Konga today finalized its acquisition of Zinternet Nigeria Limited (Zinternet). As a result, Konga now owns 100% of Zinternet’s assets, including its mobile money license. This will help power Konga’s recently launched proprietary payment system, KongaPay.
Below is an excerpt from the Press Release sent to Techpoint
Konga is poised to offer payment solutions to merchants on and off the Konga.com platform.Advertisement
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 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.
Nigerian startups raised $17.6m in Q1 2019, 8.5% higher than they did in Q1 2018. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.