Konga
Online Shopping Limited (Konga) today finalized its acquisition of Zinternet
Nigeria Limited (Zinternet). The transaction was finalized upon consent from
the Central Bank of Nigeria with Konga now owning 100% of Zinternet’s assets,
including its mobile money license.
Given its stated
motto of being an engine of commerce for Nigeria, Konga constantly seeks to
facilitate trade and commerce. In April 2014, the company opened up its
platform to SMEs and enabled them to sell alongside Konga. Today, Konga is home
to over 15,000 small businesses that trade on the Konga.com domain. In November 2014,
the company engaged the services of third-party logistics companies and spurred
the creation of dozens of delivery franchises across the nation. With the
acquisition of this mobile money license, Konga is poised to offer payment
solutions to merchants on and off the Konga.com platform.
Responding
to news of the acquisition, Sim Shagaya, Konga CEO, said, “We are excited to
work with our banking partners to extend the reach of their services in driving
the adoption of cashless payment solutions. As merchants ourselves,” he added,
“we know firsthand the frictions involved in transactions processing and we
look forward to exploring how our banking partnerships could eliminate this
friction not just for Konga, but also for SMEs around the country.”
Konga hopes to play a major
role in realizing the Central Bank’s vision of driving Nigeria towards a
cashless society. Often named as one of Nigeria’s most innovative, indigenous
companies, Konga plans to bring its high levels of innovation and energy to advancing
the Nigerian financial services landscape
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