Konga acquires Zinternet

The Central Bank of Nigeria (CBN) has approved the acquisition of Zinternet Nigeria Limited (Zinternet) and its mobile money license by Konga, a Nigerian online retailer. The acquisition entitles Konga to a 100 per cent ownership of Zinternet’s assets.

Zinternet is a mobile banking and payment provider, owners of the EzPayAfrica mobile payment service.

Chief executive officer of Konga, Sim Shagaya, said the company was excited about the opportunity to work with its banking partners to extend the reach of their services in driving the adoption of cashless payment solutions.

“As merchants ourselves, we know firsthand the frictions involved in processing transactions 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,” Shagaya said.

He said Konga hopes to play a major role in realizing the Central Bank’s vision of driving Nigeria towards a cashless society adding that the company plans to bring its high levels of innovation and energy to advancing the Nigerian financial services landscape.

In April 2014, Konga was founded in 2012 by Nigerian entrepreneur, Sim Shagaya opened up its platform to SMEs and enabled them to sell alongside Konga through the Self-Fulfil model.

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