By Aduragbemi Omiyale
A Japanese firm, Mitsui & Co. Limited, has invested in an African Business-to-Business (B2B) digital platform, Kyosk Global Holdings, which leverages smartphone penetration in the African continent to link suppliers and traditional retailers.
Mitsui said it invested in Kyosk because it sees huge potential in the company as a conduit to reach the African consumer market and an avenue to create real economic impact while supporting entrepreneurship within local communities.
It is believed that Kyosk’s growth would contribute to improving incomes, creating jobs and supporting Micro, Small and Medium Enterprises (MSME).
In Africa, where population growth will lead to expanded consumer participation, Kyosk is projected to have over 300,000 informal retailers registered on the platform by 2024. This will be achieved through four key areas, namely (i) by providing convenience to informal retailers who are the core of the consumer market, (ii) by expanding the number of products available through ETG’s distribution business in Africa and its powerful network, (iii) by providing quick delivery after ordering, and (iv) by expanding financial services for informal retailers such as post-payment functions.
“We are delighted to invest in Kyosk, whose business leverages digitalisation and rides on the growing smartphone penetration in the African region, allowing effective and efficient connection between suppliers and retailers.
“Beyond our investment, we also look forward to offering strategic support to further scale Kyosk’s business.
“This will be done through tapping our expertise and experience to strengthen Kyosk’s digital transformation and marketing strategy,” the Chief Operating Officer of Mitsui’s Nutrition & Agriculture Business Unit, Tetsu Watanabe, said.
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Dipo Olowookere