Reporst indicate that Jumia has suspended operations in another African country, just a few days after word got out that the biggest e-commerce player in Africa, Jumia, had quit its core e-commerce business in Cameroon, the company seems to have continued in that path by abandoning yet another African market. According to a report, it appears Jumia has suspended operations in Tanzania — a market it entered five years ago — in what looks like a continuation of a scaleback on Jumia’s e-commerce operations across Africa. Per a statement supposedly seen by Techawk, Jumia has shut down its operations in Tanzania in order to focus resources on other markets. The statement reads: “Based on our review of the path to success, we have made a difficult decision to cease our operations in Tanza
Online retailer Jumia Technologies has said on Monday that is has suspended its e-commerce platform activities in Cameroon because they were “not suitable” for the African state. Its share price hit a record low of $4.96 after Reuters reported the suspension on Monday, said it would continue supporting buyers and vendors in Cameroon using its classified portal Jumia Deals. Dubbed “the Amazon of Africa”, the company founded in 2012 by two French former McKinsey consultants has grown quickly to become the continent’s leading e-commerce firm, operating in more than a dozen countries. Cameroon’s economy is one of the largest in central Africa, but growth has been hit by a two-year separatist uprising in its Anglophone North-west and South-west regions. “We came to the conclusion that ou
According to Euromonitor, the world’s fastest growing economies by 2030 will be in Africa. This consequently makes the continent the next big e-commerce market. And as this positive narrative continues to place Africa as a top investment destination, the need for advanced logistics systems has become inevitable. The growth of e-commerce will significantly depend on the quality and efficiency of logistics networks; from intra and cross trade to financial transactions in payment of goods and services. When writing the African e-commerce story, I often leap at the chance to explore only the enviable milestones the continent has made. Nevertheless, there still exist formidable challenges especially in logistics, a vital constituent of the industry. The African Development Bank, in its 2019
Andrew Left, Founder of Citron Research, has released a report stating that they have a "smoking gun" which proves that JUMIA is a fraud and that the stock is worthless. JUMIA shares, at the time of publishing, were down 20% on the day on the New York Stock Exchange (NYSE). The e-commerce company which operates across several African markets and is popularly (or infamously, depending who you ask) known as the "Amazon of Africa", listed on the NYSE earlier in 2019 to much fanfare and a $1 billion valuation. "In order to raise more money from investors, JUMIA inflated its active consumers and active merchants figures by 20-30% (FRAUD). The most disturbing disclosure that JUMIA removed from its F-1 filing was that 41% of orders were returned, not delivered, or cancelled. This was previous...
Venture Beat reports that Jumia online store, one of Nigeria’s largest online retailers has allegedly laid off 300 of its workers in Nigeria, which accounts for about 30% of its 1000-person workforce in Nigeria. This has raised concerns as to whether the end is near for the online retailer and what this could mean for the Rocket-funded e-commerce outfit. The major investor in Jumia, Rocket internet has a reputation for downsizing. In a similar event, Rocket Internet closed some of its offices in Turkey in 2012, firing 400 workers in the process. While a similar event may be playing out in Nigeria, Kaymu (another Rocket Internet portfolio company) closed its Zambia office. Citing “macroeconomic reasons,” the online shopping platform shut down its operations in Zambia at the beginning of