(Jumia) Shares of Jumia Technologies AG rose more than 30% on Monday after inking a deal with the United Parcel Services Inc. for an expanded distribution network.
The deal is expected to see UPS build an expanded presence in several African markets, tapping the booming online retail. UPS’s Renzo Bravo says Africa could hit around $180 billion in online retail trade by 2025.
Jumia will benefit from the deal by using the UPS network which covers about 220 countries and territories.
The countries targeted in the initial rollout of the partnership are Kenya, Nigeria, and Morocco, with more countries to follow.
Jumia and UPS are also in talks for a rollout of co-branded pick-up stations to deepen their presence in various countries.
JMIA is currently up +28.77%, UPS is down -0.79%
