There are strong indications that the Zinox Group has acquired one of the leading e-commerce giants in Nigeria, Konga, after several months of strategic negotiations with major investors, Naspers and AB Kinnevik.
ThisDay quoted an industry source as saying that the transaction had been approved by the Securities and Exchange Commission (SEC) as the group – an integrated Information Communication Technology (ICT) solutions conglomerate and Original Equipment Manufacturer (OEM) – prepares to raise the profile of e-commerce in the country.
The January transfer window has closed, but Zinox has concluded the acquisition of Konga. pic.twitter.com/8BtfAVXmf6
— Zinox Technologies (@ZinoxTechNG) February 3, 2018
Confirming the development, the Head of Corporate Communications, Zinox Group, Mr. Gideon Ayogu, said:
“We have always had an interest in Konga and another big one you know very well but our priority was Konga first because of her integrated nature of four quality companies in one.
“Konga is a world-class, professionally-run company whose landmark strides in the sector has gone a long way in ushering millions of Nigerians into the ease and convenience of online shopping and boosting the conduct of e-commerce in the country.”
“Today, many Nigerians can attribute their first experience of e-commerce to Konga.com and we are excited to be a part of this remarkable story.
“Many shoppers can also attest to the speed and efficiency in delivery that characterizes Kos-Express, the company’s logistics arm, which is arguably the best in the sector at the moment.
“Our ambition is to up the tempo by revolutionising e-commerce on the African continent, with Konga at the fore-front of this initiative. In addition to positioning the business on a path of profitability in the short term, our long term plans are focused around seeing Konga well established in other African capitals.
“Furthermore, we will be unveiling a lot of new initiatives soon and we advise shoppers and merchants alike to look out for these innovations which will radically reshape the average customer experience of e-commerce in Nigeria and on the continent.”
As part of the acquisition, Zinox Group would assume ownership of the e-commerce group, which includes Konga.com, Nigeria’s largest online mall; KongaPay, a CBN-licensed mobile money platform with over 100,000 subscribers as well as KOS-Express, a digitally-driven and world class logistics company.
The acquisition has been viewed by industry watchers as a major development that could see e-commerce in Nigeria finally unlock the massive revenue potential in the global multi-billion-dollar industry.