Konga will dominate e-Commerce in Africa

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Konga, Nigeria’s e-commerce group has been identified as a strong player that is on the verge of dominating the African e-commerce scene.

Forbes, a global media company, focusing on business investment, technology, entrepreneurship, leadership, and lifestyle, revealed this in a special feature published in its Forbes Africa edition last week.

In addition to commending the remarkable growth trajectory that has seen Konga become the first African e-commerce player to hit profitability, Forbes equally referenced the various thriving subsidiaries that have transformed the Konga Group into a formidable, flourishing e-commerce ecosystem, while also highlighting the pivotal role of KongaPay, a Central Bank of Nigeria (CBN)-licensed fintech platform as a leader in the Nigerian e-wallet space.

Following its 2018 acquisition by the Zinox Group and the tremendous growth it has recorded, Konga, Forbes noted, would potentially attract over a $2 billion valuation when it eventually decides to go public, as widely envisaged.

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‘‘While the brand eyes its listing on the stock market to fulfil its potential in the marketplace, there are reports that it boasts over $2 billion valuation, thanks to its new acquisition by Zinox.

‘‘Konga has continued to show promise in the online marketplace. After its acquisition, a review of the company’s performance shows the brand experienced over 800 per cent growth. This surpasses expectations in e-commerce sectors across the continent. The new phase of Konga, driven by young, ambitious and innovative individuals, has seen it rake over $300 million in investments,” according to the report.

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In a chat with Co-CEO, Konga Group, Prince Nnamdi Ekeh, Forbes also beamed its focus on the future of e-commerce in Africa, with Prince Ekeh who heaped praises on his Co-CEO, Nick Imudia and the entire Management and staff of the Konga Group for their resilience and dedication, revealing that the future remains bright.

‘‘E-commerce in Africa is set to take off to unprecedented heights in the next decade and players who are well positioned will reap the fruits. Like I mentioned before, we have already seen triple-digit annual growth numbers and yet there is still so much market share left to capture as we transition people into the e-commerce era.

‘‘I also believe blockchain and decentralized finance will play a great role in improving financial inclusion in the continent which will give people more access to digital services like e-commerce. As economists, we were trained to look at indicators and so far, most critical indicators trend positively: Population, youth population, mobile penetration growth rates, connectivity growth rates. If these indicators continue to improve, I have no doubt that Africa will house one of the biggest e-commerce players in the world, and my job is to make that Konga,’’ Ekeh said.

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