Gains and losses for Jumia

Today: Safaricom denies sharing customer data.                                                                                                                                                                                                                                                                                                                                                                                                                 November 08, 2024 | [Read Online]( In partnership with [moniepoint logo] [Lire en Français]( [اقرأ هذا باللغة العربية]( TGIF! ☀️ Have you got that big brain energy? Put it to the test by [signing up for The Big Daily](, our newsletter that recaps the most important business, culture, and entertainment news from Nigeria. Every edition lands in your inbox by 7 AM WAT, and each takes just two minutes to read. Convinced? [Check it out here](. [today's edition image] - [Jumia commits to a “disciplined approach”](#Story1) - [Safaricom denies sharing customer data](#Story2) - [Visa invests in four African startups](#Story3) - [Funding Tracker](#Story4) - [World Wide Web 3](#Story5) - [Jobs](#Story6) E-commerce Jumia commits to a “disciplined approach” [TC Daily chimamanda dollar meme](Image Source: TechCabal Jumia CEO Francis Dufay says the e-commerce company will take a disciplined approach to continue its search for profitability. Yet, the company isn't new to talks of discipline. Can it outcut tough regional macros? Revenue slowed to $36.4 million even as total order value (GMV) also softened to $162.9 million for Q3 2024. When revenues decline, numbers of orders stay flat and the value of orders don't rise, it's tricky to make a profit. For Q3, Jumia's operating losses rose to $20.1 million. Yet, many of Jumia's problems are not of its own making. Devaluation in at least three of its key markets reduced the dollar value of its products (GMV). And when spending is so depressed, it's difficult to grow. As reasonable as these problems sound, investors are all about the money. So the market reacted instinctively to Jumia, pushing the stock price to an all-month low of $4. Tough going. [Read more here](. //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUg4PZtS2wLX6QVHNaGXvZPvq21pHklnY8fP8JHpnjac4QmOuL6AjGcQyTIbCKzzPQ0kmEMjJhHZtH9LMVvoQe2KV8rUj7j5EpmZkWgQ7JwnksevhZk4LnN5SUtZY4cBmLurMBZztzKkI5bBIa6xRf4J8LhgJQGsCEgqx1rNDRGDFJ5JiUnuV9ZRXn7keyK08kZmqAM3oiJcuymZU7Q5pBmJUBz9Jj3xI3fsCLSyznE64ujyLs-SNubvHAr1ghBsH1beNVz7nTTcgjzMP3A6iy2PgpNeYqf2dvwc2u3_rZbmTgzCPfo1Mdw_BPpBZ_JPOC/4ba/0ntcXaR3SliiN5SQ3TY3Dg/h8/h001.wJBVnAghXR3a2rS1kJfbX0tw5gSLzxPBYYSQcyX0JDo Read Moniepoint’s Case Study on Funding Women [Moniepoint image]( After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. [Click here for a deep dive]( into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges. Telco Safaricom denies sharing customer data [Peter Ndegwa](Peter Ndegwa, Safaricom chief executive. IMAGE | SAFARICOM Safaricom says the viral [investigation]( alleging that it was giving the Kenyan government unfettered real-time access to customer data, including sensitive call data records (CDRs) and location data, is untrue. During Thursday's announcement of its 2025 half-year financial results, Safaricom’s CEO, Peter Ndegwa said, “We do not share any customer data unless explicitly required of us via a court order.” In case you missed it, the October investigation also claimed that Safaricom’s data was misused to facilitate extrajudicial killings and forced disappearances, especially during times of civil unrest. It also alleged that Safaricom partnered with a British company, Neural Technologies, to develop software granting Kenyan security services real-time access to CDRs. However, Ndegwa says [the claims are inaccurate](. He confirmed Safaricom has a contractual relationship with Neural Technologies but says it was to develop an anti-fraud tool. “We do not share any customer data unless explicitly required of us via a court order.” Under Kenyan data protection laws, data controllers and processors must obtain consent from data subjects before sharing personal data with third parties. Companies must also comply with these laws by registering with the Office of the Data Protection Commissioner (ODPC) and adhering to guidelines for legally processing and sharing personal data. //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUdC4aCE89SQx8lZHKSE3Mr11-MiEtqes1qK4nux8eXi9ZvdNRn58QLlCsNuThqRaUNMs_FuqGfvkg4HeaA1QAXSsqcXEUga0YRCAZ6bprKCvGoyZdAm9kL_GzsP5uJakAyfbNIcAZJll3ApdUUhk0in-HsZinati_ruMhys6uPv3AihKRTMSGafbcJMVe39pDw4AY1bT5hwF2FcsIg0RpYwtJ60fGhzfLfd1ni0hMtT6_sro65sqoXdUhlRYwbCct-nN_fjYLACy3Zmzce3x7CJUubdpCeQyDppvg6tkSkroqutWZ43HstpEmL8kuBPYr/4ba/0ntcXaR3SliiN5SQ3TY3Dg/h16/h001.mNfa8he7sazp1AcuOjST6t7SxI1jP32tlWQhaXnquyo Issue USD and Euro accounts with Fincra [Fincra image]( Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. [Get started today](. Funding Visa invests in four African startups [Everybody gets money meme Oprah](Image Source: Google Visa, the world’s second-largest card payment processor, has invested in four startups from the 23 in the first cohort of the Visa Fintech Accelerator. These startups are Oze, a Ghanaian business banking platform; Orda, a Nigerian restaurant technology startup; WorkPay, a Kenyan HR and payroll management firm; and OkHi, a startup that provides address verification services using AI. If you are wondering why food-tech and HR companies are in a fintech accelerator, these platforms have embedded payment technology. Restaurants process payment for food on Orda, and companies process salary payments on OkHi. The most curious part of Visa’s announcement is how much investment these companies are getting. Visa, which says that this is a part of its plans to invest $1 billion in Africa, has [termed]( it a “strategic investment.” When big companies use this language, the said investment could involve cash or credits to access Visa’s infrastructure—such as payment gateways, cards, and APIs—at no cost, thereby significantly reducing the startups' dollar-based expenses. This latter approach would provide a direct return on investment for the card processor. Ismail Belkhayat, founder and CEO of Chari, who was part of the first cohort of Visa’s Africa accelerator program, previously [stated]( that the accelerator is one of several ways Visa is “helping more startups become issuers delivering cards to end users.” If this funding is cash-based, it would not be Visa’s first direct investment in African startups. In 2019, Visa acquired a 20% stake in Interswitch, Nigeria’s largest card processor, for $200 million. The company has also previously invested in Paystack, Branch, South African Jumo, and Sudanese startup Bloom. Visa's global rival Mastercard is also engaging in similar activities and has made both direct and indirect investments in startups and well-funded financial services providers across the continent. //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU6pJZgXh3YPQnXX4TcIQoOHyJavqvdHrhZiGnkSEz62Pv7QqHFqQkMvlHk_swrJQ4oP6l58Sr5gt_-LLob0B9Q0W4HgU5eKBUfQiHzhudYLU9XAQL0Sk_xw0x-2l-WfD8TYRFZ1emWxbOl71Oqq5ajm0pmoiHye4qdpXNQMiyr19MydGg0giUj_qTe6Bsto816qO5D55f_Kfz-OOEdLrNVJYwMIdt0Dh3bdbQRi9Y3uDF_eCx7UIq5FpiVjR06OppS4jiV2QQm6wSkIYgCNj1ueNko3cW4tYgiWS7nJA-Pm8/4ba/0ntcXaR3SliiN5SQ3TY3Dg/h24/h001.QZd5K68NK9xox-dpU-10aCSGFwCU7GgJLDTof7iWfqo Introducing Paystack transfers in Kenya 🇰🇪 [Paystack image]( Paystack merchants in Kenya can now send single and bulk transfers to any Kenyan bank or MPESA account (including customer wallets, Paybills, and Tills) [Learn more →]( Insights Funding Tracker [Funding Tracker Nov 4 - 8, 2024](Image Source: Stephen Agwaibor/TechCabal Insights This week, WellPal, an Egyptian Health and Wellness startup, [raised]( an undisclosed amount of Angel funding from a strategic investor (November 4) Here are the other deals for the week: - Beacon Power Services, a Nigerian Energy startup, has [raised]( an undisclosed amount in a Series A funding round led by Partech. (November 6) Follow us on [Twitter](, [Instagram](, and [LinkedIn]( for more funding announcements. Before you go, our Future of Commerce: Outlook for 2025 Report is out. Click this [link to download it](. //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoa_BPvLtE69Oejsiyof-yYo80fmIwMtqZ_JxhlvGkSx64SH0hPXSoRL9nLe5MpH7zApcVac8590cf4A2dzL12__M2rC1skcN6zZ9Q3PpBTuHfvCXGIW52MtlmXYNVcyQgh-zIIonCa1mW7Lze_KVUtHRbLP2yzv_H8VSRK_R5CKMCSLrV6wpIWK2CQsf1Qv3GAGd1Gmoxw_vjNgKq8GxR6rnFe-2kUFAJvdfkDQ_aoHGmQjJKE5nybuSY_wvvqV4dzau7KOqG8iCdoa8FD_UYVM/4ba/0ntcXaR3SliiN5SQ3TY3Dg/h36/h001.p5Ug4ZLn1orYwU3T_79X7G0D6te0ONPuYKpfJW9a1Ts CRYPTO TRACKER The World Wide Web3 Source: [CoinMarketCap logo] Coin Name Current Value Day Month Bitcoin $76,045.02 + 1.61% + 21.92% Ether $2,914.86 + 2.48% + 19.32% PAPO NINJA $0.04656 - 17.65% - 1.37% Solana $199.30 + 5.80% + 39.24% * Data as of 06:15 AM WAT, November 8, 2024. //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU2bc0b41Mg-90H_tngL5xGzrx9XYVUUhwIQPwMc2mUCrjG1hS5NLfRaseD4C0l4yQMmMiR0jAGkCqVHIMwTPNXBM2X2VzFmfjN_t1RPK4qfRwXpZVxudcGhqYvysxiKpZ9XqByB-CjCMSDyEYpnRMMFCurKAOjtJ_xkJyT0bpL4Ot8EWGzA9f6LPhZVZSjpT5RAFtLrpPkYJx5PFNO38bEB9t-4wQjm_nsanz2BAu4GZ7DLC8mj6HO3SbWGoyz2YLiDgx2MKezJoRGVM6JrSBediFDCaH-nM8uhpSfIGOAC8/4ba/0ntcXaR3SliiN5SQ3TY3Dg/h39/h001.DXq4czYOreXIYSovBBTqgbvt2COnneUUXzB-KnI__PA Jobs - Platos Health - [Product Marketing Manager]( - Lagos, Nigeria - Flutterwave - [Backend Engineer](, [Frontend Engineer](, [Compliance Officer]( - Hybrid (Lagos, Nigeria) - Jobberman Nigeria - [Digital Marketer]( - Lagos, Nigeria - KPMG Nigeria - [Strategy Consultant]( - Abuja, Nigeria - Renmoney - [Growth Manager](, [Head of Legal & Compliance](, [Head of Contact Centre]( - Lagos, Nigeria - Nosmas - [Full stack Developer]( - Lagos, Nigeria - Earnipay - [Digital Marketing Specialist](, [Content Marketing Specialist]( - Hybrid (Lagos, Nigeria) - Paystack - [Finance and Strategy Specialist]( - Lagos, Nigeria - Norebase - [Finance Lead]( - Remote (Nigeria) - Startbutton - [Digital Marketing Associate]( - Hybrid (Lagos, Nigeria) - Qore - [Product Manager]( - Lagos, Nigeria Get 60% off Google Workspace for a Year [Mercurie image]( Start on Google Workspace with a [60% discount on your monthly subscription]( and pay in Naira when you pay through Mercurie. [Sign up to get started now](. [in other news image] - [Kenyans are celebrating Donald Trump’s win]( - [Two OpenAI business partners each discuss a $2 billion valuation]( - [Startupbootcamp, Tycoon plan $250 million Africa startup fund]( - [‘Data incident’ at Standard Bank sparks full-scale probe]( Written by: Kenn Abuya, Emmanuel Nwosu, Ngozi Chukwu, and Stephen Agwaibor Edited by: Olumuyiwa Olowogboyega & Ngozi Chukwu Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa. - [The Next Wave](: futuristic analysis of the business of tech in Africa. - [Entering Tech](: tech career insights and opportunities in your inbox every Wednesday at 10 AM WAT. - [TC Scoops](: breaking news from TechCabal P:S If you’re often missing TC Daily in your inbox, check your Promotions folder and move any edition of TC Daily from “Promotions” to your “Main” or “Primary” folder and TC Daily will always come to you. 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