This archive report was first published on 10 December 2019.
December 9, 2019, marked the end of Jumia Foods, an online food delivery service in Rwanda, as Jumia Technologies announced its suspension.
The move comes on the heels of Jumia's decision to shut down its e-commerce business in Tanzania and Cameroon in November 2019.
According to a statement from the company, 'We have made the difficult decision to suspend our on-demand services in Rwanda effective on December 9th, 2019.' The company cited a need to focus its resources on areas that can bring the best value and help it thrive.
Despite its business model, which is similar to Amazon's and Alibaba's, Jumia has struggled to turn a profit. The company missed revenue estimates for the second time in three quarters in November 2019.
On the New York Stock Exchange, Jumia shares were trading at $5.76 on the day of the announcement, down 1.5%.
