InnoVent Expands Operations to Nigeria

Africa-focused IT financing and leasing specialist, InnoVent, has announced the opening of its third African office in Lagos, Nigeria.

According to the company, the move gives Nigeria’s fast-growing digital-first enterprises an accessible IT expansion model that also allows them to take a concrete step into the circular economy.

The opening of the new West African office follows only months after the successful opening of an office in Nairobi, Kenya, to serve the East African market.

InnoVent says with a population of over 210 million, Nigeria is Africa’s most populous country, characterised by a youthful, mainly urban citizenry and a fast growing digital business environment.

The company references statistics from the African Development Bank which states that Nigeria’s economy is projected to grow by 1.5% this year, with growth expanding to 2.9% next year on the back of an expected recovery in crude oil prices and production.

“However, despite slowdowns as a result of the Covid-19 pandemic last year, some industry sectors in Nigeria are still on track for solid growth. Digital-first enterprises are expanding, including electronic payments, e-commerce – with stakeholders such as online giant Jumia reporting a 50% increase in transactions in the first six months of 2020 – and digital entertainment and media – a sector in which PWC expects Nigeria to remain one of the world’s fastest-growing markets. Frost & Sullivan expect digital services, cyber security and telecoms to continue presenting strong growth opportunities through to 2022,” the company explains.

Zakhe Khuzwayo, CFO of InnoVent, says, “Clearly, Nigeria’s digital-first businesses are positioned for growth, but they need the ICT equipment to expand and to enable productivity in their remote and hybrid workforces – without huge capex.”

“This is where leased equipment presents the solution. CIOs and CFOs across Africa are increasingly turning to our leasing model for more manageable costs, lifecycle management and sustainability in their procurement.”

The InnoVent group, including Qrent, supports acquisition, lifecycle management, asset management, and responsible end of life management of desktops, laptops, tablets, printers, servers, and storage equipment.

Leasing and subsequent refurbishment and repurposing of IT assets overcomes the short lifespan challenge typically associated with IT assets and aligns with the UN Sustainable Development Goal 12 on responsible consumption and production, as well as with the Nigerian Government’s efforts to reduce e-waste and bolster a circular electronics system in Nigeria.

“We expect keen interest from the Nigerian market in our solutions to simultaneously enable productivity in the hybrid workforce and contribute to achieving organisational sustainability goals,” says Khuzwayo.

InnoVent notes that the old ‘produce and discard’ approach is changing, with organisations moving toward a more sustainable ‘produce, use, reuse and recycle’ philosophy. “By accessing equipment vs owning it, organisations support a more sustainable model, whereby after the lease period is over, equipment can be returned and used again. This supports organisations’ sustainability goals and the circular economy,” says Khuzwayo.

The group now has a total of seven branches including Qrent offices in Zimbabwe and Zambia, and InnoVent offices in South Africa, Lagos and Nairobi, with African operations headed by Michael Lamwe.