Online retailer Jumia has suspended its e-commerce activities in Cameroon saying it is not suitable for the country.
“Based on our review, we came to the conclusion that our transactional portal as it is run today is not suitable to the current context in Cameroon,” the company said in a statement, adding that its e-commerce operations there had been suspended.
Its shares continued to crumble in it’s Wall Street initial public offering price of $14.50 in April, hitting a record low of $5.10 on Monday after third-quarter results missed revenue estimates for the second time in three quarters.
Despite this withdrawal, Jumia says it will continue supporting buyers and vendors in the country using its portal, Jumia deals.
The company, which is currently valued at $1 Billion, has its foothold in Africa, earning its nickname, the Amazon of Africa. It is however yet to make any profit since its inception in 2012.