The company was founded in 2012 by two french former McKinsey consultants who started the leading the e-commerce business in Africa.
After Jumia entering in the New York Stock Exchange, companies started criticizing why the company said it was an Africa Company while the company directors, CEO, and other departments were not of African origin.
Jumia is not African startup. It is a company duly incorporated in Germany by 2 French founders who are Co-CEOs. A non-exhaustive reference to its Germanness can be found here in their Form F-1 filings with the SEC. https://t.co/bpTnp0k0o9 A ka thread for those who don’t read:— TMS Ruge (@tmsruge) April 13, 2019
Jumia Shares started @ $25.46 on April 12th 2019 and had hit a high record of $40.21 on 26th April 2019. After suspension of the e-commerce business, the share price fell down to $5.49 on November 15th 2019.
Jumia mentioned that it would continue supporting buyers and sellers in Cameroon using its classified portal “Jumia Deals”.
“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 that its e-commerce operations have been suspended.
Please comment down below your thoughts about this article, whether you support their decision that Africa is not an e-commerce market ? We disagree, what are your thoughts ?