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.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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