Afrimarket, the e-commerce platform operating in French-speaking Africa, has officially announced its entry into receivership.
Founded by Rania Belkhaia and Jeremy Stoss, Afrimarket has been operating since 2015 in five French-speaking African countries: Côte d'Ivoire, Senegal, Benin, Cameroon, and Mali.
Despite the rise of the internet, the high penetration of mobile phones, and the development of mobile money solutions that have enabled marketplaces to flourish on the continent, African e-commerce must take into account a large number of specificities unique to the local market.
These specificities are real challenges that can hinder the growing development of the e-commerce market. According to the founder of Afrimarket, this market is still in its infancy and needs to adapt to changes as well as to African realities.
The closure of Afrimarket therefore leaves the field open to its competitor Jumia, the African e-commerce "unicorn" that successfully listed on the New York Stock Exchange in April. This crucial move enabled the company to raise nearly $200 million to accelerate its development.