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$Jumia Technologies AG(JMIA)$Overall, Jumia is improving in their scaling of user acquisition and consumer loyalty, but the rate of improvement in ratio to the increase in marketing expenses do not do justice to the money spent. But the money spent on team expansion into Cairo is good, as it will increase the productivity of the operations. Whether the result is good or bad, we will only find out in the ER of Q3 or Q4 2021. After looking at their GMV to TPV, I believe their average purchase size is decreasing mainly due to the increase of JumiaPay users as it is integrated into day-to-day usage, subscription payment and game credit purchases. As it takes up 14% of the GMV which is a60% growth. Their cash position is still good on an overall. Sufficient to tide them through the next 2-3 years at current cash burn rate. As an e-commerce platform, their scaling Q-o-Q is too little, would probably consider picking them up when they have a decent improvement of more than 30% and when Africa makes a turn for recovery.