Jumia closes shop in Tanzania 10 days after leaving Cameroon
By Sara Okuoro | November 29th 2019
Online retailer Jumia Technologies, has shut down its e-commerce operations in Tanzania.
This comes less than two weeks after the retailer closed shop in Cameroon on November 18.
Jumia, which has been dubbed “the Amazon of Africa,” said on Thursday it had shut its e-commerce business in Tanzania in a review of its portfolio.
“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,” said Jumia in a statement.
Its Tanzanian e-commerce business stopped on November 27, the statement said.
Jumia however said it would continue to service vendors and customers via its classifieds business.
In Cameroon, Jumia did not publicly announced it imminent closure. The move to shut down took many customers and local staff by surprise.
The company said the decision to quit the market was due to unfavorable conditions on their path to achieve success.
Jumia also said it would continue to support buyers and vendors in Cameroon online through its classified portal.
Jumia, which has positioned itself as the first African tech firm to be listed on the New York Stock Exchange, has seen its share price plummet since a Wall Street debut in April 2019.
The firm has missed revenue estimates for the second time in three quarters, according to results announced this month.
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SCI & TECH