Jumia loses 1 million customers in Nigeria, Ghana, Egypt

Jumia, Africa’s e-commerce giant firm has posted its financial results for the second quarter of 2023, showing a 28.1 percent decline in its customer base as inflation bites harder in its major operating markets including Nigeria, Ghana, and Egypt.

The company added on Tuesday that its active consumers decreased by one million year-on-year (YoY) to 2.4 million in the second quarter of 2023, from 3.4 million recorded in the same period last year.

“Usage performance continued to be affected by the difficult operating environment with record levels of inflation impacting consumers’ spend as well as sellers’ ability to source goods,” according to the statement.