For explanations on the Group’s credit risk management processes, refer to Note 33.

As of December 31, 2020, sundry accruals included a litigation settlement accrual of USD 5,000 thousand. As previously disclosed, several putative class action lawsuits were filed in the U.S. District Court for the Southern District of New York and the New York County Supreme Court against us and other defendants, including certain current and former members of our management and supervisory boards, in 2019. The cases asserted claims under federal securities laws based on alleged misstatements and omissions in connection with, and following, our initial public offering. On August 11, 2020, we reached an agreement to fully resolve all of the actions, subject to conditions including court approval. Under this agreement, in which the defendants did not admit any liability or wrongdoing, Jumia made a settlement payment of $5 million on January 18, 2021, $1 million of which was funded by insurance coverage proceeds received on January 13, 2021. The U.S. District Court for the Southern District of New York and the New York County Supreme Court approved the settlement agreement in March 2021. No shareholders had filed objections to the settlements.

Additionally, sundry accruals also relate principally to cash-settled awards, consultancy, legal, marketing, IT and logistics services payables. The current cash-settled awards amount to USD 1,241 thousand as of December 31, 2021 (2020: USD 12,706 thousand). There are additional USD 769 thousand recognized as non-current cash-settled awards.