E-Business
After Konga, Owners Mull Sale of Jumia
There are plans to sell Africa’s leading e-commerce firm, Jumia, owned by Rocket Internet, a German start-up investor.
The move is coming as Zinox Group, an integrated Information Communication Technology (ICT) solutions conglomerate and Original Equipment Manufacturer (OEM), recently acquired Konga, e-commerce giant.
Reports, yesterday, suggested that Rocket Internet, is also considering listing Jumia either in Frankfurt or London stock exchange.
This is expected to take place this or next year, but according to Reuters, Rocket Internet is expected to “shortly mandate banks for an initial public offering of Jumia.”
Rocket Internet helped set up Jumia in 2012, but the firm has been operating with loss for years despite conquering the market space.
But the owners are seeking a way out from the consumer electronics and fashion retailer, in line with its strategy of selling or listing established internet firms.
Reuters said Berenberg, which has a track record of working with Rocket on capital market transactions, is seen to be in a good position to win a mandate, the people said.
A listing of shares, in a volume of under €200 million ($245.7 million) is expected to be floated, but no information on Jumia’s valuation was immediately available.
Last year, Rocket Internet floated online food groups, Delivery Hero and HelloFresh, while the investor is currently also preparing a flotation of its online furniture retailer Home24.
1.2 billion consumers and 15 million small and medium-sized firms. It also features services such as an online hotel booking and a food delivery platform.
Jumia said in January that it had 1 billion visits on its pages across Africa in 2017. It has 50,000 merchants in its ecosystem, where five million products, hotels, restaurants and other services are listed.
According to a presentation from Rocket Internet, Jumia saw its adjusted loss before interest, tax, depreciation and amortization widen to €80.7 million in the first nine months of 2017. Revenues edged up to €57.3 million.
Only recently, Zinox Group acquired Konga in a move that is expected to raise the profile of e-commerce in Nigeria.
The acquisition has been viewed by industry watchers as a major development that could see e-commerce in Nigeria finally unlock the massive revenue potential in the global multi-billion-dollar industry.
Gartner predicts that by 2028, 75 percent of enterprise software engineers will use Artificial Intelligence (AI) code assistants, up from less than 10 percent, currently.
According to a Gartner poll of 598 global respondents conducted in the third quarter of 2023, 63 percent of organisations are now testing, deploying, or have previously implemented AI code assistants.
AI code assistants provide for more capabilities than only code development and completion, notes the research firm.
According to Gartner, the use of AI code assistants can lead to higher work satisfaction and retention, resulting in lower turnover costs.
Philip Walsh, senior principal analyst at Gartner, comments: “Software engineering leaders must determine ROI and build a business case as they scale their rollouts of AI code assistants.
“However, traditional ROI frameworks steer engineering leaders toward metrics centred on cost reduction. This narrow perspective fails to capture the full value of AI code assistants.”
Gartner notes that software engineering leaders must “reframe the ROI conversation from cost reduction to value generations”.
Walsh adds: “Calculating time savings on code generation is a good place to begin building a more robust value story. To convey the full enterprise value story for AI code assistants, software engineering leaders should connect value enablers to impacts, and then analyse the overall return to the organisation.”
National Identity Management Commission (NIMC) has said that the planned national ID card will be issued to applicants by their banks.
NIMC said it is working with the Nigerian Interbank Settlement System (NIBSS) to deliver the cards to applicants.
“The card will be issued through the applicants’ respective banks in line with existing protocols with the issuance of the Debit/Credit cards,” the agency said at the weekend update on its official X handle.
KEY FACTS ABOUT THE PROPOSED NEW GENERAL MULTIPURPOSE NATIONAL IDENTITY CARD
- The new National ID Card is a single, convenient, and General multipurpose card (GMPC) , eliminating the need for multiple cards—not three.
- The single GMPC has multiple use cases:…
— NIMC (@nimc_ng) April 12, 2024
It said applicants need to request their cards with their NIN “through the self-service online portal, NIMC offices, or their respective banks”.
“The card will be powered by the AFRIGO card scheme, an indigenous scheme powered by NIBSS,” NIMC said.
“The card can be picked up by holders at the designated center or delivered to the applicants at the requested location at an extra cost to be borne by the applicants,” the update read.
National Identity Management Commission (NIMC) has said that the new national Identity card, powered by AfriGo Card, is a single card with multiple services.
NIMC made the clarification against the confusion and criticisms that have trailed the AfriGo Card , touted as a National Domestic Card Scheme.
NIMC is launching the AfriGo Card, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), and has had appointed SecureID, a Lagos headquartered company to manufacture the Card Scheme
Making clarification on the card, Kayode Adegoke, head of Corporate Communications of the NIMC, said the General multipurpose card (GMPC) will eliminate the need for multiple cards.
“The new National ID Card is a single, convenient, and General multi-purpose card (GMPC), eliminating the need for multiple cards—not three.
“The single GMPC has multiple use cases: Payments/Financial, Government intervention/services, travel, etc.
“The National Identity Management Commission is working with the Central Bank of Nigeria and the Nigerian Interbank Settlement System to deliver the payment and financial use cases.
“The card will be powered by the AFRIGO card scheme, an indigenous scheme powered by NIBSS. Applicants for the card will have to request with their NIN through the self-service online portal, NIMC offices, or their respective banks.
“The card will be issued through the applicants’ respective banks, in line with existing protocols with the issuance of the Debit/Credit cards.
“The card can be picked up by holders at the designated centre or delivered to the applicants at the requested location at an extra cost to be borne by the applicants,” he said.
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