African economy
One of Africa's leading e-commerce platforms Jumia Technologies will reportedly cease its food delivery operations across 7 markets by the end of this month.
Reuters reported Wednesday (Dec. 13) that the company will instead focus on growing its core online retail business.
Jumia Food represented about 11% of Jumia's general merchandise value for the nine months ended Sept. 30.
The food delivery service currently operates in Nigeria, Kenya, Uganda, Morocco, Tunisia, Algeria and Ivory Coast.
Jumia has been cutting costs in order to turn profitable.
The company which was founded in 2012 was dubbed the“the Amazon of Africa.”
In April 2019, it became the first tech stock from the continent to list on Wall Street.
In mid-November, news website Teh crunch reported that Jumia's customers sit around 2.3 million, down 24.3% from the 3rd quarter of 2022. On a more positive note, the firm reported its lowest losses since its initial public offering at the New York Stock Exchange (NYSE).
00:51
China-Africa media cooperation: Building skills for the AI era
00:55
Zimbabwe: Lake Kariba ferry disaster death toll rises to 94
01:16
Zambia suspends vote counting after election violence
01:07
Chad's president pardons opposition leader and former prime minister Succes Masra
00:52
US Senate votes to extend AGOA trade programme for 32 African nations
11:19
Decoding Nigeria’s crypto shift and transforming diaspora cash into capital {Business Africa}