Naija, oh! Look at the section on Jforce Consultants providing sales services using their ID's on behalf of other sellers.
Kenya, ah! Majority of EUR720M paid in cash after delivery so NO commissions paid to Jumia!

I am abit miffed though about the generalization of Africa so terrible a market that Amazon and Naspers avoided / exited it. First not true. Naspers still operates in Africa and Amazon is making gradual acquisitions, notably Souq.com covering Middle East and some North African countries. I suspect this is the track / argument Jumia will take in their rebuttal conference call next week.
But don't know how anyone took their ADR filing seriously, even their financials were in 2 different currencies for the past 2 comparable years.
Totally sloppy filing!

Looks to me like an activist investor looking for a correction.

E-commerce firm Jumia Kenya has sent home about six percent of its local employees, coming days after its parent company announced the closure of its operations in three countries.

Berlin-based Jumia Technologies recently shut down operations in Cameroon, Tanzania and Rwanda.

“After careful consideration, we have made the difficult decision to undergo some headcount reductions across our business verticals and geographies,” Jumia’s local office said in a statement.

“While decisions like these are always difficult, we need to put our focus and resources where they can bring the best value and help Jumia thrive. We are supporting all impacted employees during this period of transition.”

The company did not specify the number of affected employees. Kenya is its largest market in East Africa where it had 686 employees as of December 2018.