Pan-African E-commerce Company, Jumia has suspended its E-commerce business in Cameroon.
The African E-commerce giant which launched its business in Cameroon in 2014 announced in a statement that its transactional portal was “not suitable to the current context” in the country.
The company also said it would continue to support buyers and vendors using its classified portal, known as Jumia Deals.
This comes even after its losses widened and revenue rising in the just-released released financial report for the third quarter (Q3) of 2019. The company reported operating losses of US$55 million in Q3 2019.
The company has seen its stock price decline steeply since its IPO at the New York Stock Exchange in April currently operating at US$5.02 (At the time of publishing).
Jumia’s shares began trading at US$14.50 and one point, it traded up more than three times its IPO launch price at U$49.77.