Jumia Wednesday closed its Tanzanian business, just ten days after leaving Cameroon. A statement from the company reveals that the retailer left Tanzania to focus on operations in other countries.
After the Tanzanian exit, the retailer remains with only 12 countries in the continent.
“Based on our review of the path to success, we have made a difficult decision to cease operations in Tanzania as of 27th November.
While Tanzania has strong potential, we have to focus our resources on our other markets. This decision will help put our focus and resources where they can bring the best value and help Jumia thrive,†read a statement to Techawk.
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Nevertheless, the retailer will still run its classified services in the country through Jumia deals, just like in Cameroon.
“Jumia will continue to support buyers and vendors through our classifieds portal, previously called Jumia Deals, which will now be the main portal. We believe it will continue to become increasingly relevant in the future for buyers and vendors.â€
Jumia’s exit from Tanzania and Cameroon comes at a time when the company is struggling with losses and a falling stock price. Jumia’s Q3 loss stood at $55m, as compared to $45m in 2018 Q3.
Jumia now operates in Nigeria, Egypt, Morocco, Kenya, Ivory Coast, South Africa, Tunisia, Algeria, Ghana, Senegal, Uganda, and Rwanda.
Source: www.african-markets.com