CBN Grants Konga Right to Power KongaPay with Zinternet
KONGA Online Shopping Limited (Konga) has 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.”