E-Business
Jumia Records Gross Profit Increase, Decrease in Operating Loss
Pan African ecommerce platform, Jumia has reported a year-on-year gross profit increase of 22% in its 2020 Q3 report released on Tuesday. The report showed an improvement in the operating loss which decreased by 49% compared to the previous year.
The report according to the company is an indication that the Jumia brand is making significant progress towards profitability.
Commenting on the report, Jeremy Hodara and Sacha Poignonnec, Co-Chief Executive Officers of Jumia said “Having established Jumia as the leading pan-African e-commerce platform, we have focused over the past 12 months on firmly advancing towards breakeven.
The significant progress achieved was mostly attributable to the thorough work we have done on the fundamentals of our business, with limited support from external factors such as COVID-19.
The business mix rebalancing initiated late last year has increased our exposure to everyday product categories and, combined with enhanced promotional discipline, supported unit economics.
We are making significant progress on our path to profitability with Adjusted EBITDA loss in the third quarter of 2020 decreasing by 50% year-over-year.”
Jumia’s fintech solution product, JumiaPay also recorded a year-on-year increase in Total Payment Volume (TPV) by 50%. “we continued to drive robust growth of JumiaPay by more than doubling the penetration of JumiaPay TPV to over 25% of GMV in the third quarter of 2020, a clear sign of our ability to drive prepayment adoption on our platform efficiently.
We believe the fundamentals of our business have never been stronger, setting a robust foundation for the long term, profitable growth of Jumia,” Hodara said.
JumiaPay Transactions increased by 6% from 2.1 million in the third quarter of 2019 to 2.3 million in the third quarter of 2020, with Transactions above €10, which include prepaid purchases on the Jumia physical goods marketplace and Jumia Food platforms, growing by almost 90% over the same period.
Overall, 34.1% of Orders placed on the Jumia platform in the third quarter of 2020 were paid for using JumiaPay, compared to 30.6% in the third quarter of 2019.
As contained in the report, annual active consumers on Jumia reached 6.7 million in the third quarter of 2020, up 23% year-over-year as the brand continued focusing on both consumer acquisition and existing consumers’ re-engagement.
Orders on the platform however reduced to 6.6 million, representing a 5% year-over-year fall. This according to the company is due to a 20% decrease in digital services transactions on the JumiaPay app, while orders on the rest of the platform were stable.
The report also indicated that Jumia is making meaningful progress in the reduction of the overall rate of Cancellations, Failed Deliveries and Returns (“CFDR”).
The CFDR rate as a percentage of GMV decreased from 31% in the third quarter of 2019 to 23% in the third quarter of 2020. The CFDR rate as a percentage of Orders decreased from 23% in the third quarter of 2019 to 14% in the third quarter of 2020.
The company also stated that it made multiple enhancements across logistics and marketing operations that led to a decrease in fulfillment and marketing expenses for the third quarter of 2020 by 20% and 55% respectively, on a year-over-year basis.
According to the company, the portfolio optimization completed last year, along with overhead rationalization, contributed to a decrease in G&A costs excluding share-based compensation of 24% year-over-year in the third quarter of 2020.
E-Business
NIMC Grants NCoS Licence to Register Inmates for NIN
National Identity Management Commission (NIMC) has granted licence for the Nigerian Correctional Service, (NCoS) to register inmates in the over 252 custodial centres across the country for National Identity Numbers, (NIN).
The approval followed the request made by Sylvester Nwakuche, acting controller general of the NCoS, who paid a visit to Engr Abisoye Coker-Odusote, director general/chief executive Officer of NIMC, in her office.
The acting controller-general, said the licence to carry out registration of inmates for NIN would eliminate exclusion of inmates from the country’s National Development plans, ensure their safety and security and facilitate their smooth recapture in times of jailbreaks.
The NCoS boss said the visit to the headquarters of NIMC was in search of collaboration that would enable the Service carry out its mandate seamlessly following on going reforms of the Correctional Service system.
According to Nwakuche, there are lots of socio-economic developments within the Correctional Service systems which had led to a number of inmates obtaining University degrees, Masters Degrees and Doctor of Philosophy (PhD) in various fields.
He said such inmates should not be excluded from the national development plans of the country as they should be integrated into the society to become useful for their families and the country.
Nwakuche said inside the Correctional centres are those awaiting trials whose innocence and otherwise has to be decided by the Courts, but argued that in times of National planning, census and other critical national development issues, they should not be disallowed from participating.
Coker-Odusote who granted the licence said NIN has become critical and essential to the country’s national development plans, stressing that NIMC has gone far with the private sector, especially the banks and the Central Bank of Nigeria (CBN) as all banks accounts are now linked with the NIN.
Coker-Odusote said the Eight points Agenda of President Bola Tinubu are also anchored on the Country’s digital identity or National identity Number, stressing that for instance NIN was tied to students loans to eradicate duplicity and prevent ghost beneficiaries.
Coker-Odusote expressed delight in the partnership with the NCoS, saying that the Commission had already entered into partnership with the Nigeria Immigration Service, NIS and other agencies in order to facilitate the smooth delivery of their constitutional mandates.
She commended Dr Olubunmi Tunji-Ojo, minister of Interior, for his dynamic leadership and role in ensuring the delivery of dividends of democracy to Nigeria through various reforms.
E-Business
NIMC Trains 388 Personnel to Boost NIN Enrolment
National Identity Management Commission (NIMC) has kicked off a three-day training program for 388 personnel aimed at enhancing the National Identification Number (NIN) enrolment process across the country.
The training, tagged “Refresher Training of Trainers on NIN Integration to the National Social Register: Technical and hands-on devices and field operations and procedures”, is in collaboration with the National Social Safety-Net Coordinating Office.
The training is also to equip personnel with the necessary skills to efficiently handle the complexities of enrolment processes
In her address at the event held in Port Harcourt on Monday, Abisoye Coker-Odusote, director-general and chief executive officer, NIMC, noted that the initiative aligns with the commission’s overarching goal of achieving secured and great success for the Renewed Hope social initiatives.
Represented by Adedapo Adedoyin, her technical advisor on ICT, the NIMC DG said the event is a pivotal initiative that marks a significant step forward in our mission to enhance and modernize the National Identification Number enrolment process across Nigeria.
She stated, “Today, I am pleased to announce the launch of a comprehensive training program aimed at refreshing the technical and operational skills of the National Social Safety-Net Coordinating Office State Operations Coordinating Unit and NIMC staff.
“This initiative focuses on practical and field-based exercises, ensuring that our teams are well-equipped to handle the complexities of enrolment processes with precision and efficiency.
“This initiative aligns with our overarching goal of achieving secured and great success for the Renewed Hope social initiatives. Through verified digital identification, we aim to improve the lives of Nigerians by providing them with access to essential services and opportunities that require a reliable and secure identity verification system”.
Coker-Odusote explained that the training program will be conducted in two batches, encompassing four states: Kwara, Nasarawa, Kano, and Rivers. A total of 388 attendees will participate in this initiative, including 225 NASSCO State Operations Coordinating Unit representatives, 35 NIMC facilitators, and 128 State support staff.
She added, “The sessions are meticulously designed to foster knowledge sharing and hands-on experience with NIMC’s enrolment device and software, ensuring that our personnel are adept at using these tools to their full potential.
“By empowering our teams with enhanced skills and practical experience, we are setting the stage for more efficient and accurate NIN enrolment processes across the nation”.
Coker-Odusote further said the training program “is a crucial step toward achieving the World Bank’s Identification for Development Initiative target of enrolling 180 million Nigerians with secure digital IDs.
“By bolstering our technical and operational capabilities, we are ensuring that NIMC is well-positioned to meet and exceed this target, thereby contributing to the global vision of inclusive and accessible digital identification for all”.
The NIMC boss8 called for collaboration between all stakeholders saying, “As we embark on this journey, I urge all participants to embrace this opportunity for growth and development.
“Together, we can build a robust and efficient National Identification System that will serve as the cornerstone for Nigeria’s social and economic progress.”
E-Business
Kaspersky Discovers New Scam Scheme Targeting Businesses on Social Media
Kaspersky experts have uncovered a new phishing scam targeting businesses that promote their pages on Facebook. Scammers send emails allegedly on behalf of Meta for Business – Facebook’s platform for businesses – claiming the recipient’s page contains prohibited content.
The email suggests users provide explanations in order for their account and page to be unblocked. The goal of the attackers is likely to get access to users’ business accounts.
Kaspersky’s anonymised data shows that such emails started reaching users on 14 December 2024, with complaints coming from organisations all over the world, including the Middle East, Turkiye and Africa.
By examining the “From” field in the email it can be seen that the domain does not belong to Facebook. According to Kaspersky data the emails that this campaign used were sent from different domains.
The link in the email redirects users to Facebook Messenger. On Messenger, the account posing as Facebook’s support team appears legitimate, creating a false sense of trust.
There is an indication that this is a fan page, but it is easy to miss in a situation of high stress after being accused of spreading illegitimate content.
This scheme stands out for its sophistication. Unlike earlier scams that accused users of copyright violations and directed them to respond via email, this approach simulates internal communication on the Facebook platform itself.
“In 2025, we anticipate a rise in attacks leveraging social engineering and user trust in major platforms. Scams like this are becoming more sophisticated as attackers strive to mimic official services closely.
“Users must remain vigilant, verify the authenticity of messages, and avoid clicking on suspicious links. We strongly advise users not to engage with suspicious accounts and to activate additional security measures, such as two-factor authentication.
“If you receive such an email, report the incident to Facebook’s support team and update your passwords immediately if any information has been compromised,” comments Andrey Kovtun, Email Threats Protection Group Manager at Kaspersky.
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