By PAUL WAFULAFraudsters used electronic cards to acquire goods worth over Sh62 million from Jumia in 2017, giving the online shopping platform a taste of online fraud. Consumer fraud may harm seller confidence in the integrity of our marketplace and the certainty of payment,” Jumia says in a prospectus where it is seeking to raise Sh10billion by selling shares to international investors. MORE TROUBLESThe prospectus was filed with the Securities and Exchange Commission in the United States this week by its parent company Jumia Technologies AG. It argues that additional measures that we take to address fraud could also negatively affect the attractiveness of our platform to sellers or consumers, putting it at a loss. The firm says illegal, fraudulent or collusive activities by employees could have a material adverse effect on its business.

Source: Daily Nation March 13, 2019 18:11 UTC