Economy
KongaPay Projects Growing Customer Base by 3m in 2022
By Adedapo Adesanya
KongaPay said it plans to increase its active subscriber base to over three million by 2022, data released by the company has shown.
The mobile money platform, the leading provider of digital services for e-commerce shoppers in Nigeria, is one of the thriving subsidiaries within the Konga Group, Nigeria’s e-commerce giant.
Feelers from within the company indicate that KongaPay was recently repositioned to take a greater share of the payments market in Nigeria, a development that has seen the platform taking the fintech space by storm.
The move has seen KongaPay – which has witnessed an astronomical 400 per cent rise in adoption, growing from about 272,000 to 1.1 million subscribers within a space of fewer than three months and from a paltry 81,000 wallets at the point of acquisition in 2018 by the Zinox Group – now on its way to tripling its subscriber numbers in the next one year to over three million.
Furthermore, the management of KongaPay is also targeting an ambitious growth in active usage by 25 per cent in 2022.
According to the Vice President, KongaPay, Mr Isa Aliyushata, ‘KongaPay is set to take a greater share of the market, in line with the exciting offerings on the cards which we are set to unveil soon. We have not only enjoyed greater engagement and increased transactions from our existing subscribers but have also seen a huge leap in adoption by new subscribers.
“KongaPay is currently growing at a rate of 400 per cent month-on-month and we are envisaging our subscriber base to hit and possibly exceed the three million mark by 2022. This is all down to the hard work still ongoing behind the scenes to make KongaPay the payment platform of choice for millions of Nigerians, the loyalty and confidence we have enjoyed from Nigerians, as well as the smart features and additional products and services we are adding to our growing bouquet of offerings.
“As we continue to take pride in our great vision to constantly solve the challenges of the payment ecosystem globally, KongaPay remains relevant in the minds of its customers with great innovation and hybrid technology solutions,’’ he stated.
Meanwhile, KongaPay was recently identified by Statista, a globally renowned market and consumer data firm, as the leader in providing e-payment services for e-commerce transactions in Nigeria and a foremost enabler of online shopping in Africa’s biggest market.
A robust and reliable digital payments platform, KongaPay offers a long list of services to subscribers including cardless withdrawals for all banks in Nigeria, money transfer to individual accounts or various accounts at once, receiving payments from customers, creditors or benefactors through a variety of means, airtime purchase from various telcos or network providers such as MTN, Airtel, Glo and 9Mobile, etc., payment for or renewal of internet subscriptions, recharge and payment for electricity digitally, renewal of cable TV subscription including DSTV, GOTV, IrokoTV, etc., payment for flights, travel and hotel accommodation, funding of sports betting, lottery and gaming accounts, while also functioning as a mobile money wallet, among others.
KongaPay is also at the forefront of promoting financial inclusion across the reached, the unreached and under-served segments of the populace. Specifically, the platform is deepening the scope of Point of Sales (POS) transactions in Nigeria with the aggressive deployment of mobile money agents across the nooks and crannies of Nigeria. KongaPay is confident of adding 10,000 POS agents nationwide by end of the financial year 2022.
Launched in 2015, KongaPay debuted as a pilot product in partnership with Nigerian commercial banks in response to concerns expressed by customers about the confidentiality of their details while trying to make payment for products on the Konga website.
Since its inception, the platform has grown immensely and under the drive of the new management of Konga, is leading the newfound appetite for digital payments among e-commerce patrons and other subscribers, processing tons of transactions daily.
The company has also recently extended its services to Nigerians in the Diaspora, many of whom have often struggled to find a reliable way to extend support to their families and relatives back home, make payments to suppliers or even receive payment for the goods and services they sell locally.
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
