Showing posts with label $10m. Show all posts
Showing posts with label $10m. Show all posts

Wednesday, February 26, 2020

Imudia, Konga CEO eyes $10m daily turnover in four years - ITREALMS

The electronic-commerce (eCommerce) giant, Konga has revealed that the business is anticipated to hit the $10 million daily turnover mark by 2024, reports ITREALMS.

To realise the target, Konga has disclosed that the growth trajectory and overall operational efficiency backed by the consistent reduced losses it has witnessed are critical factors in the projections.

Making known the brand’s ambitious plans was Konga Co-CEO (Online), Nick Imudia.

Imudia revealed that Konga has put necessary machinery in place to achieve the goal. To this end, he stated that Konga would work assiduously to reach a target of $5 million daily turnover by 2022 as preparation towards realizing the $10 million set target by the end of 2024.

Since its entry into the Nigerian e-commerce market as one of the foremost pioneers in the sector, Konga has stood out; with its several revolutionary strides ultimately catapulting it to pole position. Today, Konga unarguably occupies leadership of the Nigerian e-commerce sector being largely responsible for restoring investor and customer confidence after a testy 2019 marred by allegations of fraud that trailed the activities of another major player.

Imudia said: “Konga has used the last decade to lay a solid foundation for e-commerce business in Nigeria and to build trustworthy relationships with customers and potential investors across the Nigerian business spectrum. With the high level of trust the brand has gained among shoppers in and out of Nigeria, it is safe to say Konga is ready to scale big in the early part of this third decade. Therefore, we are targeting a $10 million daily turnover by 2024. We shall attain half of this target at least by 2022. To meet this target, we would be relying on the efficiency we have brought to bear on the business and the renewed confidence the Konga brand enjoys among critical stakeholders.

“There is no iota of doubt that Konga remains in prime position to attain this target, especially when one looks at the consistent growth the brand has recorded in the past years. Konga has grown over eight times since the business was acquired by the Zinox Group. Secondly, we have consistently reduced our losses by nearly 70%. Added to this is the addition of new and thriving business units such as Konga Travel, among others, all of which have enjoyed huge growth and massive acceptance by our rapidly expanding customer base.

Konga, which remains the only e-commerce brand in Nigeria operating an omni-channel structure, currently has more than 30 stores across Nigeria. With the aid of KongaPay, a Central Bank of Nigeria (CBN) licensed payment platform, which recently added Automated Teller Machine (ATM) card-less withdrawal and Unstructured Supplementary Service Data (USSD) features, Konga has captured more Nigerians in the e-commerce net; while lending an unprecedented level of ease and refinement for online shoppers across the e-commerce landscape.

Imudia also disclosed that Konga, which has won several awards in the e-commerce industry, has made significant strides in resolving the challenge of logistics through K-Xpress, its in-house logistics company, which has proven its capacity to handle hassle-free, last-mile and same-day delivery to the company’s teeming customers, while also resolving logistics thorny issues for external customers. Furthermore, he revealed Konga state-of-the-art regional warehousing facilities, which enables it to retain huge inventory in diverse states and locations, while fulfilling costumers’ orders in the shortest possible time, are a critical success factor in its revenue ambitions.

“Furthermore, we are not relenting on our determination to continually meet and exceed the aspirations of our numerous customers, no matter who they may be and where they may be. In addition to this, we shall continuously grow investor confidence in Nigeria’s e-commerce sector and help everyone to see the brighter side of e-commerce business in Nigeria, even as we consistently explore ways of ways of upgrading our processes and raising the standard of service delivery and customer satisfaction in the sector.

‘‘We will be rolling out additional new business units in the weeks and months ahead. These additions will excite our customers and expand the Konga retail revolution to new verticals. To make the shopping experience a memorable one for our customers, we have also lined up various value-adding services and promotions throughout the year. These assets and many others too numerous to mention will shape the Nigerian e-commerce sector in 2020 and the succeeding years,’’ he submitted.

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Friday, May 18, 2018

Nigeria: O-Mobile gets $10m grant to promote digital economy

A Nigerian firm that specializes in technology-based financial and agricultural services development, O-Mobile Multimedia Limited, has obtained a grant of $10m, about N3,605,000,000 billion, from So.Sui.Ben Foundation, a Swiss-based non-governmental organization that promotes development in Africa, reports ITRealms.

The grant, ITRealms gathered, is to promote digital economy on African continent, was facilitated by AfriCunia Limited, trading as AfriCunia Bank, an innovative banking technology firm headquartered in United Kingdom.

A press statement made available to ITRealms quoted the Chief Executive Officer, O-Mobile Multimedia Limited, Mr. Benjamin Aduli, as saying, the focus of the pact is to promote and deepen knowledge of the practice of digital-based services among Africans and thereby reduce poverty.  

“We are excited about this ground-breaking pact which involves the creation of awareness about digital banking opportunities, educating governments and the general public about digital banking opportunities. We will be developing applications that will help Africans utilize digital banking technology and reduce poverty on the continent,” he said.

Aduli also said that the company would offer its multimedia business academy and provide free, digital and multimedia training to all interested micro, medium, small and small enterprises in Nigeria through a network of 1,200 O-Mobile academy centres that are currently being set up across the country.

President, AfriCunia Bank, Don Chancellor, was also quoted saying that the time had come to tackle poverty in Africa using every available means adding that technology will help do this.

“Development needs to be fast-tracked in Africa and we are committed to the continent’s growth through digital banking products and services.  We are very elated about this opportunity to develop MSMEs across Nigeria and Africa and make them globally competitive in this era of technology. We have already started the hardwork. Working with O-mobile and So.Sui.Ben affords us the opportunity to quickly reach the unbanked and unconnected and give them access to first-world banking infrastructure and services. We believe that our partnership with a firm that already understands technology and has wide presence in Nigeria will help us quickly accomplish our goal,’’ Chancellor commented.

Aduli stated further that the company had already commenced work and hoped to sign-up at least 500,000 digital banking customers for AFRICUNIA BANK within 90 days globally. 


He said O-mobile had already commenced rolling out the first agency group network in Africa that will take financial, telecoms, insurance, educational, agricultural extension services and data mining services to the unbanked and unconnected in the continent.

Ayo Midele/GEE

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