Jumia Shares Jump After UPS Partnership
By Sam Boughedda
Investing.com -- Jumia Technologies (NYSE:JMIA) shares surged 28.4% after it announced a partnership with United Parcel Service (NYSE:UPS) on Monday.
The companies will team up to provide UPS access to Jumia's logistics capabilities and infrastructure in Africa. In addition, UPS said the deal would provide the tools to grow its delivery services in Africa.
UPS, the American logistics firm, will use Jumia's infrastructure in Africa to offer customers delivery solutions, such as door-to-door delivery and numerous payment options. They will also use Jumias drop-off and pick-up stations across cities in Africa.
"UPS's asset-light approach, like the Jumia partnership, offers a pathway for businesses to quickly and reliably connect to new customers around the world through our global network, potentially accelerating their revenue growth," said Gregory Goba Ble, UPS vice president of Engineering and Operations for the Indian subcontinent, Middle East and Africa.
Initially, the collaboration will cover Kenya, Morocco, and Nigeria. However, the two companies plan to expand to Ghana and Ivory Coast and the remaining African countries where Jumia operates.
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