Francis Dufay on African markets
From 🎙️ Our Jumia CEO, Francis Dufay, joins Louis Furtwaengler on Term Sheet Tapes · · Jumia Group
“The perceived risk level of African markets is highly exaggerated at this stage. Currency, we're now in a new cycle with much more stable currencies. It's been tough between '21 and '23, '24, especially in countries like Nigeria or Egypt. But, we've just enjoyed now two full years of great stability and we seem to be on the right track for a whole new cycle.”
On , Francis Dufay, Former CEO at Jumia, spoke about African markets during 🎙️ Our Jumia CEO, Francis Dufay, joins Louis Furtwaengler on Term Sheet Tapes on Jumia Group.
About Francis Dufay
Francis Dufay, CEO of Jumia, has been discussing the company’s turnaround and path to profitability in several recent media appearances. He stated that Jumia raised and spent too much money in the past, but described the company as now targeting profitability by the end of 2026. Dufay said the company has shifted its strategy away from heavy spending on marketing platforms like Google and Meta, instead focusing on a strong value proposition for price-conscious consumers. He noted that Jumia operates in eight African markets and described the company as having a clear head start and massive upside potential, comparing it to Shopee 20 years ago. Dufay has also addressed perceptions of risk in African markets, arguing that the perceived risk level is highly exaggerated. He stated that currencies have stabilized after a tough period between 2021 and 2024, and that political risk is extremely limited in Jumia’s markets. He cited Nigeria’s reforms under President Tinubu, including currency stabilization and the new Dangote refinery, as improving the business environment. Dufay said that achieving profitability would help legitimize the tech industry across the continent in the eyes of foreign investors.