Pan-African e-commerce giant Jumia says it has moved decisively beyond survival mode after posting robust fourth-quarter 2025 earnings, with CEO Francis Dufay declaring the company is now entering a phase of high growth after years of restructuring.

The firm, founded in Lagos, Nigeria, in 2012, reported a sharp acceleration in core marketplace activity, reinforcing what management describes as a successful turnaround built on tighter execution, cost discipline and smarter geographic focus.

Gross Merchandise Value (GMV) jumped 36% year-on-year to $279.5 million in Q4, while adjusted EBITDA losses nearly halved to $7.3 million. Revenue rose 34% to $61.4 million, and cash burn narrowed significantly, a signal that Jumia’s operating engine is strengthening.

“The growth rate of the company has been accelerating. We are really scaling. Demand has always been there in our markets. What’s changing is our execution,” Dufay said.

Nigeria led the charge with 50% GMV growth, while Ghana recorded triple-digit expansion in physical goods. Egypt stabilised after currency and corporate sales headwinds, reinforcing what Dufay called a “confirmation” of recovery.

Often dubbed the “Amazon of Africa,” Jumia operates a marketplace platform, a logistics network, and a digital payments arm across key African economies. After years of heavy losses, the company streamlined operations, exiting South Africa, Tunisia and now Algeria, while cutting non-core services, reducing headcount and deploying AI tools to improve efficiency.

Competition from Chinese fast-commerce players Temu and Shein has further intensified pricing pressure. Yet, Dufay argues that the Africa-focused e-commerce retailer’s logistics footprint, payment-on-delivery model and expanded sourcing operations in China have helped level the playing field.

“People thought they would eat our lunch. But we can fight against those platforms in our markets,” he said.

The Jumia CEO stressed that operational upgrades, including rural pickup networks and Buy Now, Pay Later partnerships, are driving customer retention and higher order volumes. First-party international partnerships have also boosted the revenue mix.

Looking ahead, Jumia expects GMV growth of up to 32% in 2026 and targets adjusted EBITDA breakeven by the fourth quarter.

“This business has changed. It’s clear in the numbers that profitability is within reach, and now the focus is scaling what works,” stated Dufay.

He believes Jumia’s pivot is a sign of a maturing African e-commerce sector where disciplined growth, localisation and logistics excellence may define the next competitive frontier.

Nigeria’s banking sector is in the final stretch of its recapitalisation drive, with lenders intensifying capital actions ahead of the Central Bank of Nigeria’s (CBN) March 31 deadline.

Proshare analysts reported subdued industry activity in the week ended February 12, as focus shifted from fundraising announcements to regulatory validation and capital confirmation.

FCMB Group Nears International Licence Confirmation

FCMB Group is undergoing CBN verification to confirm compliance with the N500 billion minimum capital threshold for international banks, Proshare said.

The group secured a national banking licence in 2024 via an oversubscribed public offer and raised another ₦160 billion last year to retain its international status.

Analysts view the ongoing process as the final regulatory checkpoint, with success likely triggering a formal announcement of continued international operations amid tighter capital standards.

Other Major Banks Advance Plans

Sterling Bank is yet to unveil its recapitalisation strategy but faces a gap between its current ₦167 billion capital and the N200 billion requirement, with a rights issue or private placement expected.

GTCO Plc recently completed a ₦10 billion private placement, issuing 125 million shares at ₦80 apiece to a single investor. Proshare described it as a proactive buffer boost for growth, reflecting investor confidence.

First HoldCo Plc’s unaudited 2025 results revealed a heavy impairment charge that eroded earnings, underscoring asset-quality risks and the need for early planning and governance amid rising regulations.

Consolidation Speculation Grows

Market talk highlighted potential tier-1 mergers and bank investments in refineries and energy infrastructure, though unconfirmed.

Mid-tier lenders eye foreign capital and deals:

• Union Bank attracts UAE interest pending a legal dispute resolution.

• Keystone Bank draws local and foreign bids for joint acquisition.

• Polaris Bank may pursue investor recap or tier-2 merger.

Proshare’s Economic and Market Intelligence Unit noted CBN openness to M&As for resilient banks, with foreign partnerships vital for unencumbered capital despite domestic interest in distressed assets.

Fintech Race Adds Urgency

The CBN’s latest fintech report spotlights digital finance growth, urging banks to partner with fintechs for efficiency while managing competition.

Most tier-1 and tier-2 banks have met buffers, but tier-3 lenders scramble for funds or mergers. Eyes remain on confirmations like FCMB’s as the sector braces for a major reset.

Kayode Egbetokun, inspector-general of Police (IGP), has declared Nigeria’s banking industry a strategic national asset, ordering an immediate intelligence-led crackdown on cybercriminal networks, insider facilitators, and transnational financial crime syndicates threatening the stability of the financial system.

Kayode Egbetokun, inspector-general of Police (IGP),

Speaking at a strategic meeting with the Chartered Institute of Bankers of Nigeria (CIBN) and the Body of Bank Chief Executive Officers in Lagos, where he said the Nigeria Police Force was shifting from reactive policing to proactive dismantling of organised criminal structures targeting banks.

According to him, the financial sector remains central to national stability.

He said: “The Nigerian banking industry is not merely a driver of economic activity; it is a core component of our national stability architecture. The integrity, continuity, and resilience of the financial system are directly linked to public confidence, investor perception, and the credibility of Nigeria’s economic governance.”

In a major policy shift, Egbetokun announced that regular police officers would no longer be deployed for routine cash-in-transit escorts or non-essential VIP protective duties within the private sector.

He explained that the decision aligned with national policy direction and manpower optimisation within the Force, adding that the traditional model of conventional police deployment for banking sector protection was being reviewed and progressively restructured.

“This policy adjustment is not designed to diminish the security framework supporting the banking industry. Rather, it reflects a deliberate transition towards a more sustainable, professional, and institutionally governed model of security support,” he said.

Egbetokun warned that conventional risks such as armed robbery and cash-in-transit vulnerabilities, though still present, have been overtaken by more complex and technologically sophisticated threats.

“These threats are adaptive, technologically sophisticated, and often coordinated across borders. They include cyber-enabled fraud, identity compromise, insider facilitation, organised financial crime, and illicit financial flows,” he told the bankers.

The IGP stressed that disruptions to banking operations now carry international reputational consequences, citing global compliance standards set by the Financial Action Task Force FATF and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) obligations.

He said: “In an era shaped by FATF standards, AML/CFT obligations, and heightened scrutiny of financial flows, the strength of a nation’s enforcement and security architecture is now directly relevant to investor confidence and market stability.”

The police noted that: “The speed and sophistication of cyber-enabled fraud illustrate the urgency of integration. Delayed reporting windows can render enforcement ineffective, while rapid escalation, evidence preservation, and coordinated response can significantly improve disruption, recovery, and prosecution outcomes.

“Modern financial crime operates at a pace that requires equally modern security coordination.”

Egbetokun disclosed that the Force had already intensified covert operations targeting kidnapping syndicates, illegal arms networks, and organised criminal enterprises whose activities threaten commercial stability.

He added that the Police were strengthening coordination with the Economic and Financial Crimes Commission (EFCC),  the Nigeria Financial Intelligence Unit (NFIU), and the Central Bank of Nigeria (CBN) to ensure that criminal enterprises do not exploit gaps between enforcement, compliance, and oversight.

The IGP told the bankers that sustainable security cannot be achieved through episodic contact or fragmented interventions, calling for structured cooperation between law enforcement and financial institutions.

“Security is not merely the absence of crime; it is the presence of stability that enables productivity, investment, and growth. A secure banking environment supports savings mobilisation, credit expansion, financial inclusion, and the confidence of both domestic and international investors.

“When citizens trust financial institutions, participation in the formal economy increases. When investors perceive a stable internal security environment supported by credible enforcement, Nigeria becomes more bankable, more investable, and more competitive.

“The outcome of this meeting should not be limited to dialogue. It should produce structured liaison mechanisms between law enforcement and the banking sector, clear operational protocols for high-risk areas, joint capacity building, and lawful information-sharing.

“The Nigeria Police Force stands ready to work with the banking sector not merely as an enforcement institution, but as a strategic partner in safeguarding the integrity, stability, and international credibility of Nigeria’s financial architecture,” he said.

Earlier in his remarks, Oliver Alawuba, chairman of the Body of Bank Chief Executive Officers,  who acknowledged the Police boss for measures put in place to tackle insecurity in the country, highlighted the banking industry’s past support.

He said: “The Bankers’ Committee was responsible for the renovation of over 42 police stations that were destroyed during the EndSARS protests. We stepped in when police infrastructure was in ruins. Today, we expect that same urgency when our own infrastructure is under digital siege.”

Professor Pius Olarenwaju, president,  CIBN, on his part, painted a grim picture of an industry under silent assault, warning that the velocity of cyberattacks now outstrips the response capacity of traditional law enforcement.

“The banking sector plays a pivotal role in Nigeria’s economic development, and our critical functions can only flourish in a secure and stable environment. But we are fighting a war where the enemy no longer carries guns , they carry laptops and exploit system vulnerabilities in milliseconds,” he told the IGP.

Olarenwaju further stressed that the rapid digital transformation of financial services has created a security paradox.

“As we deepen financial inclusion and expand digital channels, we also expand the attack surface for cybercriminals. The same technology that empowers the unbanked also empowers fraudsters operating from jurisdictions where Nigerian law enforcement has no reach. This is the new reality, and we need the police to evolve with it,” he said.

Present at the occasion were Managing Directors and Chief Executive Officers of banks such as Union Bank, Signature Bank, Parallex Bank, Standard Chartered Bank, Keystone Bank, Coronation Merchant Bank, Guaranty Trust Bank, United Bank for Africa, among others.