Jumia, the Amazon of Africa that fell from grace
The two CEOs of Jumia announced earlier this month that they were taking a 25% pay cut to support the online retailer manage costs during the coronavirus pandemic, reports BBC online.
In 2019, the duo and the company’s chief financial officer collectively earned $5.3m (£4.27m) in base salaries and one-time bonuses. But Jumia’s losses rose 34% to $246m, the eighth straight year without profits.
A silver lining arrived with lockdowns that shut down much economic activity but led to a surge in online shopping. Before the rush, the African online retailer had ended last year with 6.1 million active consumers on its websites, up from 4 million previously.