By Dipo Olowookere
The management of Dolidol, the market leader in Francophone Africa based out of Morocco, has assured that the recent acquisition of Mouka, Nigeria’s leading brand of mattresses, pillows and other bedding products, will not lead to a job loss.
In a statement made available to Business Post on Wednesday, the firm said rather, it will result in the creation of more job opportunities and massive investment in the company.
The CEO of Dolidol, Mr Mohamed Lazaar, stated that the transaction “will allow Dolidol to strengthen its presence in the continent and complement Mouka’s growth in the region with an addressable market of around 200 million Nigerians.”
Also, a Partner at Development Partners International (DPI), Ms Sofiane Lahmar, stated that, “As the most populous country in Africa, Nigeria shares many of the same trends as the rest of the continent, including positive demographics, a fast-growing middle class and rising consumer-spend.
“We remain confident in the future of the business and look forward to working with both management teams to execute the company’s ambitious strategy and vision.”
Also commenting, the CEO of Mouka, Mr Raymond Murphy, disclosed that the deal sets the scene for bigger and greater things for the Mouka brand with this affiliation with a regional market leader.
“In the light of this new development, Dolidol, a Moroccan market leader in the mattress space, will bring to the fore significant foam science, technical and engineering expertise to Mouka.
“As the market leader in Francophone Africa, Dolidol’s expertise will also be introduced to boost Mouka’s operations and the quality of its product portfolio,” Mr Murphy said.
The Chief Operations Officer of Mouka, Mr Femi Fapohunda, expressed optimism that, “With Dolidol’s stake in Mouka, our consumers and trade partners should look forward to new and ground-breaking innovations due to the technological expertise Dolidol brings onboard.
“In addition, from an operational point of view, we look forward to improved productivity and product quality that meet consumer needs and exceed their expectations.”
On his part, the Chief Commercial Officer of Mouka, Mr Dimeji Osingunwa, stated that, “I believe this strategic ownership will create additional investments in the expansion of the Mouka footprint within Nigeria and beyond our borders. I look forward to the synergy between the Mouka and Dolidol in deploying a world-class route to market strategy.”
Firm Launches Yellow Pay to Facilitate Easy Intercontinental Transactions
By Adedapo Adesanya
Yellow Card Financial has announced the launch of its new payment feature, Yellow Pay, to make it easier for customers to send and receive money through the company’s crypto exchange platform.
The firm said the new product will be coming without any extra charges for users.
The Director of Operations for Yellow Card, Mr Oparinde Babatunde, said one of the biggest challenges in Africa is the difficulty in money transfer, stating that it is easier to send money from Nigeria to the US than it is to send money from Nigeria to Ghana or Zambia, and in the instances where it is possible, it is usually through the United States Dollars.
However, “Yellow Pay simplifies money transfer between African countries by building a solution that understands the way Africans already interact with financial products.
“We’ve managed to simplify it further by reducing costs and waiting time of remittance across the continent drastically compared to traditional money transfer rails.
“With Yellow Pay, Africans can send money across borders using their phones.”
Yellow Pay uses Yellow Card’s crypto exchange platform to complete customer transactions in USDT (Tether).
It is important to note that Yellow Pay is not a money remittance or foreign currency exchange service. Rather, Yellow Pay is an advanced crypto exchange product.
The company explained that there are several benefits to using Yellow Pay. Firstly, the service is powered by blockchain technology making it cheaper. Secondly, transactions are instant so there’s no waiting period. Lastly, money transfers are absolutely free. And lastly, the uses are endless as one can: send money for business, school and healthcare. Gift cash to friends and family across Africa, pay vendors in other countries, receive payment for services, pay bills and fees in other African currencies and so much more.
Mr Oparinde adds that “The people that will benefit from Yellow Pay the most are the unbanked and underserved people living in peri-urban areas and rural parts of the continent. They usually do not meet the necessary requirements to open a dollar account with banks and as such are cut off completely. Yellow Pay will service this market.”
The company added that the launch of Yellow Pay not only makes it easier for money transfer but also opens up the continent to more investment, access to credit, and business grants, and generally will improve the ease of doing business.
Jumia Grows GMV by 21%, Revenue by 43% in Q2 2022
By Adedapo Adesanya
Jumia Technologies recorded a 21 per cent growth in its Gross Merchandise Value (GMV), which shows the total sales monetary value for merchandise sold through a particular marketplace over a certain time frame, in the second quarter of the year as the metric jumped to $271.1 million compared to $223.5 in the same period last year.
This was announced today in its financial results for the second quarter ended June 30, 2022.
Revenue also grew 42.5 per cent to $57.3 million from $40.2 million while it raked in a gross profit of $30.4 million from $26.8 million, a 13.6 per cent growth by comparison.
This is as Orders and Quarterly Active Consumers also grew by 35 per cent and 25 per cent respectively. In the period under review, Jumia across the board settled 10.3 million orders against 7.6 million, while its customer base in the three months grew from 2.7 million last year to 3.4 million.
Commenting on the results, Mr Jeremy Hodara and Mr Sacha Poignonnec, co-Chief Executive Officers of Jumia said, “We remain focused on scaling the business towards profitability. In the second quarter of 2022, we have successfully delivered on each building block of our path to profitability: usage growth momentum, monetization acceleration and cost discipline.
“Despite a deteriorating macro environment, we maintained a strong pace of usage growth. Orders, Quarterly Active Consumers, and GMV grew by 35 per cent, 25 per cent, and 21 per cent respectively, on a year-over-year basis.
“Leveraging robust usage growth, we further accelerated monetization. Gross Profit and Marketplace revenue were up 14 per cent and 17 per cent year-over-year respectively, the fastest growth rates of the past 5 quarters.”
In the context of rising inflation and input cost pressure, Jumia announced that cost discipline remained a top priority, adding that it drove usage growth and monetization acceleration with lower-than-expected marketing investments with Sales and Advertising expenses of $41.0 million in the first half of 2022 compared to our guidance of $50-55 million.
“We believe we are now past the peak of quarterly Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) losses reached in the fourth quarter of 2021 and intend to redouble our efforts to reach profitability, leveraging our strong business fundamentals.
“We intend to reduce Adjusted EBITDA losses starting from the second half of 2022 with a 12 per cent to 29 per cent decrease year-over-year.”
“We are confident our consistent and disciplined execution will help us reach profitability and build an even stronger and more relevant platform,” the company noted.
Speaking on its impact initiatives, Jumia noted that in Nigeria, it partnered with Errand360 to offer eco-friendly, bicycle-powered meal deliveries to our customers.
“This partnership will help us reduce our carbon emissions and delivery costs thanks to lower maintenance costs and zero spend on fuel,” it said.
NIPR Lagos to Hold 9th Stakeholders Conference August 18
By Adedapo Adesanya
The Lagos State Chapter, the premier branch of the Nigerian Institute of Public Relations (NIPR) in collaboration with Addefort Limited is set to host the ninth Lagos Public Relations Stakeholders’ Conference.
In a disclosure on Thursday, the chapter said that the conference will address Leadership and Poverty Eradication at the MUSON Centre, Lagos on Thursday, August 18, 2022.
The Lagos Public Relations Stakeholders Conference is a bridge-building initiative to interact and proffer solutions to the social, political and economic challenges plaguing our nation.
This edition themed Conversations on Leadership and Poverty Eradication is expected to feature distinguished speakers including; the Governor of Lagos State, Babajide Sanwo-Olu; Mr Tony Elumelu, founder and Chairman, Heirs Holdings; and Mr Umar Garba Danbatta, Executive Vice Chairman/ CEO, Nigerian Communications Commission (NCC).
Others are Mr Segun Ajayi-Kadir, DG Manufacturers Association of Nigeria (MAN); Mr Kayode Pitan, Managing Director, Bank of Industry (BoI); Mrs Tejumola Abisoye, Executive Secretary, Lagos State Employment Trust Fund (LSETF); Mrs Cecilia Bolaji Dada, Commissioner of Women Affairs and Poverty Alleviation, Lagos State and Dr Oluseye Ajuwon, Economist and Consultant, University of Lagos.
Speaking on the conference, the Chairman, Lagos NIPR, Mrs Comfort Obot Nwankwo, explained that the theme for this years edition is timely, adding that the Institute is committed to setting agenda for stakeholders’ engagement and lead the discuss to reawaken national consciousness.
She noted that eradicating poverty in all its forms remains one of the greatest challenges facing humanity; Nigeria is not an exemption, despite the efforts of government in the country, too many are still struggling for the most basic human needs.
On the part of Mr Olabamiji Adeleye, Conference Coordinator & Lead Consultant, Addefort Limited, participants at the conference will include; representatives from government, Public Relations practitioners, economic experts, the United Nations, embassies, corporate organisations, institutions, NGOs, HODs of relevant agencies, and the media among other stakeholders.
Latest News on Business Post
- 95% of Insurance Firms Upload Data to NAICOM Server August 13, 2022
- Africa Gets Just 12% of Climate Change Financing August 13, 2022
- NITDA Wants Nigerians’ Contributions to AI Development August 13, 2022
- International Youth Day 2022 and Nigerian Youth Ordeals August 12, 2022
- A Thoughtful Approach to Wealth Management August 12, 2022
- Firm Launches Yellow Pay to Facilitate Easy Intercontinental Transactions August 12, 2022
- Verification of Bank of Agriculture Pensioners Begins August 12, 2022
- Twitter Introduces Location Spotlight, Others to Benefit Professionals, Businesses August 12, 2022
- CitiTrust Lifts Over-the-Counter Bourse by 0.05% August 12, 2022
- Value of Naira Falls at P2P, I&E, Parallel Market as Forex Scarcity Worsens August 12, 2022