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KongaPay Crosses ₦3.2 Billion Savings Milestone with K-Save
KongaPay has announced that users of its K-Save product have collectively saved over ₦3.2 billion, marking a significant milestone and a major inflection point in the fintech company’s growth journey.
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Reacting to the achievement, the company described the milestone as more than just a financial figure.
“That’s not just a number; it’s a movement. It’s thousands of you smashing your financial goals, planning for the future, and watching your money grow while you sleep,” KongaPay said in an email to customers.
Driving Financial Inclusion Through Regulated Digital Banking
KongaPay operates as a Mobile Money Operator (MMO), Payment Services and Solutions Provider, delivering inclusive and innovative financial services to individuals, businesses, and Ministries, Departments and Agencies (MDAs) across Nigeria.
Licensed and regulated by the Central Bank of Nigeria (CBN), the platform provides secure digital banking solutions that simplify transactions, enhance financial control, and unlock growth opportunities for users and merchants alike.
Leadership and Strategic Positioning in Nigeria’s Fintech Market
The fintech arm of the Konga Group is chaired by Leo Stan Ekeh, Founder and Chairman of Zinox Group and Konga, with Prince Nnamdi Ekeh serving as Chief Executive Officer of Konga Group. Under this leadership, KongaPay is positioning itself as a credible and increasingly influential player in Nigeria’s mobile money and digital payments ecosystem.
Competing in an Intensely Crowded Fintech Landscape
KongaPay operates in one of Africa’s most competitive fintech markets, alongside major rivals such as OPay, PalmPay, Moniepoint, Paga, and Kuda. As of late 2025, Nigeria’s fintech sector has recorded 45% year-on-year growth in transaction volumes, driven largely by the rapid adoption of mobile wallets and digital banking platforms.
Key Competitive Dynamics Shaping KongaPay’s Growth
Despite intense competition, KongaPay is carving out a distinct position in the market:
- Major Rivals: PalmPay (with over 35 million users), OPay (a $2 billion-plus fintech unicorn), and Moniepoint dominate user growth and transaction volumes.
- Unique Advantage: Deep integration with Konga.com, Nigeria’s leading e-commerce marketplace, gives KongaPay a strong edge in online shopping and specialized merchant services.
- Product Differentiation: K-Save offers up to 28% annual interest, placing it in direct competition with high-yield savings products from fintechs like Kuda.
- Growing Footprint: While competing with larger, venture-capital-backed platforms, KongaPay has surpassed 100,000 users and continues to scale transaction volumes through strategic partnerships, including its migration to Skaleet.
- Regulatory Compliance: In an environment of tighter regulation, KongaPay’s CBN compliance positions it strongly, especially after restrictions placed on some competitors in 2024 to enforce stricter KYC requirements.
Leveraging E-commerce Roots for Sustainable Growth
KongaPay’s long-term strategy centers on leveraging its e-commerce heritage to deliver a secure, integrated, and trusted payment experience. By combining digital payments, high-yield savings, and merchant services within the Konga ecosystem, the company aims to stand out in a market crowded with similar fintech, payments, and lending apps.
The ₦3.2 billion K-Save milestone underscores growing user trust and signals KongaPay’s ambition to play a bigger role in shaping Nigeria’s evolving digital finance landscape.
