Safeboda Retreats From Nigeria To Double Down On Profitability In Uganda
Dec 09, 2022 08:42 AM
SafeBoda, the Ugandan bike-hailing startup, is leaving Nigeria to focus on bringing the company to profitability by deepening its core transportation offering” in Uganda, its largest market.
The company says it exited Kenya due to the negative effects of COVID-19 on its business.
A company spokesperson says that the Nigerian market for its operations was unprofitable adding that leaving Nigeria because the okada industry in its current state is not economically viable and unfortunately requires significant investment at this challenging time in the global economic landscape.
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