Kene Okafor, 44, is a Nigerian businessman who has been running the 44 Co., a company that is involved in the African tech space, since 2012. The company has seen its share prices rise over the past few years and is now one of the most well-known tech companies in Africa. As CEO of the company, Okafor is responsible for overseeing its day-to-day operations, which include sales, customer service, logistics and the company’s overall success.
Jumia is the only tech company listed on the New York Stock Exchange (NYSE) in the African continent. Its shares are worth over $1 billion. But despite Jumia’s success, its financial results have been weak.
Jumia focuses on a logistics-as-a-service offering, which includes technology, expertise, and last-mile delivery across 11 countries in Africa. Its network of more than 1,300 drop-off stations and 20 warehouses can be used by third parties.
The company has offices in Nigeria, Ghana, Tanzania, Algeria, Morocco, Egypt, Ivory Coast, and Uganda. Jumia also launched a payment arm, called JumiaPay, in December 2021.
According to Jumia’s report, the company will cut its losses to no more than $70 million in future quarters. This means the management must refocus its resources on activities and projects. Currently, the company is preparing to launch its new logistics service, Zipline.
During the past few years, e-commerce company Jumia has been making waves with its innovations in Africa. The company has partnered with several companies such as Telcoin, LocQar and Carrefour. In addition, the company recently announced a payment arm called JumiaPay. Now, the company has decided to refocus its attention on other markets, especially Egypt.
In an effort to boost e-commerce in the Egyptian market, Jumia has partnered with Egyptian Post. This will also facilitate delivery of packages in the country. While the company is already providing delivery services to customers, this new initiative will increase the speed at which goods are delivered to consumers.
Besides, the new partnership with Egypt Post will also improve e-commerce trade flows in the country. Furthermore, Jumia has a new technological center in Cairo.
African e-commerce company Jumia is taking a new direction. As of this writing, co-founders Jeremy Hodara and Sacha Poignonnec have resigned as co-CEOs. Francis Dufay, who previously served as executive VP of Africa, will take over as acting CEO. He has a few goals in mind. One is to create a stronger supply chain for goods and services sold on the platform. Another is to entice more third-party vendors to list their wares on the platform.
Using a combination of capital and human ingenuity, Jumia has built a multi-faceted business that spans the continent. The company’s newest addition is a payment arm called JumiaPay. It has also taken the bold move of relocating its employees to offices across the continent.
Jumia is a global technology company with offices in Egypt, Nigeria, and Tanzania. It offers a range of services to the African market. Some of its key features include a mobile payments platform, a marketplace, a delivery service, a tech centre, and a last mile delivery network. The company is valued at over one billion dollars.
In January 2020, Massimiliano Spalazzi became CEO of Jumia in Nigeria. He took over from Jeremy Doutte, who resigned to become a CEO at Reckitt Benckiser, a health and hygiene goods manufacturer. A couple of months later, Antoine Maillet-Mezeray was elevated to the role of Executive Vice President, Finance and Operations.
One of the biggest successes of Jumia’s first year was its logistics service. This included a network of over 1,300 drop-off stations and 20 warehouses spread across eleven African countries.
Africa’s first unicorn
Africa’s first unicorn is Jumia Group, an e-commerce marketplace based in Lagos, Nigeria. It has grown to become Africa’s largest online shopping site. The company now has over 100 million users in Africa and operates in 14 African countries.
Jumia is also an online payment platform. The company has been partnering with several banks in Africa to help them provide financial services to the unbanked population. This includes a loan program and mobile money.
Another fintech company in Africa is Wave Mobile Money. The company launched in Senegal in 2016, but plans to expand to Cote D’Ivoire in 2021.
It has received funding from Founders Fund, Ribbit Capital, and Stripe. Wave charges 1% for deposits and transfers, and provides free withdrawals. They are also offering an instant refund for customers who experience a problem with a transfer.