•Dr. Akinwumi Adesina
Jumia Technologies, the NYSE-listed African e-commerce company, has appointed former African Development Bank (AfDB) President, Dr. Akinwumi Adesina, to its supervisory board as part of efforts to strengthen governance and accelerate its path to profitability.
The appointment was approved during the company’s Annual General Meeting held on May 15, according to a statement released by Jumia on Monday.
Alongside Adesina, shareholders also elected Hassanein Hiridjee, Chief Executive Officer of Axian Group, and Benjamin Faw, a US-based investor and business adviser, to the board.
Meanwhile, current Chairman Jonathan Klein, co-founder and former CEO of Getty Images, and Deputy Chair Anne Ooga Eriksson were re-elected.
Jumia said the new board composition combines experience in development finance, African business operations and capital markets at a time when the company is seeking to achieve sustainable profitability after years of losses.
Adesina, a former Nigerian Minister of Agriculture, led the African Development Bank between 2015 and 2025, during which the institution’s capital base reportedly increased from $93 billion to $318 billion.
He is also known for introducing Nigeria’s electronic fertiliser voucher programme, which reached millions of smallholder farmers.
Hiridjee heads Axian Group, a Madagascar-based conglomerate with operations in telecommunications, energy, financial services and real estate across 21 African countries, several of which overlap with Jumia’s markets.
Benjamin Faw brings experience in marketing, institutional investment and e-commerce, with a focus on helping growth-stage companies achieve positive cash flow.
Jumia said it expects to achieve adjusted EBITDA breakeven and positive cash flow by the fourth quarter of 2026, while targeting full-year profitability in 2027.
The company reported that its Gross Merchandise Volume (GMV) rose by 31 per cent year-on-year to $212.2 million in the first quarter of 2026, while revenue increased by 39 per cent to $50.6 million.
According to the company, recent improvements reflect efforts to reduce cash burn and improve operational efficiency.
Commenting on the appointments, Chairman Jonathan Klein said the restructured board would provide the experience needed for the company’s next phase of growth.
“This Supervisory Board brings together deep knowledge of African markets, governance experience and financial discipline needed as Jumia transitions toward sustainable profitability,” Klein said.
Adesina described Africa’s digital economy as a growing reality and expressed confidence in Jumia’s future.
“Africa’s digital economy and e-commerce sector are no longer future promises. Jumia has played a central role in building that ecosystem,” he said.
Despite recent growth figures, analysts say Jumia still faces significant hurdles, including inflation, currency volatility, logistics challenges and increasing competition from local and social-commerce platforms.
The company currently operates in eight African countries, including Nigeria, Kenya, Ivory Coast and Morocco.
Industry observers note that while the new board appointments may improve investor confidence, the company’s long-term success will depend largely on execution by its management team led by CEO Francis Dufay.
Jumia has undergone several strategic shifts in recent years, including exiting some markets, reducing workforce size and moving away from first-party retail operations toward a marketplace model.
The company’s board overhaul is widely seen as part of broader efforts to reassure investors that pan-African e-commerce can become a sustainable and profitable business.
