Browsing: Jumia

• Market size of Africa’s digital economy could reach $712 billion by 2050.
• In 2022 only 36 percent of the African population had access to broadband internet.
• Mobile Network Operators (MNOs) are streamlining adoption of 5G services.

Africa is on the verge of an economic revolution. From the north to the southern part of the Saharan desert, nations are striving to eliminate poverty and gain a strong foothold in global markets.

In the same vein, the continent is banking on the potential held by the digital economy. Reports ping the sector to higher standards, including a report from non-profit Endeavor predicting that the market size of Africa’s digital economy could reach $712 billion by 2050.

The growth is propelled by the massive engagement of the continent’s younger population, rising smartphone adoption and increasing internet penetration.

Read also: World Bank backs Smart Africa’s Digital Academy with $20M grant

Digital economy in

PAGA, a payment processing company in Nigeria (similar to PAYPAL) started by Tayo Oviosu in 2009 is on track to potentially be the next unicorn as it processed $2.3 billion worth of transactions in 2020 and $8 billion during the past four years. The company is now expanding into Ethiopia and Mexico as part of its global growth plan.

Another future unicorn is CNG TRANSFER founded during the pandemic by Emmanuel Tochi and Vincent Omulo, a Nigerian and Kenyan, respectively. The startup’s flagship product is www.Transfy.io – a cross border intra-African money transfer platform built on blockchain enabling Africans to transparently move money from one country to another at no cost. Within a year of launch, they have already processed 100 million of Kenyan Shillings in Kenya alone while operational in Nigeria, Zambia, Botswana, South Africa, Rwanda and Ghana.…

Africa’s e-commerce giant, Jumia is taking bold steps to revitalize its profits after experiencing a hard turn in 2019, e-commerce giant co-founder, Jeremy Hodara revealed to Reuters.

According to Hodara, Jumia (which is listed at New Stock Exchange) current focus is on capitalizing its payments and infrastructure network and boost revenue from services for third-party sellers on its online marketplace.

The company managed to attain a $ 4 billion peak value, before plummeting in shares by almost 70 per cent since its initial public offering (IPO) in April 2019.

“We’re going to be extremely disciplined and very focused on our path to profitability,” Hodara told Reuters on Tuesday.

READ:More people in East Africa are embracing Ecommerce

In November 2019, Jumia pulled out in Cameroon and Tanzania, as well as holding its food delivery in Rwanda, thus—still Jumia’s chief has not revealed if the company plans to shrink its market …

Africa’s largest e-commerce platform—Jumia has closed its operations in Tanzania.

According to Reuters, the company gave out the news of its exodus which noted: “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 statement reads.

The company which as of today has its operations in twelve countries out of 54 in Africa, has been experiencing a rather stiff challenge which includes significant losses for the past two years.

According to Jumia’s financial report, the company’s operating loss increased from $ 46 million in the second quarter of 2018 to $ 73 million in the second quarter of 2019.

The company shut down in Tanzania comes after 10 days whereby the Cameroon market lost Jumia as well.

Jumia came in Tanzania five years ago …

Jumia Food Kenya has announced the launch of Jumia Prime – a subscription package that allows customers pay a standard one, three or six months fee.

This also guarantees unlimited free deliveries on all orders placed on the Jumia Food app or website.

The service, is a first of its kind in Africa, and was introduced to Kenyans aimed at enhancing customer experience and loyalty without having to worry about paying any delivery fees. 

Managing Director East Africa On-Demand Services, Shreenal Ruparelia says the service is not only limited to food but also on alcohol, groceries, shopping or pharmacy needs.

READ ALSO:Jumia’s listing at New York Stock Exchange was long coming

Ruparelia noted the introduction of Jumia Prime is part of the company’s objective to develop innovative ways to help customers order online without having to pay additional delivery services.

“This is also our way to expand …

Jiji – the largest classifieds marketplace in Nigeria – has reached an agreement to redirect OLX users in Nigeria to Jiji and to acquire OLX businesses in four other countries, building a leading pan-African classifieds business

OLX, online classfied portal has been a major player in the African market for almost a decade even from its original name Dealfish.  However, things have not been going well for the online platform as new entrants including Jumia has pushed it to the blink.

And now Nigerians have come to the rescue in the name of Jiji.

Jiji and OLX have announced that both companies have reached an agreement under which Jiji will acquire OLX businesses in Ghana, Kenya, Tanzania, and Uganda, pending certain regulatory approvals, and OLX users in Nigeria will be redirected to Jiji. The transaction is backed by one of Jiji’s cornerstone investors, Digital Spring Ventures.

Joining Jiji’s family will …