Zinox acquires Konga

 Success Damian
Zinox Group, known for Information Communications Technology solutions and equipment manufacturer, has acquired Konga after intense negotiations with major investors - AB Kinnevik and Naspers.
With this acquisition, Zinox Group will assume ownership of the e-commerce group which includes Konga.com, Nigeria’s largest online mall; KongaPay, a CBN-licensed mobile money platform which has more than 100,000 subscribers and KOS-Express, a digitally-driven logistics company.
Based in South Africa, Naspers is a broad-based multinational Internet and media group that renders services in more than 130 countries while AB Kinnevik, founded in 1936, is a Swedish investment company investing primarily in digital consumer brands.

In a statement made available to the media, the Zinox Group would expand its operations into e-commerce, an industry it pioneered in Nigeria with the launch of BuyRight Africa.com, which was challenged by the absence of credit card and e-payment infrastructure when it was launched over 12 years ago.
The group said, the acquisition has passed all regulatory approvals by the Securities and Exchange Commission.

With this acquisition, about 5000 jobs are expected to be created both at home and in the Diaspora within a short period.

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