E-commerce giant Jumia on Monday folded up its operations in Cameroon without prior information but the move confirmed rumours that had been making the rounds for weeks.
Dubbed “the Amazon of Africa”, Jumia’s shares have tumbled from its Wall Street debut price of $14.50 in April and its last week’s third-quarter results missed revenue estimates for the second time in three quarters.
The move means the firing of its entire staff despite no official information from its management.
Cameroon becomes the third African country in which it has folded up e-commerce operations. The earlier two being in Gabon and Congo Republic.@NyashaKMutizwa
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