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Nigeria’s leading omni-channel e-commerce group, Konga, is on the verge of dominating the African e-commerce scene, according to Forbes. The globally renowned media company in a special edition of Forbes Africa says Konga’s remarkable growth trajectory could see it 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.
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Following its 2018 acquisition by the Zinox Group and the tremendous growth it has recorded, Konga would potentially attract over a $2bn valuation when it eventually decides to go public, Forbes predicts.
The report notes:“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% 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 $3oom in investments, according to reports.
“Efficient management of these investments has driven the brand to succeed in the e-commerce space, placing the brand on a profitable footing. The transformation has seen the brand recording significant progress in its online and offline transactions. Data shows that Konga fulfilled to the last mile 85% of all orders placed on its online and offline platform. The brand has also navigated and found a lasting solution to issues with logistics, one of the great hindering factors with e-commerce in Africa.”
Co-CEOs, Konga Group, Prince Nnamdi Ekeh and Nick Imudia believe the Konga Group will remain resilient.
“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,” says Prince Ekeh.
