Episode #25 - Raphael Afaedor - Jumia (NYSE), Supermart, Kyosk - Unicorn Entrepreneur in Africa

From Ghana to Czech Republic to Harvard Business School to the frontlines of Africa’s digital economy, Raphael (“Rafi”) Afaedor's career is a masterclass in vision, immersion, and execution. Having co-founded Jumia—the first African e-commerce giant to list on the NYSE—and later Kyosk, a B2B platform connecting fast-moving consumer goods producers to informal retail shops and end customers, Rafi has learned firsthand how to scale in large, complex markets.
 
 As Rafi explains, Africa’s so-called ‘difficult markets’ are actually vast opportunities for those who learn to adapt to local realities rather than impose foreign business models. From repackaging fertilizer in much smaller, 1kg bags to rethinking online payments, his story is about listening, learning, and building systems that work for real people—not just spreadsheets or foreign VCs.

Favorite Quotes

· “Capital reaches Africa last—and dries up first. Choose investors who have patience and understand the terrain.”

· “You can’t change customer behavior. It’s much easier to work with what already exists than to try to replace it.”

· “Africa’s customer service works—it just works the African way.”

· “Think in decades, not exits. The continent will reward those who stay the course.”

· “Leadership isn’t formal authority. It’s when people still call you ‘boss’ even after you’ve left.”

Key Themes

· Adapting Global Models to Local Realities: Western e-commerce assumptions often fail in Africa; success means redesigning for local buying patterns and logistics.

· Leadership through Respect: Rafi’s philosophy—‘you can’t be a leader if you don’t have followers’—underscores the power of informal authority and dignity.

· Venture Capital Fit: Choosing investors who understand Africa’s pace and volatility can make or break a scaling journey.

· The Long Game: True scale takes patience, persistence, and alignment among partners for the long haul.

· Repackaging for Affordability: A consistent lesson—from fertilizer to consumer goods—is that smaller, accessible SKUs unlock massive new markets.