Listen to ABR

Jumia Quits Tanzanian Market, Days After Pulling Out of Cameroon

Nov 29, 2019 05:09 PM
Jumia Quits Tanzanian Market, Days After Pulling Out of Cameroon Africa Business Radio, Jumia Retailer, Jumia Tanzania, Africa Business News, Cameroon, Jumia Technologies, Ecommerce


Online retailer Jumia Technologies, has quit the Tanzanian market, only days after pulling out of Cameroon. Jumia becomes the second digital trading company to exit the local market after money lender, Tala, closed business last September. Dubbed "the Amazon of Africa," Jumia announced yesterday a review of its portfolio had led to shutting its e-commerce business in Tanzania. Reuters reported that Jumia's share price has plummeted since a Wall Street debut in April. "We have to focus our resources on our other markets. It is more important now than ever to put our focus and resources where they can bring the best value and help us thrive," the company said in the statement. Jumia entered the Tanzania market five years ago and its abrupt exit appears like a continuation of a scale back on its-e-commerce operations across Africa. It was not immediately clear what the impact the exit would have on enrolled dealers as well as job loses. With an e-commerce business similar to Amazon's and a classified portal like Alibaba, Jumia sells its own stock and takes a cut of third-party transactions on its website. The firm has a presence in 12 African markets including Nigeria, Kenya, SA, Egypt, Ghana, Morocco, Uganda, Senegal, Rwanda, Ivory Coast, Tunisia, and Algeria

Get the latest headlines and unique ABR stories, sent every weekday.

BCX Brand Positioning-Awake Online_Voice-300x250-12-2019-Tracking Ad-BUS01034

Upcoming Events

Wed 17

ABR social sensitization on HIV & AIDs

Jul 17 @ 07 AM - Jul 24 @ 05 AM

Job Listing

Software Developer

Google
2019-07-31
×

Newscast

News Updates

  • Marriott Reopens All Hotels In China As Travel Rebounds

  • US Economy Could Be Affected for A Decade Due to Coronavirus

  • Ugandan To Lose $1.6 Bln In Tourism Earnings As A Result Of COVID-19

  • Mali cotton output at 700,000 T in 2019/20

  • South African rand falls on U.S. protests, Sino-U.S. tensions

  • Hospital Operator Mediclinic Sees Full-Year Loss

  • ACEP Against Ghana Gas Acting as National Gas Aggregator

  • Marketers Cry Out as FG Cuts Petrol Price to N121.50

  • Senate, NNPC Clash Over $21 Crude Oil Production Cost

  • Oil Rises To $38 As OPEC+ Discusses Production Cut Extension