Africa-focused e-commerce retailer, Jumia Technologies will shut down its South African online fashion retailer Zando and its Tunisian operations by the end of the year. Chief Executive Officer, Francis Dufay revealed that the move is part of a strategic refocus on more profitable markets such as Nigeria. To achieve profitability, Jumia is implementing aggressive cost-cutting measures, which include reducing its …

One of the major e-commerce players in the African market, Jumia appears to be battling severe headwinds after its share price – which once traded at record highs of $59.96 – tumbled down and currently trading at less than $5. That prompted speculations of a loss of investor confidence and a surprise takeover by sub-Saharan Africa’s leading tech conglomerate, the …