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Jumia’s Journey To Profitability: New Strategy Shows Positive Signs



…The aim is to incentivize consumers to shop online

Olushola Okunlade Writes

Jumia, the leading e-commerce platform in Africa, has just announced its fourth-quarter and full-year 2022 results, and the figures are impressive considering the global economic realities.

With growing monetization and reduced losses, the company is making significant progress toward profitability. In fact, the FY2023 Adjusted EBITDA loss is expected to decrease by up to 50% compared to FY2022. This is excellent news for the company and its investors, and it is a testament to the strength of Jumia’s new strategy.

Jumia has been on a journey of transformation over the past few months. The company has been working to streamline its operations, improve its financial performance, and position itself for sustainable growth in the long term. One of the key elements of Jumia’s new strategy is its focus on enhanced cost discipline. The company is working to reduce costs across its operations and to optimize its organizational structure to drive meaningful savings.

This strategy is already bearing fruit. In the fourth quarter of 2022, Jumia’s operating loss decreased by 41% year-over-year, reaching $49.8 million. Adjusted EBITDA loss also decreased by 30% year-over-year, reaching $49.2 million. These are significant improvements that reflect Jumia’s commitment to achieving profitability.

One of the ways Jumia is achieving cost savings is through a significant reduction in headcount. In the fourth quarter of 2022, the company terminated over 900 positions, representing a 20% reduction in headcount. This streamlining effort has resulted in a leaner, more effective organizational structure that is fully committed to executing the company’s new strategy.

Another key element of Jumia’s new strategy is its focus on accelerating monetization. Despite the challenging macroeconomic environment in some of its markets, Jumia has posted robust Gross Profit growth, which increased by 22% year-over-year. Marketplace revenue also reached an all-time high of $41.2 million. This growth is a result of Jumia’s proactive measures to support Commissions and Advertising revenue, which both reached record highs during the quarter.

Jumia’s new leadership team, led by CEO Francis Dufay, has been instrumental in driving the company’s transformation. Dufay was appointed as Acting CEO in 2022 and has now been officially appointed CEO by Jumia’s Supervisory Board.

The Jumia leadership team has taken a number of decisive actions to set the business on a path to profitability. One of their key priorities has been to significantly improve resource allocation, focusing on core areas with attractive returns on investments and clear ecosystem benefits. In the third quarter of 2022, Jumia announced its intention to cease a number of activities that did not meet these criteria. These business exits have now largely been completed, including the discontinuation of Jumia Prime and the scaling back of first-party grocery in Algeria, Ghana, Senegal, and Tunisia. These moves have helped to support Jumia’s unit economics and reduce business complexities.

Jumia’s leadership team is also working to drive efficiencies across the company’s cost structure. They are streamlining their organizational structure and reducing costs to drive meaningful savings. For example, the headcount reductions, mostly in the Dubai office implemented in the fourth quarter of 2022 are expected to save the company over 30% in monthly staff costs starting from March 2023, as compared to the October 2022 staff cost baseline.

Overall, while it is still early days, Jumia’s new strategy is already showing clear signs of delivering results. The company is making significant progress towards profitability, with a sharp reduction in Adjusted EBITDA loss expected in FY2023. The company’s focus on enhanced cost discipline and accelerated monetization is driving meaningful improvements in its financial performance. The leadership team’s decisive actions to improve resource allocation, streamline the organizational structure, and drive efficiencies across the cost structure have set Jumia on a solid path to profitability and sustainable growth.

The positive figures in Jumia’s fourth-quarter and full-year 2022 results are a testament to the strength of the company’s new strategy. The company’s commitment to achieving profitability and sustainable growth is unwavering, and the leadership team’s decisive actions are driving meaningful progress toward these goals. Jumia is well-positioned to capitalize on the significant growth opportunities in the African e-commerce market, and its focus on cost discipline and accelerated monetization will continue to be key drivers of the company’s success in the years ahead.

In conclusion, Jumia’s leadership team, led by CEO Francis Dufay, has been instrumental in driving the company’s transformation, and their decisive actions to set the business on a path to profitability are sure to bear fruit in the near term.


Transforming Transportation 2023: Accelerating Toward Green And Inclusive Mobility



Transforming Transportation 2023: Accelerating Toward Green & Inclusive Mobility

Today’s global challenges are putting serious pressure on transport systems. From climate change and COVID-19 to conflict and macroeconomic instability, what are the implications of the current context for transport, and for the people and businesses that rely on it?

How can we help the sector navigate these compounding crises? Can this be a starting point to reimagine transport and make it more inclusive, safe, sustainable, and efficient?

These are some of the key questions that we will be discussing with leaders and experts from around the world as we celebrate the 20th anniversary of our Transforming Transportation conference.

Join us live on March 14-15 and be a part of the global conversation!


March 14, 2023

8:30 – 10:00 a.m.  EST
Welcome address: Guangzhe Chen, Vice President for Infrastructure, World Bank and Ani Dasgupta, President & CEO, World Resources Institute
Opening Keynote: Bertrand Piccard, Serial Explorer and Environmentalist
Tour around the world: Mayors’ perspectives (Accra, Dhaka, Lima)

11:30 a.m. – 12:45 p.m. EST
Plenary session – Untangling Global Supply Chains: How to Make Green and Resilient Logistics a Reality

March 15, 2023

9:00 – 10:30 a.m. EST
Opening Keynote: Oleksandr Kubrakov, Deputy Prime Minister, Ukraine followed by Anna Bjerde, Vice President for Europe and Central Asia, World Bank
Plenary session – Resilient Transport: Navigating Climate Change, Conflict, and Disruptions


– Patrick Achi, Prime Minister, Republic of Côte d’Ivoire
– Oleksandr Kubrakov, Deputy Prime Minister, Ukraine
– Francois Bausch, Deputy Prime Minister, Minister for Mobility, Luxembourg
– Axel van Trotsenburg, Managing Director of Operations, World Bank
– Anna Bjerde, Vice President, Europe, and Central Asia, World Bank
– Guangzhe Chen, Vice President for Infrastructure, The World Bank
– Victoria Kwakwa, Vice President, Eastern and Southern Africa, World Bank
– Ani Dasgupta, President, and CEO, World Resources Institute
– Wayan Koster, Governor of Bali, Indonesia
– Elizabeth K. T. Sackey, Metropolitan Chief Executive, Accra, Ghana
– Atiqul Islam, Mayor of Dhaka, Bangladesh
– Bertrand Piccard, Serial Explorer, and Environmentalist

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How Diverse Leadership Teams Boost Innovation



Jumia Launches Quick Commerce Platform In Nigeria With 20 Minutes Delivery In Lagos

By Enitan Oyenuga, HR Director, Jumia Nigeria

As the business landscape continues to evolve, it’s becoming increasingly clear that diversity and inclusion are not just buzzwords but essential elements for success. Every company needs a leadership team that understands and connects with customers from different backgrounds to deliver the best possible service. Today, companies are scrutinising their leadership teams on various criteria beyond education and experience, and having a diverse leadership team has become a necessity to build a successful business that resonates with customers worldwide.

Importance of Leadership Diversity

In the workplace, diversity encourages inclusiveness, which fosters innovation. It welcomes and respects the diverse background of each employee. It also creates a positive, supportive, and respectful working environment that encourages all employees to engage and participate freely. The importance of diversity is perhaps well displayed by a quote from Justin Trudeau, the Prime Minister of Canada, “Diversity is the engine of invention; it generates creativity that enriches the world.”

A recent study conducted by McKinsey & Company found that companies with diverse leadership teams are 33% more likely to outperform their competitors in terms of financial performance. Moreover, they are also more likely to be innovative and adapt to changes in the market.

In addition, diversity is not simply a matter of creating a heterogeneous workforce but using it to create innovative products, services, and business practices that can set a company apart and give it a competitive advantage in the marketplace. By fostering diversity in the workplace, we are bringing together various perspectives, experiences, and ideas. When people from different backgrounds and cultures work together, they are more likely to approach problems and opportunities from different angles, which can lead to creative and innovative solutions.

A business culture that welcomes and supports employees with various perspectives is bound to boost problem-solving and increase productivity. Consequently, to benefit from workplace diversity, inclusion must be integrated deeply into its culture. This holds for leadership positions just as much as for entry and mid-level ones.

How Jumia Nigeria is Enabling Diversity

At Jumia Nigeria, we prioritise diversity and inclusion in all aspects of our business. Over the years, we have implemented policies and practices to ensure everyone in our organisation is treated fairly, and feels valued and supported. This is evident across our employee lifecycle from hiring through to exit.

At Jumia, one of our core values is letting the best people and ideas grow. As such, our hiring process is open and transparent ensuring all employees are aware of and have access to all available opportunities. For example, we have recently introduced 1-minute videos where hiring managers talk about their vacancies and invite employee applications.

Similarly, our training and development opportunities are open to all employees, regardless of their background or experience.

At Jumia Nigeria, we want to be a place where people can bring their best selves without fear of discrimination, where they feel like they belong and are an important part of the team. Providing safe spaces for employees to connect with each other and share feedback are some ways we achieve this; leveraging platforms like our Jumia Women’s Network, informal team events, town halls, and HR roadshows.

Our diversity and inclusion focus also requires that we reflect the incredibly diverse markets we serve. Our diversified clientele includes a substantial percentage of women as buyers and sellers. According to the IFC 2021 report on Women and E-Commerce in Africa, over 50% of our vendors are women entrepreneurs. Giving women visible platforms and opportunities is, therefore, a no-brainer. Building a company that sets the bar for advancing female visibility is essential for us. We are implementing these measures because Nigeria offers great opportunities to reduce this gap.

We are actively tracking gender diversity at Jumia, but we also understand that diversity is much more than this. Our ambition is to promote an inclusive culture that fosters a sense of belonging while boosting productivity.


Despite the many benefits of diverse leadership teams, many organisations still struggle to achieve diversity in their leadership ranks. This may be due to unconscious biases or a need for more diversity in the talent pipeline. To change this trajectory, organisations must be intentional in seeking out diverse candidates and creating an inclusive culture that values differences and provides equal opportunities for all.



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inDrive Strengthens Security With Bug Bounty Program Through HackerOne



inDrive Strengthens Security With Bug Bounty Program Through HackerOne

Global mobility platform allocates $120,000 toward cybersecurity program

inDrive, a global mobility and urban services platform, is launching a Bug Bounty program on HackerOne.

inDrive will pay specialists for each vulnerability they discover in inDrive applications or infrastructure, up to $6,000 per report, depending on severity level. $120,000 is allocated for the first year of the Bug Bounty program, which will cover all inDrive verticals, including inDrive Couriers, Freight, City to City, Services, and Jobs.

Vatclav Dovnar, Head of Product Security Department at inDrive: “At inDrive, safety is a top priority and cybersecurity initiatives are critical to ensure protection of personal user data. Whether you are riding with us, delivering a package, or looking for work, we want to make sure your sensitive data is protected throughout the entire experience. As external cyber threats evolve, we will continue to invest in perpetually improving our systems to maintain the most secure experience in the industry.”

In addition to the new HackerOne program, inDrive has such essential security measures as, for example, regular internal code audits and reviews of product architecture for security enhancements, scanning of the entire company infrastructure perimeter, and regular cybersecurity awareness activities across employees.

HackerOne is a platform where security researchers use cyberattack methods and tools to identify weaknesses in companies’ security systems. Companies use these findings to fix security breaches and stay ahead of cyber threats. Other HackerOne customers include General Motors, GitHub, Goldman Sachs, Google, Hyatt, Lufthansa, Microsoft, Nintendo, PayPal, Slack, Twitter, and Spotify.

Follow the link to learn more about inDrive’s Bug Bounty program.




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