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Why Nigeria’s e-commerce industry continues to attract investment

by Shola Adekoya

February 14, 2017 | 2:09 am
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Nigeria boasts the largest population in Africa – set to increase from 180m today to 440m by 2050, with GDP expected to grow between 4.5 and 9 percent each year in between. With 38 percent of Nigerians now connected to the internet – a figure that’s on the rise fueled by a growing middle class
– our ecommerce industry clearly has potential.
But reaping these online rewards isn’t straight forward. To encourage Nigerians to make more online transactions the ecommerce industry must find innovative solutions to the table stakes of online sales, such as fast and easy payments and refunds, and trouble-free deliveries and returns. Perhaps
it is the passion and commitment involved in bringing Nigeria’s strong trading culture online that makes our country an attractive proposition for investors.
When we started Konga in 2012, we knew we had to innovate to be successful. Today, I am proud of the progress we have made. We are a homegrown Nigerian business, tailored to our local customers’ needs and committed to delivering the highest standards of service in the market. We have significantly grown our marketplace to service local seller and customer needs, and we have built much of our own nationwide delivery network from scratch, empowering 80 local franchisees in the process, as well as building a proprietary third party logistics and warehousing service.
We’ve also launched KongaPay, which has materially increased our prepaid orders and reduced friction in the payment process. There’s much still to do, especially as our marketplace model continues to evolve around local nuances, but at Konga we couldn’t feel more positive about the future. Our latest round of investment from Naspers and Kinnevik follows their previous investments and underlines their ongoing commitment to our business and the Nigerian ecommerce market.
It’s the perfect way to start our fifth year of business and we look forward to benefitting from their continued support and expertise.

by Shola Adekoya

February 14, 2017 | 2:09 am
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