Reports $167.5m Revenue in 2024, Cuts Losses by 10% Amid Currency Challenges

Jumia Technologies, Africa's leading e-commerce platform, reported a 10% decline in annual revenue for 2024, totaling $167.5 million. Despite the drop, the company showcased resilience through cost-cutting measures, improved operational efficiencies, and strategic expansion beyond urban centers.

In the second quarter of 2024, Jumia's reported revenue fell by 17% to $36.5 million, primarily due to currency devaluations in key markets. However, on a constant currency basis, revenue increased by 15%, reflecting strong underlying performance. The company's Gross Merchandise Value (GMV) also mirrored this trend, decreasing by 5% in reported terms but growing by 35% in constant currency, reaching $170.1 million in Q2 2024.........…continue reading

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💸 PAYMENTS

MANSA Secures $10 Million in Funding Led by Tether to Solve Liquidity Challenges in Cross-Border Payments

MANSA Co-founders

Global fintech innovator MANSA has announced the successful completion of its $10 million funding round, a milestone that accelerates its mission to address liquidity challenges faced by payment companies worldwide. By leveraging stablecoin-based solutions, MANSA offers both emerging and mature markets a more flexible, reliable approach to managing cross-border payment liquidity.

The funding round included $3 million in pre-seed investments led by Tether, with co-lead Polymorphic Capital and contributions from Octerra Capital, Faculty Group, and TRIVE Digital. An additional $7 million in liquidity funding was secured from corporate investors, quantitative funds, and alternative investment firms. The capital will support MANSA's expansion into Latin America and Southeast Asia, where liquidity challenges often hinder cross-border transactions.

Co-founded by industry veterans Mouloukou Sanoh and Nkiru Uwaje, MANSA integrates expertise from traditional finance, payments, and Web3 technologies. Their shared commitment to financial innovation drives the company's goal of building next-generation infrastructure that enables faster, more affordable, and more reliable global payments......…continue reading

🚙 CLASSIFIED MARKETPLACES

Dubizzle acquires Hatla2ee, Egypt's leading online car marketplace

In a significant development for Egypt's automotive sector, Dubizzle Group, a prominent technology leader based in the UAE, has successfully acquired Hatla2ee, one of the country's foremost online car marketplaces. Dubizzle Group is well-known for operating some of the MENA region's most popular classifieds platforms, including dubizzle, Bayut, and Drive Arabia.

This acquisition is set to enhance the experience for car buyers and sellers in Egypt, as Dubizzle Group plans to integrate its sophisticated technology and extensive resources into Hatla2ee's already reputable platform. This collaboration aims to create a more seamless and tech-driven environment for users engaged in the buying and selling of vehicles......…continue reading

OPPORTUNITIES

Applications are now open for the latest edition of the Tony Elumelu Entrepreneurship Programme (TEEP), designed to support startups through comprehensive training, mentorship, and a funding opportunity of US$5,000 Deadline = 1st Mar 2025……..continue reading
Global payment card network Visa has announced the opening of applications for the fourth edition of its biannual Africa Fintech Accelerator. Deadline = 15th March 2025…….continue reading

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Rowland Osahon
Innovation Village