Nigeria – We have received an official announcement from Konga.com that the company has completed the acquisition of Zinternet Nigeria Limited (Zinternet). The deal was confirmed upon approval from the Central Bank of Nigeria, Konga now retains 100% of Zinternet’s assets including its mobile money license.
This will go a long way in upgrading and improving Konga Pay, the e-business latest innovation to encourage consistent and seamless e-commerce transactions in Nigeria and other Africa countries the company operates on and off its platform.
Here is the official press release; on Konga.com
“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, company’s 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.”
The giant online store 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”.
We will have more details on this improvement later