Mobile phone services operator MTN said on Monday it plans to acquired a third of equity stake in Jumia’s parent company, one of Nigeria’s leading online retail sites, AllAfrica quotes a leadership report.

MTN said it was targeting to acquire a 33.3 percent equity in Africa Internet Holding (AIH), an exclusive vehicle to develop e-commerce businesses across the continent that owns Jumia. The partnership will enable MTN extend online retail and other essential digital services on the African continent.

Founded in 2012 as a joint venture between Rocket Internet and Millicom International Cellular, AIH is a leading internet group in Africa, with presence in 13 countries on the continent, including South Africa, Nigeria, Egypt, Morocco, Cote d’Ivoire and Ghana.

The company has developed several successful e-commerce ventures in the last 18 months, including Jumia, Zando, Kaymu, Jovago, Lamudi, Carmudi, Easytaxi and Hellofood.

MTN, Rocket Internet and Millicom International Cellular each now equally co-own AIH.

“We are excited to engage in a strategic partnership with Rocket Internet and Millicom to develop online ventures across the fast growing internet market of Africa. Rocket Internet’s proven successful track record, coupled with Millicom,” Sifiso Dabengwa, MTN Group President and CEO, said.

The partnership is expected to boost MTN’s mobile service business.

The investment is subject to regulatory approval, and the transaction is expected to close during the second quarter of 2014.

“We are pleased to welcome MTN as a strategic partner to accelerate the growth of our online alliance in Africa,” Millicom President and CEO, Hans-Holger Albrecht, said.

“Between us we have more than 220 million mobile customers in the continent with very limited overlap.”