Reputed as the first African Company to be listed on the NYSE, Jumia after initial denials on claims of internal fraud has finally admitted to the discrepancies on slaes nad orders. According to the e-commerce giant, phony orders were placed on the platform and eventually cancelled.
The incident raised many eyebrows as the amount in question is valued at an estimated $18 million and they reported to not have known about it until an investigation on its Q2 earnings.
As a result, the company stocks fell 17.4% on the exchange platform. In a similar vien, Jumia is currently battling several class action lawsuits based on misrepresentation of its financials while filing for its IPO.
However, the company has decided to explore its digital payments platforms in Nigeria and Egypt its two largest markets to serve as an additional revenue stream for the company, JumiaPay which is only currently available in 6 of the 14 markets Jumia operates.
