The management of Nigeria’s ecommerce giant Konga has denied a widespread rumor that it could soon be acquired by integrated digital payments company Interswitch.
TechCity exclusively gathered that the Chief Executive Officer of the company, Sola Adekoya, told staff of the company that the news of the company acquisition is untrue.
According to the refuted report, Interswitch is in talks to acquire Konga. Quoting unnamed sources, PageOne reported that the acquisition deal has reached an advanced stage with Naspers and Kinnevik AB, the two major investors in Konga.
The acquisition denial is coming as a great relief to the country’s tech ecosystem which is still groping with the takeover of one of its major telecoms companies, Etisalat Nigeria, by banks following its inability to repay a multibillion naira syndicated loan it is owing about 13 local banks.
According to the report, by acquiring Konga, Interswitch will be able to achieve portfolio diversification, going beyond its current payment processing space where it is a dominant player.
Wole Ogunlade (Digital Business Transformation Expert) and Head of Digital Strategy at VoguePay.com told PageOne:
“One thing is clear, the leadership at Interswitch are poised to remain relevant by using digital transformation initiatives to improve their competitive edge even, as its market is being disrupted by new players and global competitions”.
“If you look at this development in that light, one can easily see that Interswitch’s acquisition of Konga is strategic as it will allow it to diversify in the wake of competitions to its vertical business i.e payment. Right now eCommerce is arguably a good niche as it is a major driver of online payment in Nigeria. This means that Interswitch can eat a piece of the pie to increase its volume of transaction flow”.
“This proposed acquisition will be part of a grand move by Interswitch to control the entire payment and lifestyle value chain in Africa when you understand that Interswitch is putting its hand in several verticals including “buying” a bank in East Africa, and its other strategic global partnership ambitions”.
As an Amazon Associate, TechCity may earn a small commission if you shop these products.
MAYBESTA Professional Wireless Lavalier Lapel Microphone for iPhone, iPad - Cordless Omnidirectional Condenser Recording Mic for Interview Video Podcast Vlog YouTube
$25.99 (as of April 18, 2024 06:59 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
3-Pack [3.3FT+6.6FT+10FT] 60W USB C to USB C Cable, Type C to Type C Cable,Fast Charging Cable Compatible with iPhone 15/Plus/15 Pro/Pro Max，Samsung Galaxy S23 S22, iPad Pro, MacBook Air and More
$9.83 (as of April 18, 2024 06:59 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Stanley Quencher H2.0 FlowState Stainless Steel Vacuum Insulated Tumbler with Lid and Straw for Water, Iced Tea or Coffee
$35.00 (as of April 18, 2024 06:59 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Starbucks K-Cup Coffee Pods—Medium Roast Coffee—Pike Place Roast for Keurig Brewers—100% Arabica—4 boxes (96 pods total)
$57.32 (as of April 18, 2024 06:59 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Premier Protein Shake, Chocolate, 30g Protein 1g Sugar 24 Vitamins Minerals Nutrients to Support Immune Health, 11.5 fl oz (Pack of 12)
$26.13 (as of April 18, 2024 06:59 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Mac Book Air Charger Replacement for Mac Air AC 45W Power T-tip Shape Connector Power Adapter for 11 inch and 13 inch (Between 2012-2017)
$19.99 (as of April 18, 2024 07:22 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
All-new Amazon Fire HD 10 Kids Pro tablet - ages 6-12 - 2023 | 10.1" brilliant screen, slim case | 13-hr battery for kids on the go | 32 GB, Nebula
$149.99 (as of April 18, 2024 07:22 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Acer Aspire 3 A315-24P-R7VH Slim Laptop | 15.6" Full HD IPS Display | AMD Ryzen 3 7320U Quad-Core Processor | AMD Radeon Graphics | 8GB LPDDR5 | 128GB NVMe SSD | Wi-Fi 6 | Windows 11 Home in S Mode
$299.99 (as of April 18, 2024 07:22 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
All-new Amazon Fire HD 10 tablet, built for relaxation, 10.1" vibrant Full HD screen, octa-core processor, 3 GB RAM, latest model (2023 release), 32 GB, Lilac
$94.99 (as of April 18, 2024 07:22 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
