BREAKING: Jumia Suspends e-Commerce Transactions In Cameroon
Emerging report indicates that online retailer, Jumia Technologies has suspended its e-commerce platform activities in Cameroon because they were “not suitable” for the African nation.
Jumia said it would continue supporting buyers and vendors in Cameroon using its classified portal Jumia Deals.
Cameroon’s economy is one of the largest in central Africa, but growth has been hit by a two-year separatist uprising in it's Anglophone North-west and South-west regions.
“We came to the conclusion that our transactional portal as it is run today is not suitable to the current context in Cameroon,” Jumia said in a statement announcing that its e-commerce operations there had been suspended.
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.
With an e-commerce business similar to Amazon’s and a classified portal like Alibaba’s, Jumia sells its own stock, taking a cut of third-party transactions on its website.
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.