Jumia CEO Francis Dufay cited a clear focus on the company’s core physical goods business and Jumia Pay platform as the reason for the exit. Despite Jumia Food accounting for 11% of the company’s Gross Merchandise Value, its persistent struggle for profitability proved the tipping point.
“The more we concentrate on our physical goods business, the more we recognize the substantial opportunities for Jumia to flourish and achieve profitability. Hence, we must make the right decision by directing our management, teams, and capital resources towards seizing this opportunity,” he said.
