Friday , September 21 2018
Home / Business / Zinox acquires Konga

Zinox acquires Konga

After months of negotiation with Naspers and AB Kinnevik, Zinox Group, Nigeria’s foremost integrated ICT solutions conglomerate and Original Equipment Manufacturer (OEM) have acquired majority share in e-commerce giant, Konga.
The move according to analysts is expected to raise the profile of e-commerce in Nigeria.
Naspers is a South Africa-based multinational internet and media group, offering services in more than 130 countries while AB Kinnevik, founded in 1936, is a Swedish investment company investing primarily in digital consumer brands.
Information Technology experts say that the development signifies a remarkable return to e-commerce for the Zinox Group after it pioneered e-commerce business in Nigeria with the launch of BuyRight Africa.com which struggled to cope with the absence of credit card and e-payment infrastructure over 12 years ago.
The acquisition is also understood to have passed all regulatory approvals by the Securities and Exchange Commission (SEC).
Details of the mega deal indicate that the Zinox Group, arguably Africa’s most integrated technology group will assume ownership of the e-commerce group which includes Konga.com, Nigeria’s largest online mall; KongaPay, a CBN-licensed mobile money platform with over 100,000 subscribers and rated as one of the best mobile money channels in the country as well as KOS-Express, a digitally-driven and world class logistics company with advanced delivery capabilities for Konga and other structured companies nationwide.
The landmark acquisition is seen by industry watchers as a major development that could see e-commerce in Nigeria finally unlock the massive revenue potential in the global multi-billion-dollar industry.
In 2017, retail e-commerce sales worldwide amounted to 2.829 trillion US dollars while e-retail revenues are projected to grow to 4.48 trillion US dollars in 2021.
Coming at a time when global e-commerce spending is expected to top previously unheralded levels, the acquisition is widely expected to reposition Konga for a greater share of the e-commerce purse in Nigeria and beyond.
The acquisition is also expected to create employment opportunities for over 5000 Nigerians, both at home and in the Diaspora.

About Editor

Check Also

CBN boosts foreign exchange market with $210m

The Central Bank of Nigeria (CBN) says it has injected 210 million dollars into the …

0Shares
0 0 0 0