In this letter, we explore:

• Jumia faces a tough third quarter
•  Nigeria’s telecom sector push towards tariff hike
• Ethiopia mandates standard QR code for digital payments

We also curated updates on startup funding in Africa, weekend reads, and several opportunities.

The big three! 

Jumia faces a tough third quarter

Jumia’s journey to profitability remains a tough one. Africa’s leading e-commerce platform posted a challenging Q3 in 2024, with declining revenue and continued losses despite efforts to tighten its operations and focus on core markets. Revenue dropped 13% year-over-year to $36.4 million while operating losses increased to $20.1 million.

Last updated: November 8, 2024