Jumia Egypt CEO has high hopes for SMEs despite economic hardships

By Sherif Tarek
Posted on Thursday, 1 September 2022 11:27

Hesham Safwat, Jumia CEO (photo supplied by Jumia Egypt)

Africa’s iconic tech company Jumia is facing stern challenges as the continent gets the short end of the stick in the ongoing Russian invasion of Ukraine. 

The Nigerian-born company Jumia, listed on the New York Stock Exchange since 2019, runs operations in 11 African nations: Nigeria, Egypt, Kenya, Uganda, Tunisia, Algeria, Morocco, Ghana, Ivory Coast, South Africa and Senegal.

In Egypt, Africa’s third most populous nation, Jumia has risen to prominence, becoming one of the North African country’s major e-commerce players through a tumultuous decade. Political upheaval, local currency flotation, the pandemic and finally the Russia-Ukraine war have left the Egyptian economy reeling over the past ten years.