Zinox Group acquires Konga
Zinox Group, one of Africa’s biggest technology groups and equipment manufacturer has has acquired Konga after several months of negotiations with major investors — Naspers and AB Kinnevik.
As part of the acquisition, Zinox Group will 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 logistics company.
Naspers, based in South Africa, is a broad-based multinational Internet and media group, offering services in more than 130 countries while AB Kinnevik, founded in 1936, is a Swedish investment company investing primarily in digital consumer brands.
A statement by the company said through the acquisition, the Zinox Group would expand its operations into e-commerce, an industry it pioneered in Nigeria with the launch of BuyRight Africa.com, which was challenged by the absence of credit card and e-payment infrastructure when it was launched over 12 years ago.
According to the group, the acquisition has passed all regulatory approvals by the Securities and Exchange Commission.
The company said the acquisition was expected to create employment opportunities for over 5,000 Nigerians, both at home and in the Diaspora within a short period.
According to the Head of Corporate Communications, Zinox Group, Gideon Ayogu, the decision to invest in Konga is an easy one for the organisation.
“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.”He said.