Copia Global is shutting down operations in Uganda. According to the firm, this move is consistent with the best companies in Africa and around the world that are responding to market conditions and prioritizing profit.
“Given the economic downturn and constrained capital markets are expected to continue for some time, Copia plans to double down on efforts to drive our founding Kenya business to sustainable, scaled profitability,” a company statement reads.
Copia opened a branch in Uganda in 2021. This is a move that the founder of Copia Global, Tracy Turner described as “the next step” in the company’s vision to reach Africa’s expanding middle class.
“With a hardworking population and a dynamic entrepreneurial culture, Uganda has one of the world’s fastest-growing middle classes. Copia is specifically designed to serve this fast-growing but underserved consumer base that wants access to high-quality products at the best prices,” Turner explained.
Copia Global Explaining Why it is Shutting Down
The CEO explaining further stated that the right move for Copia is to work tirelessly to restart its Pan-African plan. Turner also revealed that the company will be focusing more of its resources in Kenya, which will earn long-term success. This means pausing international expansion plans, including suspending its Ugandan operation.
The company says it has alerted its Ugandan agents and clients of its departure and is already paying out outstanding commissions. Copia Global’s recent decision to leave Uganda will affect more than 350 people. No cause for alarm as the affected employees have received a severance payout.
Conclusion
Copia which was founded in 2012 and began operating in 2013, combines technology and a network of over 40,000 local agents to reach consumers in cities and towns across East Africa. Its aggregation methodology enables them to pass on lower vendor prices to customers.
However, the company is developing its brand of products and has constructed two facilities to package Copia-branded sugar and rice.
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