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African e-retailer wins Wall Street's attention

A Jumia scooterman in Lagos in 2013. Photo: Pus Utomi Ekpei/AFP/Getty Images

Online retailer Jumia, which launched in Nigeria in 2012 and is attempting to become "Africa's Alibaba", has won the backing of Goldman Sachs and other big investors, the WSJ reports.

The big picture: "Jumia’s growth story outlines the scale of the challenge for African online retail. Faced with poor internet connections and tight bank lending for vendors and consumers, the startup has had to build from scratch much of the economic infrastructure within which to operate."