E-Business
Jumia Food Exits Nigeria, Other African Markets

Jumia, the continent’s leading online retailer, announced that it will close Jumia Food, its food delivery service, by the end of December 2023, in a move that sent shockwaves through the African e-commerce scene.

This sudden departure leaves a gaping hole in the burgeoning African food delivery market, raising questions about its future and the challenges facing major players.
Francis Dufay, CEO, Jumia cited a clear focus on the company’s core physical goods business and Jumia Pay platform as the reason for the exit.
Despite Jumia Food accounting for 11% of the company’s Gross Merchandise Value, its persistent struggle for profitability proved the tipping point.
He stated, “The more we concentrate on our physical goods business, the more we recognize the substantial opportunities for Jumia to flourish and achieve profitability. Hence, we must make the right decision by directing our management, teams, and capital resources towards seizing this opportunity.”
The news comes as no surprise to industry observers who witnessed Jumia Food’s rollercoaster ride. After a meteoric rise in 2021 with 82% year-over-year growth, the company faced a sharp decline in 2023, attributed to a shift towards profitability and reduced consumer incentives.
This exit is not an isolated incident. Bolt Food, another major player, also announced its withdrawal from Nigeria and South Africa, highlighting the harsh realities of the African food delivery landscape. Economic downturns, high inflation, and fierce competition from entrenched rivals like Uber Eats and Gokada are creating a volatile and unforgiving environment.
“It’s a segment that’s very difficult across the world, with very challenging economics and big losses. It’s also a segment that is extremely competitive across the world and Africa,” Francis Dufay, chief executive officer told Reuters.
“The economics are tough in this market because the costs are very high and there is plenty of competition so there is downward pressure on the commissions that we make and upward pressure on marketing costs because everyone is fighting for customers.”
However, amidst the doom and gloom, some players are finding success. Barcelona-based Glovo, through strategic partnerships with restaurant chains like Chicken Republic and Shoprite, is carving its niche in Sub-Saharan Africa.
Closer to home, Nigerian startup Chowdeck celebrates delivering over ₦1 billion worth of food in a single month, marking a major milestone in its expansion.
While Chowdeck’s success is promising, it’s crucial to remember Jumia’s scale.
Their $64 million in food delivery GMV for nine months translates to a staggering ₦5.7 billion per month, yet profitability remained elusive.
This underscores the universal challenge of achieving profitability in the global food delivery market, with giants like Doordash and Uber struggling despite massive venture capital investments.
With Africa’s food delivery market expected to reach $1.7 billion by 2028, the potential is undeniable. But the path to success is riddled with obstacles. Partnerships, technological innovations, and capital-efficient models like Chowdeck’s might hold the key.
E-Business
CBN Affirms Alpha Morgan Bank’s Capitalisation

The Central Bank of Nigeria (CBN) has affirmed the capitalisation of Alpha Morgan Bank, marking an important milestone in the bank’s growth journey and reinforcing its commitment to building a strong, resilient, and future-ready financial institution.

This affirmation reflects the bank’s adherence to regulatory requirements and its strategic focus on strengthening its capital base to support sustainable growth, innovation and improved service delivery to customers.
With this milestone, Alpha Morgan Bank is well positioned to continue expanding its footprint with its 14 approved branches across different states, while deepening inclusivity and enhancing the range of banking solutions available to individuals, businesses, and institutional clients nationwide.
Commenting on the development, the Managing Director of Alpha Morgan Bank, Mr. Ade Buraimo, expressed the readiness of the bank in ensuring compliance with regulatory requirement, good governance framework while delivering satisfying banking along the long-term vision of the bank to become the best bank to work and strong financial institution to reckon with.
He said: “Capitalisation is more than a regulatory requirement; it is an opportunity to strengthen the institution for the future. The affirmation of Alpha Morgan Bank capitalisation reflects the work we have done to build a solid capital foundation that allows us to support businesses more effectively, expand financial access and continue delivering the level of service our customers expect.’’
According to him, Alpha Morgan Bank remains committed to maintaining strong corporate governance standards, sound risk management practices, and prudent financial management as it continues to support economic development and create long-term value for stakeholders.
“As Alpha Morgan Bank enters the next phase of its journey, the institution will continue to scale its operation, invest in technology, expand its branch network and digital banking presence, whilst delivering reliable and satisfying banking experiences to its growing customer base,” Buraimo added.
E-Business
Police Says Victims Enable Cyber Attacks Out of Ignorance

Mr Uche Ifeanyi, commissioner of Police in charge of the Nigeria Police Force National Cyber Crime Centre (NPF-NCCC), said on Friday that most cyber attacks occur because victims act out of ignorance.

He spoke in Abuja at the opening of an online cybercrime awareness campaign themed “Odogwu No Dey Hide Him Face,” organised to educate and empower communities about online safety and cyber hygiene.
“Studies reveal that the majority of cyber attacks are initiated or enabled by victims due to lack of knowledge.
“Personal information is invaluable and must be protected at all times.
“Just as we maintain physical health, we must also maintain a healthy digital lifestyle,” he added, stressing that simple cyber hygiene practices could greatly reduce the risk of becoming a victim.
He urged the public not to disclose confidential information to unauthorised persons and to use strong, unique passwords, enable multi-factor authentication, and apply security safeguards on digital devices.
“Keep personal information private, avoid suspicious links, and regularly update software or system patches,” he said, adding that antivirus programmes and firewalls were essential for online safety.
Ifeanyi warned against falling for “free gifts” online.
“If it sounds too good to be true, it most likely is fraud,” he said, advising caution with urgent or suspicious messages.
He also urged internet users to verify information before sharing to avoid spreading fake news, emphasising that cybercriminals could exploit everyone regardless of age, occupation, or social class.
Vincent Olatunji, director-general, National Data Protection Commission (NDPC), commended NPF-NCCC for its efforts and said the campaign theme was commendable.
He noted the importance of educating people on legitimate wealth and safe internet use.
Olatunji said that the fight against cybercrime required collective effort, warning that the risks were increasing daily as more people connected to the internet across Nigeria.
E-Business
Firm Enhances its Security Awareness Platform with SCORM and PDF Support

Kaspersky has introduced an update to its Automated Security Awareness Platform, adding full support for PDF and SCORM (Sharable Content Object Reference Model) – the industry-standard protocol for deploying and managing e-learning content.

The enhancement enables organisations to build fully customised cybersecurity training programmes that reflect their infrastructure, risk profile, and internal policies, while continuing to benefit from Kaspersky’s expert-driven security content and phishing simulations.
According to the Kaspersky report titled “Redefining the Human Factor in Cybersecurity”, employees responding to phishing attacks was one of the main causes of cyber incidents in companies worldwide, accounting for 21% of cases among other reasons.
At the same time, additional Kaspersky research reveals that social engineering attacks are predicted to increase more than any other type in the nearest future, with 87% of respondents believing that social engineering attacks will become even more effective due to the use of AI tools.
The new Kaspersky Automated Security Awareness Platform (Kaspersky ASAP) update directly addresses several persistent challenges such as reducing the number of human-related incidents, cutting time spent on managing training programmes, decreasing regulatory and compliance risks, and minimising potential legal or reputational damage stemming from cybersecurity breaches.
With the new SCORM support, the platform becomes even more flexible: companies can now upload, track, and manage their own SCORM-based learning materials directly within the system. In addition, companies can accelerate their programmes by using easier-to-create PDF-formats.
This allows organisations to tailor training to their specific technology stacks and emerging threats targeting their industry or region. Businesses that have already invested in third-party SCORM courses or internal learning development can now seamlessly reuse their existing modules, protecting their prior investments while strengthening their cybersecurity posture.
The combination of Kaspersky’s embedded content built on real cases uncovered by the company’s world-class experts with customers’ PDF materials or SCORM modules enables a true best-of-breed approach to human risk management.
Organisations can supplement Kaspersky’s up-to-date cyberattack scenarios with internal policies, unique workflows, and industry-specific lessons, ensuring training resonates with employees and reflects real operational challenges.
“Human behaviour remains one of the most unpredictable elements in cybersecurity and also one of the easiest for attackers to exploit. By adding SCORM support to Kaspersky Automated Security Awareness Platform, we’re giving organisations the flexibility to build training programmes that truly match their internal realities.
“Combined with Kaspersky’s expert-driven content and real-world attack data, this update empowers companies to create more adaptive, relevant, and impactful awareness programmes than ever before,” comments Svetlana Kalashnikova, Security Awareness expert at Kaspersky.
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