The importance of connecting a platform business model to the broader ecosystem has been highlighted by Gawer and Cusumano (2014). According to Ricart et al. (2020) little effort has been made to study interaction of digital platforms with their environment, beyond examining the (often dyadic) interactions with users, complementors or competitors. We use “the dynamic model of the effectual network and the new market as an effectual artifact” from Sarasvathy and Dew (2005) and adapt it to the longitudinal process of emergence of a platform business model. We use GRP business model (Verstraete and Jouison-Laffitte, 2011) to analyze data and uncovering the business model of a unique case study: Jumia. Jumia is a rare case of a surviving pan-African e-commerce platform. By exploring the emergence of Jumia in Africa, we aim to highlight the virtuous circle that drives Jumia towards capturing the emerging value of growing online markets. Information Systems Management and Innovation, Vol. 4, No 2 (2020)