Jumia Technologies Price Jumps Off To Greater Highs

Jumia, which is based in West Africa, plans to launch its digital payment services in Egypt. JMIA stock jumps 10% in the pre-market. Its price is at $12.24 as of now. E-commerce firm JumiaPay is planning to expand its operations in Egypt by launching services to other online retailers, its head said. Jumia is planning to launch in Egypt next year. The move will allow the company to boost its revenues by more than 50%. Jumia was established in 2012 by French nationals Jeremy Hodara and Poignonnec to bring e-commerce to Africa. It now operates in 11 countries.

In Egypt, where many of its residents don’t have bank accounts, Amazon could benefit from the country’s rapid growth. Its e-commerce sales have boomed. In 2021, the e-commerce giant Jumia started offering food delivery in North Africa. It is competing against Talabat and elmenus, which are both backed by venture capital. It has been a bit of a mystery since the e-commerce firm’s 2019 New York IPO, as to when it will become profitable. During its first off-platform transaction in Egypt, Louali said that the company would start to scale its various businesses.