Nosa Alekhuogie
KongaPay, a Central Bank of Nigeria (CBN)-licensed fintech platform, has been identified as the leading provider of digital payment services for e-commerce transactions in Nigeria.
The rating came from Statista, a globally renowned market and consumer data firm.
The development justifies the huge popularity and impressive dominance KongaPay enjoys as a reliable, secure and trustworthy e-payment channel for many savvy users in Nigeria. Furthermore, the platform, which ranks as one of the thriving subsidiaries in the Konga Group, Nigeria’s leading e-commerce giant, has once again lived up to its billing as one of the top enablers of online shopping in Africa’s biggest market.
‘‘In 2020, e-wallet held about 10 percent of digital payments in Nigeria. The most common service was KongaPay, which accounted for four percent of the payments, while PayPal followed with three percent,’’ research from Statista disclosed.
‘‘Overall, cash and bank transfers were the second most common payment methods in online retail after cards. However, data on credit card penetration in Nigeria show that the share of people owning a credit card is quite low,’’ it added.
KongaPay has recorded significant growth since the landmark acquisition of Konga by Zinox a little over three years ago. The platform has witnessed an impressive 700% growth in number of existing wallets, with projections indicating a rise to over one millionwallet holders by the end of 2021.
The dominance of KongaPay in e-wallet transactions in Nigeria has hardly come as a surprise to the Management of Konga, which has disclosed that more landmark strides are on the way, not only for the fintech platform, but for the other thriving verticals under the Konga Group umbrella.
Lending more insights into the massive groundwork going on behind the scenes to further grow its market share, Vice President, KongaPay, Isa Aliyushata, is bullish about the chances of the platform taking its popularity as a trusted e-commerce payment vehicle to other African markets.
According to Aliyushata, ‘‘E-commerce is growing in Nigeria and compared to when the bug first bit, the proportion of those making online payments is also gradually hitting an upward curve. Now, for most e-commerce shoppers willing to make payments digitally, a few considerations are paramount. These include security, reliability, user-friendliness, convenience, and, of course, safety. KongaPay offers all these and much more.
‘‘We have not only built a robust and reliable payment platform but have also done a lot of work in expanding the scope of services being offered by KongaPay.
‘‘Today, with KongaPay, you can make cardless withdrawals for all banks in Nigeria, transfer money to individual accounts or various accounts at once, receive payments from customers, creditors or benefactors through a variety of means, buy airtime from various telcos or network providers such as MTN, Airtel, Glo and 9Mobile, etc., pay for or renew your internet subscriptions, recharge and pay for electricity digitally, renew your cable TV subscription including DSTV, GOTV, IrokoTV, etc., pay for flights, travel and hotel accommodation, fund your sports betting, lottery and gaming accounts and also use it as a mobile money wallet, among others.”
