This archive report was first published on 29 November 2019.
November 29, 2019 - Online retailer Jumia Technologies has shut down its e-commerce operations in Tanzania, less than two weeks after closing shop in Cameroon on November 18.
According to a statement from Jumia, the decision to quit the Tanzanian market was due to unfavorable conditions that hindered the company's path to success.
Although Jumia has shut down its e-commerce business in Tanzania, it will continue to service vendors and customers via its classifieds business.
The company's Tanzanian e-commerce business stopped on November 27, and Jumia has said it will continue to support buyers and vendors in Tanzania online through its classified portal.
Since its Wall Street debut in April 2019, Jumia's share price has plummeted, and the firm has missed revenue estimates for the second time in three quarters, according to results announced this month.
SEE ALSO: Jumia to use post offices for deliveries
SEE ALSO: Africa's largest e-commerce firm grows with inspiration from Chinese platform
