CBN Grants Konga.com 100% Right to Power KongaPay with Zinternet

Konga Online Shopping Limited (Konga) on Tuesday 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 said it 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.

Konga.com is Nigeria’s largest online mall, trading tens of thousands of items with nationwide delivery.

The company was founded in 2012 by Nigerian entrepreneur, Sim Shagaya; with a guiding mission ‘To Become the Engine of Trade and Commerce in Africa’.

The multiple award winning company is growing rapidly with over 700 employees, offices in Lagos, South Africa and China; warehouses and distribution centers all over Nigeria.

Today, Konga empowers other Nigerian sellers to effectively reach more customers, more effectively by selling on its marketplace platform called Konga Mall. Konga is committed to driving optimal online retail convenience and customer satisfaction; with the guarantee of lowest prices, order delivery-tracking, dedicated customer service support and many other premium services.