Business and Brand
Jumia Sustains Momentum and Achieves Significant Loss Reduction in Q2 2024

Jumia Technologies AG (NYSE: JMIA), Africa’s leading e-commerce platform, has reported its financial results for the second quarter of 2024, showing continued resilience and strategic progress amidst a volatile economic landscape. Under the leadership of CEO Francis Dufay, the company has focused on enhancing cash efficiency, refining its customer value proposition, and leveraging strategic partnerships, resulting in notable operational and financial metrics improvements.
Revenue and GMV Performance
Despite a 17% decline in reported revenue to $36.5 million, Jumia saw a 15% increase on a constant currency basis, indicating strong underlying performance masked by currency devaluations in key markets. Gross Merchandise Value (GMV) experienced a similar pattern, with a 5% decrease in reported terms but a robust 35% growth in constant currency, reaching $170.1 million in reported currency. These metrics reflect Jumia’s adaptive strategies and its emphasis on core business strengths, such as optimizing its product assortment and improving customer engagement.
Improved Cash Efficiency and Cost Management
Jumia’s concerted efforts in cost management yielded significant results. The company reduced its operating loss by 8% year-over-year to $20.2 million and its Adjusted EBITDA loss by 10% to $16.3 million. Notably, the company’s cash burn was cut by more than half, declining to $8.7 million, demonstrating a disciplined approach to expenditure and efficient use of resources. This was partly achieved through a 19% reduction in marketing expenses, focusing on high-return channels like CRM, SEO, and targeted offline initiatives.
Strategic Operational Insights
Jumia’s focus on enhancing customer value and experience continued to show dividends. Orders increased by 7% year-over-year, highlighting Jumia’s success in attracting and retaining high-quality customers. Furthermore, the company achieved a 31% increase in JumiaPay transactions, supported by the growing penetration of JumiaPay on delivery and strategic cashback campaigns.
The company’s logistics network, a critical component of its asset-light business model, expanded with new warehouses in Nigeria and Morocco. These expansions are strategically important for increasing storage capacity and improving supply chain management, without significantly impacting the balance sheet due to a focus on leasing rather than owning facilities.
Navigating Economic and Operational Challenges
The company’s financial performance did not escape the impact of regional currency devaluations, which affected both GMV and Total Payment Volume (TPV). TPV saw a 7% decline, largely mirroring the decrease in GMV. However, Jumia’s decision to hold 67% of its liquidity in USD mitigated some currency risks, illustrating a prudent approach to financial management.
Jumia’s recent decision to end its commercial agreement with Mastercard Asia/Pacific marks a strategic shift, allowing the company to explore broader partnerships with other payment service providers. This move aims to strengthen JumiaPay’s position as a key pillar of the company’s e-commerce ecosystem, ensuring a seamless and secure payment experience for customers.
Customer Metrics and Market Expansion
Jumia’s strategic focus on enhancing the customer value proposition and efficient marketing spend led to a 6% quarter-over-quarter increase in quarterly active customers, while the 90-day repurchase rate for new customers improved by 262 basis points to 36%. The shift in product mix towards categories like fashion, which have a lower AOV, was reflected in an 7% decline in AOV for physical goods to $39.2, yet contributed to a broader customer base.
The company’s efforts to penetrate secondary cities yielded positive results, with a notable shift in the order mix from capital cities to secondary regions, now comprising 53% of total orders. This geographic diversification is critical for future growth, particularly as Jumia aims to serve underrepresented markets with its expansive logistics network.
Business and Brand
Nestlé Announces Dairy Demonstration Farm, Invests Over ₦1.8 Billion in Dairy Development

Nestlé Nigeria has launched a dairy demonstration farm in Paikon Kore, marking a significant milestone in the company’s commitment to enhancing the local dairy industry through the Nestlé Nigeria Livestock Development Project (NLDP, inaugurated in 2021. The NLDP is structured around three pillars: Better Milk, Better Feed (fodder), and Resilient Communities. It is supported by the Federal Capital Territory Administration and delivered in collaboration with CBI Innovations Limited (CBiIL) and 2Scale. Nestlé Dairy Demonstration Farm is designed to build on the success of the NLDP by serving as a practical model for implementing best dairy practices. It will showcase how to enhance the productivity of local cattle breeds from an average yield of 1 liter per cow per day to potentially over 10 liters through effective breeding programs. The farm also aims to showcase the practical application of best dairy practices to maintain herd health, nutrition, and hydration to transform local dairy production. At the launch event, Wassim Elhusseini, Managing Director and CEO of Nestlé Nigeria said, “Since 2019, Nestlé Nigeria has invested over ₦1.8 billion in improving the livelihoods of pastoralists in and around the Paikon Kore and Kachia grazing reserve. We are happy to report that the milk producers participating in this program have experienced a substantial increase in their household income which rose from ₦70,000 in 2021 to ₦250,000 in 2024. This growth is attributed to increased productivity driven by improved dairy practices and provision of the enabling infrastructure within the communities.” Daily milk collection increased from an initial 200 liters in June 2021 to an average of 6,000 liters per day at the Milk Collection and Cooling Centre, aggregating over 1 million liters of raw milk to date. This success benefits approximately 3,000 milk producers who are part of the 83 dairy cooperatives established under the NLDP.Also commenting on the demonstration farm, Mr. Soji Apampa, CEO of CBI Innovations said, “We are excited about the opportunities ahead. Nestlé Demonstration Dairy Farm is not merely a project, it catalyzes the positive change we are dedicated to through sustainable farming practices that protect our environment, animal welfare, and the well-being of our communities. We envision a future where this dairy farm serves as a model of excellence and an inspiration for others in the industry. We will continue to innovate, learn, and grow, always maintaining an unwavering focus on quality, sustainability, and community.” In his address, the Honorable Minister of Livestock Development, Alhaji Idi Mukhtar Maiha said, “The establishment of this model dairy farm demonstrates Nestlé’s unwavering commitment to contributing to the nation’s backward integration goals and aligns seamlessly with our national agenda for livestock development. By introducing modern farming practices, supporting local dairy farmers, and ensuring the production of high-quality dairy products, this project will not only boost our domestic dairy supply but also reduce reliance on imports, thereby strengthening our economy. In view of this, the Federal Ministry of Livestock Development is fully committed to creating an enabling environment for investments like this to thrive.” The community members expressed their excitement with the location of the farm. Sulaiman Ahmed said on behalf of the Apex Union Leaders, “We are delighted that in addition to raising awareness about dairy farming, the demo farm will bring many benefits to our community. It presents us with the opportunity to access crossbreeds and serves as a training site for adopting modern dairy farming practices, particularly in feeding methodologies. The farm will also create more visibility for our community by attracting visitors and potential business partners.” Nestlé Dairy Development Farm situated on 4 hectares within the Paikon Kore Grazing Reserve is equipped with cattle sheds, a calf pen, maternity and sick bay. It also has a holding area and dip-tank, an automated milking system, and a hay barn. The farm has adopted sustainable practices including the use of solar power, and the establishment of a biogas system for waste management. It will serve as a training facility not just for the farmers within the NLDP project, but also for a wider range of stakeholders, including practitioners, academia and pastoralists. This initiative is part of Nestlé’s Creating Shared Value (CSV) strategy, which works with stakeholders and partners to create value for society while growing its business. -End-About Nestlé NigeriaNestlé Nigeria is a leading food and beverage company committed to unlocking the power of food to enhance quality of life for everyone today and for future generations. With a wide range of products, including popular brands such as NESTLÉ PURELIFE, GOLDEN MORN, MILO, MAGGI and NESCAFÉ, Nestlé Nigeria is dedicated to providing nutritious and delicious food and beverages to consumers across Nigeria.About CBi Innovations Limited (CBiIL)CBi Innovations Limited (CBiIL) specializes in market system development that leverages innovations to overcome specific constraints to better incomes and the mainstreaming of poor youth and women producers at the base of the economic pyramid through participation in commercially viable market opportunities in existing agricultural value chains. CBiIL has significant experience in providing better market access for women producers, addressing constraints to their market participation, and acts as an aggregator of smallholder producers and a national scale agent that unlocks greater private sector investment. CBiIL has a proven track record of partnering with women and youth smallholder farmers to deliver the productivity and traceability of produce sought by processors, as we are currently doing for Nestlé Nigeria Plc in the dairy sector. Our strong compliance-management ethos coupled with technology-enabled controls helps us to spread and manage risks inherent in engaging smallholder farmers at scale while keeping the economics of production manageable. We subscribe strongly to the principle of equity first, equality second and that drives our approach.
Business and Brand
Systegra Technologies Ltd collaborates with Amdocs to offer best in class mobile services to the Nigerian Market

Lagos, Nigeria – February 5, 2025 – Systegra Technologies Ltd, a subsidiary of Interswitch Group, holds a license issued by the Nigerian Communications Commission (NCC) as a Tier-5 Mobile Virtual Network Enabler (MVNE). Systegra Technologies will enable Tier 1, 2, and 3 Mobile Virtual Network Operators (MVNOs) to offer their mobile services, enriching Nigeria’s fast-growing mobile market with a diverse portfolio of products, services, and offers.As an MVNE, Systegra Technologies will utilize the Radio Access Networks (RAN) of leading mobile operators, while deploying its own advanced Switching and Business Support Systems (BSS), including an Online Charging System (OCS). This setup enables prospective MVNOs to connect and launch their services effortlessly within weeks, offering flexible services without the need for heavy infrastructure investment.To deliver 3G, 4G, and 5G connectivity to its MVNO customers, Systegra Technologies has collaborated with Amdocs to implement their ConnectX platform in Nigeria. This cutting-edge solution encompasses Business Support Systems (BSS), OCS, CRM, payment systems, and a B2B app store, all built on a local cloud-native microservices solution hosted by Amazon Web Services (AWS). With over 50 TM Forum compliant APIs, ConnectX platform ensures seamless integration, operational efficiency, and scalability, supporting Nigeria’s fast-growing MVNO market while adhering to the latest industry standards.“After evaluating numerous vendors with excellent solutions, Amdocs convinced us with their multi-tenant capabilities, ease of connection, ultimate flexibility, and rapid time-to-market,” said Mitchell Elegbe – Group Managing Director and Chief Executive Officer at Interswitch Group. “Their ConnectX platform aligns perfectly with our vision to provide MVNOs and end-users with an unmatched digital experience.””We are committed to supporting Systegra Technologies’ growth and digital-first flexibility goals,” said Anthony Goonetilleke, Group President of Technology and Head of Strategy at Amdocs. “Our SaaS ConnectX platform dynamically scales to meet customer demand, and allows nearly limitless flexibility for the creation of innovative services, empowering Systegra Technologies to focus on expanding its business without traditional IT operational overhead.”“At Systegra Technologies, we are committed to driving innovation that makes a tangible difference in people’s lives,” opined Jonah Adams – Managing Director, Systegra Technologies. This collaboration with Amdocs strengthens our position as a key enabler in Nigeria’s evolving telecoms ecosystem, ensuring that mobile users benefit from more choices, better services, and seamless connectivity.”This initiative aligns with the NCC’s vision of fostering innovation and competition within Nigeria’s telecommunications sector. Systegra Technologies is set to launch new 3G, 4G, 5G and IoT services soon, contributing to the nation’s digital transformation and offering customers enhanced connectivity options.
Business and Brand
First Trustees to Host 7th Annual Islamic Estate Planning Clinic

First Trustees Limited , a subsidiary of FBN Holdings Plc. and a leading provider of bespoke trust solutions for individuals, corporate entities, and government organisations, is pleased to announce its 7th Islamic Estate Planning Clinic, scheduled to take place on 15 February, 2025, in Abuja.This year’s clinic, themed Wealth Transfer: Ensuring Seamless Equity and Clarity, aims to provide comprehensive insights into the principles of estate planning within the framework of Islamic law. The event is designed to educate the Muslim community on the importance of proper estate planning, ensuring the fair and just distribution of assets in accordance with Sharia principles.The clinic will be held in collaboration with the Metropolitan Law Firm and will feature a distinguished panel of speakers from both the Islamic and legal sectors. Among the experts set to address attendees are Professor Dogarawa, a Lecturer at Ahmadu Bello University, Zaria; Ustadh Abubakar Muhammad Sadiq, Amir of 1 Ummah; Abdullahi Abubakar Lamido, Chairman of the Zakkah and Waqf Foundation; Ummahani Amin, Managing Partner at Metropolitan Law Firm; and Mutiat Olatunji, Private Trust Specialist at First Trustees Limited.In addition to discussions on Islamic estate planning, First Trustees will provide valuable perspectives on managing conventional estate plans, with an emphasis on safeguarding and preserving legacies for future generations.The event promises to be an essential platform for individuals and organizations seeking to deepen their understanding of estate planning while ensuring the equitable and transparent transfer of wealth in line with both Islamic and conventional legal frameworks.
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