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Kinnevik Invests More, Says Konga Heading Towards Profitability

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Konga’s investors Kinnevik AB with 34% stake valued at SEK 133m (Swedish Krona) approximately $15m as at September 30, 2016, has reported that Nigerian e-commerce giant, Konga, is on its way to profitability even as it has already committed to double digit multi-million dollar investment in the e-commerce platform this year.

In its interim report for the first 3 quarters of the year 2016, Kinnevik said Konga’s active customers per end of August increased by 5% compared to last year, due to Konga’s focus on operational efficiency.

It further published that Konga is progressing well on its path to profitability and reached break-even before overhead costs for the first time in September 2016.

Though the figures of new funding from Kinnevik could not be obtained, Konga received series B $25 million funding from Kinnevik and Naspers in 2013; $40m in Series C in 2014; and Shola Adekoya, Konga’s CEO, revealed the e-commerce giant in Nigeria received multi-million dollars investment from Nasper and Kinnevik at the beginning of the year 2017.

Adekoya said, “We kicked off 2017 with a multi-million dollar investment from Naspers and Kinnevik, and it gave me pause to reflect on the progress of both Konga, and the wider ecommerce industry in Nigeria.

He remarked that Nigeria boasts the largest population in Africa – set to increase from 180m today to 440m by 2050, with GDP expected to grow between 4.5 and 9 percent each year in between.

“With 38 percent of Nigerians now connected to the internet – a figure that’s on the rise fueled by a growing middle class – our ecommerce industry clearly has potential,” Adekoya said.

He however, acknowledged that “reaping these online rewards isn’t straightforward. To encourage Nigerians to make more online transactions the ecommerce industry must find innovative solutions to the table stakes of online sales, such as fast and easy payments and refunds, and trouble-free deliveries and returns.

“Perhaps it’s the passion and commitment involved in bringing Nigeria’s strong trading culture online that makes our country an attractive proposition for investors”.

Going memory lane, he said “When we started Konga in 2012, we knew we had to innovate to be successful. Today, I am proud of the progress we’ve made. We are a homegrown Nigerian business, tailored to our local customers’ needs and committed to delivering the highest standards of service in the market.

“We’ve significantly grown our marketplace to service local seller and customer needs, and we’ve built much of our own nationwide delivery network from scratch, empowering 80 local franchisees in the process, as well as building a proprietary third party logistics and warehousing service. We’ve also launched KongaPay, which has materially increased our prepaid orders and reduced friction in the payment process”.

He added that there’s much still to do, especially as Konga’s marketplace model continues to evolve around local nuances, “but at Konga we couldn’t feel more positive about the future. Our latest round of investment from Naspers and Kinnevik follows their previous investments and underlines their ongoing commitment to our business and the Nigerian ecommerce market.

“It’s the perfect way to start our fifth year of business and we look forward to benefitting from their continued support and expertise. Of course, neither Naspers nor Kinnevik are strangers to Nigeria, having been long-term investors in the country via successful businesses like Naspers’ MultiChoice”.

Adekoya said that looking ahead, it is their ambition to bring millions more consumers online to shop for their everyday needs by providing a superior service that means and offers something to everyone. “Our latest double digit million-dollar investment from Naspers and Kinnevik will take the business to breakeven and allow the team to continue improving on Konga’s customer experience across all its offerings.

“We value our customers’ patronage and we are committed to delivering a truly amazing service to them,” he concluded.

 


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E-Business

NITDA, NIMC Partner for Seamless Data Exchange Capabilities

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National Information Technology Development Agency (NITDA) and the National Identity Management Commission (NIMC) have announced a collaboration on National Public Key Infrastructure (PKI) and Digital Public Infrastructure (DPI) to enhance synergy between digital identity, payment ecosystems and secure seamless data exchange capabilities for Nigeria.

NITDA, NIMC Partner for Seamless Data Exchange Capabilities

l-r: Kashifu Inuwa, Director General of NITDA, and Bisoye Coker-Odusote,  Director General of NIMC, during the meeting at the NIMC headquarters in Abuja..

NITDA, which made the announcement on its X handle, said that the collaboration was to further strengthen Nigeria’s digital economy in line with President Bola Tinubu’s Renewed Hope Agenda,

During the meeting, Kashifu Inuwa, director general of NITDA, and Bisoye Coker-Odusote, director general of NIMC, with some management staff of both organisations, discussed various initiatives, which include building DPI stacks for a secured and seamless data exchange and forming partnerships to transform the national identity system.

This collaboration also aims to harness the potential of the innovative ecosystem and emphasise the use of public-key infrastructure (PKI) to drive digital transformation in Nigeria.

To ensure a smooth implementation, a 12-man committee was set up.

This committee will play a crucial role in kickstarting and harmonising the initiatives and is expected to deliver a comprehensive implementation report within the next 4 weeks.

 

 


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Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes

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Noble Ajuonu, head, Sydani Technologies Ltd., has urged the Federal Government to harmonise National Identification Number (NIN) and Bank Verification Number (BVN) to tackle crimes and insecurity in the country.

Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes

Ajuonu made the call at a media roundtable, organised by Sydani Group in Abuja.

The News Agency of Nigeria (NAN) reports that the roundtable focuses on driving sustainability through a comprehensive analysis of Nigeria’s key development areas.

Ajuonu said that Nigeria could overcome its security challenges and pave the way for a safer, more secure future for all Nigerians by embracing technology and implementing practical solutions,

“We need to harmonise data, prioritise seamless integration of databases like NIN, BVN, and security agency records, establish clear protocols for data sharing and access, with robust safeguards against misuse,’’ expert said.

According to him, the unified data pool will empower intelligence gathering and targeted operations.

He also called for investments in smart surveillance, intelligent video analytics software, training of personnel in data analysis, interpretation of data in real-time to combat crimes.

“There is need to implement a legal framework for call interception in criminal investigations, with strict oversight to prevent abuse, encourage community cohesion, training of tech savvy security personnel with tech-enabled tools.’’

Ajuonu also urged the government to address infrastructure deficit in technology, saying that technology was all encompassing to address insecurity.

“According to the National Identity Management Commission (NIMC), as of December 2023, only 104.2 million Nigerians had been enrolled for the National Identity Number (NIN).’’

Ajuonu added that over 122.2 million citizens left uncaptured for NIN were people in rural areas where enrolment centres, digital services were limited.

“Most crimes are being perpetuated from rural communities and this lack of comprehensive identification creates a gap where elements not captured in the national database can constitute public nuisance, crimes.

“There is the inadequacy in the integration of NIN, BVN and Voters Identification Number (VIN).

“Advanced call interception and analysis tools, used successfully in other countries, could provide invaluable insights into criminal networks and operations but infrastructure is lacking,’’ he said.

Also, Mr Godfrey Petgrave, the Agricultural Expert, Sydani Group, called for empowerment of smallholder farmers with access to finance and training to enhance productivity.

According to Petgrave, Nigeria requires policy reform and institutional strengthening to improve agricultural practices and embrace digital agriculture solutions to address food insecurity.

Mr Akolade Jimoh, another expert of the group on health, advocated for expanded community-based health insurance programmes for rural and underserved areas.

Jimoh added that the country needed to encourage Public Private Partnership to revolutionise products design and quality improvement on health services.


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Konga launches Infinix Brand Week with Incredible Deals

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Konga, Nigeria’s leading composite e-commerce group, is thrilled to announce the launch of amazing deals at its Infinix Brand Week. Infinix, a leading global smartphone brand known for its innovative products and cutting-edge technology promises exclusive discounts and special offers on select smartphones, marking an exciting milestone in the realm of online shopping.

Shoppers can expect nothing short of extraordinary deals on a wide range of Infinix products, all available exclusively on the Konga online platform. With discounts of up to 30% off, this partnership between Konga and Infinix aims to redefine the shopping experience for tech enthusiasts across Nigeria.

Konga Brand Week has become synonymous with excitement and unbeatable deals, and this year’s edition is no exception. In addition to exclusive discounts on Infinix smartphones, shoppers can explore a diverse array of products across various categories, including electronics, fashion, home essentials, and more.

“At Konga, we are dedicated to providing our customers with the best shopping experience possible,” said Rita Ohaedoghasi, VP Marketing at Konga. “The Infinix Week during Konga Brand Week allows us to continue delivering on that promise by offering incredible discounts and special offers on some of the most sought-after smartphones in the market.”

To stay updated on the latest developments and exclusive deals during Konga Brand Week, shoppers are encouraged to connect with Konga across all platforms, including social media and the Konga website. Don’t miss out on this opportunity to score big savings and elevate your tech game with Infinix and Konga.


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