For three decades, the mobile phone has been an evolving cornerstone of Uganda’s landscape, consistently defying obsolescence. Far from being a mere communication device, it has seamlessly integrated into the fabric of Uganda’s economic ecosystem and the daily tempo of its citizens’ lives. It has also solidified its place as an indispensable tool that continues to drive progress and shape lifestyles. Uganda has become a fertile ground for digital entrepreneurship, with startups leveraging mobile technology to bridge critical gaps in fintech, healthcare, agriculture, and lifestyle services. The genesis For years, mobile phones in Uganda were primarily tools for voice calls…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
Jumia Technologies AG, Africa’s e-commerce giant, has reported its financial performance for the second quarter of 2024, revealing a complex interplay of challenges and strategic responses. The company’s revenue for Q2 2024 stood at $36.5 million, marking a significant decline of 25% from the previous quarter and 17% from the same period last year. This downturn is reflective of broader economic challenges, particularly currency devaluations in key markets like Nigeria and Egypt, which have adversely impacted both purchasing power and operational stability. Financial Performance Overview. Jumia’s Gross Merchandise Value (GMV) also showed a decline, falling to $170.1 million in Q2…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
Jumia Technologies, a pan-African e-commerce platform, has announced plans to close its food delivery business, Jumia Food. In a statement, the company said that it “will continue to operate its core physical goods business and its JumiaPay business in all of its countries of operation”. Jumia currently operates its food delivery business in Nigeria, Kenya, Uganda, Morocco, Tunisia, Algeria and Ivory Coast. The company said that a number of affected employees “will transition to the continuing physical goods business in these countries”. “Following a strategic review of Jumia Food, the Company determined that its food delivery business is not suitable…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
Building a startup is an endeavour that is as challenging as it is rewarding. It is a journey that is fraught with uncertainty, risk, and the potential for failure. The default outcome for most startups is failure, with success being the exception rather than the norm. This is not to discourage potential entrepreneurs, but rather to underscore the reality of the startup landscape and the need for resilience, determination, and a willingness to learn from mistakes. A startup, by definition, is a young company founded by one or more entrepreneurs to develop a unique product or service and bring it…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
In the e-commerce sector, the ability to improve operational efficiency and achieve profitability is the pulse that beats within every organization’s heart. But for most e-commerce startups, including Jumia, it has been a journey marked with highs and lows. However, their Q2 financial report for 2023 reveals an encouraging step towards sustainability as they witnessed a noteworthy decline in losses. The recently published financial data shows Jumia posting an operating loss of $23.3 million for Q2 2023, marking the lowest in four years. The catalyst behind this improved financial health was a significant cutback in sales and advertising expenses. While…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
Africa’s leading e-commerce platform, Jumia, recently recorded strong financial growth in the first quarter of 2023. This happened under her new leadership led by Francis Dufay who became full-time CEO in February 2023. Through a restructured approach and strategic cost-cutting measures, Jumia has achieved significant loss reduction, which represents a positive change for future earnings. This article explores the key factors driving Jumia’s performance and presents a strategy for the company’s future growth. Streamlined Operations and Workforce Optimization Following a comprehensive evaluation of its operations, Jumia initiated streamlining efforts in the fourth quarter of 2022. This led to a 20%…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
Jumia, Africa’s leading e-commerce platform, has announced the appointment of Vinod Goel, as Uganda’s new Chief Executive Officer. Vinod takes over the leadership mantle from former CEO, Ron Kawamara who is leaving to pursue a big impact opportunity that has presented itself. Vinod will focus on making Jumia sharper and faster to delight more and more customers with their needs. He will also work closely with partners and vendors to make Jumia their most preferred sales channel. Vinod joined Jumia 18 months back as Head of Fulfillment overseeing operations across all Jumia markets. He played a pivotal role in making…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
Ugandan fintechs Chipper Cash, Tugende and Asaak have been named in the top 100 Most Funded African Startups in research compiled by Digest Africa, a Pan-African data and intelligence startup headquartered in Kampala. Startups, according to Forbes, is a term used to refer to young companies founded to develop a unique product or service, bring it to market and make it irresistible and irreplaceable for customers. Startups are high-growth companies, and instead of bootstrapping, they turn to investors to grow at the pace they want to. This model is followed globally, and Digest Africa has tracked this funding data for…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
E-commerce firms in Uganda have officially launched their umbrella, E-Trade and Startup Association of Uganda, a rational initiative that helps organizations and startups unlock the potential of the trade. Founded by four start-ups of SafeBoda, Jumia, Tugende and KTA, the association was commissioned by Dr. Chris Baryomunsi, the Minister of ICT and National Guidance at an event held at Fairway Hotel in Kampala, on Friday September 23, 2022. The four founding members would later invite others to strengthen the voice of all those harnessing the power of finance technology (FinTech) to create one strong voice in expanding and sharing…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
Jumia, a leading e-commerce firm, has announced a partnership with Stanbic Bank that will see all consumers that pay using Stanbic Visa card get free delivery on all items purchased on Jumia (including Jumia Food) for a period of three months. This offer will be implemented in the upcoming Jumia Black Friday campaign and throughout the festive season. Speaking at the official launch of the partnership held at Jumia office in Kampala, Stanbic Bank Head of Banking, Ronald Makata said, the bank is very pleased to be partnering with one of the biggest e-commerce platforms in Uganda to promote a…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
