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How KongaPay Saved my life Amid Naira scarcity – Trader
A petty trader, Mrs. Bolade Inuwa, has narrated how she was spared huge embarrassments and inconveniencies in the wake of the recent policy pronouncement on the redesign of select denominations of the national currency – the Naira, specifically referencing how KongaPay, a mobile money wallet operated by Nigeria’s leading e-commerce giant, the Konga Group, came to her rescue.
Nigerians from all walks of life have had to contend with severe difficulties in the wake of the announcement by the Central Bank of Nigeria (CBN) which initially pegged January 31, 2023 as the deadline for the return of old series of 200, 500 and 1000 Naira notes.
Amid concerns raised in various quarters, the CBN had stuck to its guns, insisting there are no plans to shift the deadline, prompting some businesses to stop receiving the old series of affected denominations even ahead of the deadline for their return.
In a video from a media briefing held on January 24, 2023 after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja, CBN Governor, Godwin Emefiele, was quoted as saying: “I must say here that unfortunately, I don’t have good news for those who feel that we should shift the deadline. My apologies.
The reason is because just as the president has said on more than two occasions, and even to people privately, that for us, 90 days — in fact, we feel it’s 100 days — is enough for anybody who has the old currency to deposit the money in the banks.
“And we took every measure to ensure that all the banks were open or remain still open to receive all old currencies; 100 days, we believe is more than adequate…’’
However, the CBN had later revised its earlier stance, announcing a 10-day extension of the deadline for the use of old naira notes across Nigeria.
Emefiele, who disclosed he had received the approval of President Muhammadu Buhari for the extension, revealed that the new deadline is now 10 February 2023 instead of the former 31 January deadline, while adding that those who are yet to change their naira notes from the old to new ones, now have an opportunity to do so.
Furthermore, the CBN Governor had urged Nigerians to utilise the opportunity because the deadline will not be extended again. In the wake of this development, events had quickly escalated.
Nigerians had intensified the process of returning their old currencies to the banks, but the new/redesigned denominations were not so forthcoming or readily available, resulting in a scarcity that saw many resort to desperate measures.
Point of Sales (POS) terminal operators led the charge, hiking their service charges astronomically for the new denominations and even the old notes, blaming the excess charges on the difficulties they face in getting cash.
A few banks also had to shut down some of their branches as a result of insufficient cash to treat the deluge of visitors who throng the halls daily, some as early as the wee hours of the morning, in search of cash.
Some branches were also subjected to attacks by increasingly desperate customers. Owing to the associated pressure from a growing number of Nigerians who now sought refuge in online transfers, several bank apps consistently recorded failures, leaving many stranded and frustrated.
Mrs. Inuwa was one of the millions of Nigerians affected.
‘‘When I learnt of the deadline for the return of the old notes, I had immediately notified my family members and made plans to have all the affected denominations with me lodged in the bank even before the initial January 31 deadline.
“It proved to be a costly move as I was now virtually cashless and unable to access either the old currencies or the new notes. For five consecutive days, I had to leave the house very early to go and queue up at a bank in my vicinity, yet I was unable to withdraw any money.
“The queues were very long and before you know it, a representative of the bank would come out to announce that they have exhausted the cash sum for the day.
‘‘Patronizing the POS operators around me also proved to be another very costly venture. Some of them were charging as high as N1000 for N5000 worth of the old notes and even higher for the new notes. Transfers initiated to and from various commercial banking apps were also failing and at best, erratic.
“My kids could not go to school and my business was suffering. It was not just a frustrating experience but one of the worst times I have experienced.’’
Succour, however, came the way of Mrs. Inuwa when a friend of hers introduced her to KongaPay.
‘‘I had stumbled across KongaPay at a party late last year when one of my colleagues used it to process a transfer to the hosts. Back then, everyone had commented on how swiftly the transfer went through and the seamless experience.
“So, when my friend cited how KongaPay has helped her navigate the difficulties with cash scarcity and failing bank transfers, I saw light at the end of the tunnel.
‘‘It was very signing up for an account at www.kongapay.com and upgrading my account after complying with the KYC document requirements.
“Thereafter, I was able to not only say goodbye to the challenges of failed transfers, but I was amazed at all the other things I could do with my KongaPay account, including purchasing airtime, paying for DSTV bills, recharging my prepaid meter line, all without extra charges. It was indeed an eye-opener.
‘‘Most importantly, I have been able to pay my suppliers and resume my business after signing up as a merchant, while my children have also been able to return to school.
“Surprisingly, I have processed well over 90 transfers since I started using KongaPay in early February and I am yet to experience one failed transfer.
“I can also access and generate my statement of account with ease. It has been a gem of a discovery,’’ she concluded.
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 inception, the platform has grown immensely and under the drive of the new management of Konga, is leading the new-found appetite for digital payments among e-commerce patrons and other subscribers, processing tons of transactions on a daily basis.
KongaPay was recently 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 need for Nigeria to think outside the box in its need to drive towards global relevance with innovations and scientific developments will be on the front burner at the NITRA Innovative & Scientific Conference scheduled to hold on Thursday July 23, 2026 in Ikeja, Lagos.
NITRA
The Nigerian Communications Commission (NCC) will lead other delegates to discuss and take far-reaching decisions at the event, which has its theme as “Bridging Nigeria’s Digital Divide With Scientific Innovation”.
Other companies that have indicated interest in partnering with NITRA include mobile communications company, Tecno; Africa’s premier end-to-end AI solutions company, Hyperspace; and telecommunications data infrastructure company, Digital Realty.
Speaking on the proposed event, the Chairman, Nigeria Information Technology Reporters Association (NITRA), Chike Onwuegbuchi noted that the event will seek to create a platform for government and private organisations to deliberate on policies around scientific innovations in Nigeria, challenges, place of indigenous and foreign collaboration, roles of each stakeholder, and grassroots development in that regard, among others.
According to him: “The Federal government, with series of programmes and partnerships, has established the urgent need to create an ecosystem that thrives on scientific innovation, breeding institutions and individuals with a target of placing the country at the fore-front of Next-Gen development.
It is a known fact that digital and scientific innovations are crucial, not only to the survivability of a nation, but also to the sustainability of its growth and development, with significant effect on economic strength, global image, defense and security, government capabilities to function, and public health and safety, communication and digital footprint, among others.
The federal government is actively driving scientific innovation to foster economic diversification and build a $1 trillion economy by 2030. Efforts are heavily focused on commercializing research, establishing massive research funds, and funding strategic infrastructure, particularly in technology, biotechnology, and healthcare. Core government initiatives and policies include the newly instituted National Research and Innovation Development Fund (NRIDF), which aims to mobilize about $500 million annually to support research and the commercialization of scientific outputs; and the Nigeria Genomic City, a multi-ministerial initiative aimed at transforming Nigeria into a leading hub for genomics, precision medicine, and biotechnology. It is designed to protect indigenous data, stimulate artificial intelligence in health, and develop a highly skilled scientific workforce.
According to the General Secretary of NITRA, Mr. Chidiebere Nwankwo, the forum will also be a vehicle to propagating the views of decision makers to the public, thereby furthering the cause of public awareness and information dissemination on the topic.
The focus, he said will be on how Nigeria can sustain digital innovative growth and scientific development in Nigeria
The board of global payments company, PayPal, says a 53 billion dollars takeover offer from financial technology firm, Stripe, and private equity company, Advent International, does not adequately reflect the company’s long-term value.
PayPal
According to reports, the proposed acquisition, valued at 60.50 dollars per share, remains under consideration, with the board yet to formally respond to the offer.
The directors are said to be evaluating not only the financial value of the proposal but also the structure of the financing, the timeline for completing the transaction and the likelihood of obtaining regulatory approvals.
They are also considering the possibility of competing bids emerging.
Although the offer represents a premium of about 28 per cent above PayPal’s recent share price, the board believes the company could deliver greater value to shareholders if its ongoing turnaround strategy succeeds.
Following reports of the bid, PayPal shares gained about two per cent to close at 56.73 dollars.
Sources familiar with the discussions said Stripe and Advent have secured approximately 50 billion dollars in debt financing from JPMorgan and Morgan Stanley, while both firms would jointly contribute 17 billion dollars in equity.
Under the proposal, the two companies would jointly own PayPal instead of dividing its operations.
PayPal, Stripe, Advent International, JPMorgan and Morgan Stanley have all declined to comment on the proposed transaction.
The discussions come as PayPal seeks to strengthen its business after years of increasing competition from rivals including Apple Pay, Google Pay and emerging financial technology firms.
The company, which was valued at about 360 billion dollars in 2021, now has a market capitalisation of approximately 36 billion dollars.
Since assuming office as Chief Executive Officer in March 2026, Enrique Lores has embarked on a restructuring programme aimed at improving operational efficiency and restoring growth.
The restructuring includes the creation of three business divisions comprising Checkout, Venmo and Consumer Financial Services, and Payments and Crypto.
The company is also targeting 1.5 billion dollars in cost savings through the deployment of artificial intelligence technologies.
PayPal’s latest financial results indicated signs of recovery, with first-quarter revenue rising seven per cent year-on-year to 8.35 billion dollars, while total payment volume increased by eight per cent to 464 billion dollars.
If approved, the transaction would combine two of the world’s largest digital payments companies.
The combined business would process an estimated 3.7 trillion dollars in annual payment volume, significantly strengthening its position in the global online payments market.
However, analysts expect the proposed acquisition to face intense regulatory scrutiny because of the companies’ combined market share in merchant payment services.
To address possible antitrust concerns, the bidders have reportedly considered options, including separating PayPal’s Braintree business or other assets if required by regulators.
Sources said Stripe and Advent remain interested in pursuing the acquisition despite the board’s reservations, although negotiations are expected to continue.
Market observers are also awaiting PayPal’s earnings report scheduled for July 28 for further indications of the company’s financial recovery and future growth prospects.
Concerns over network reliability and its impact on Nigeria’s growing creator economy took centre stage at MTN Nigeria’s Data on Trial event, where content creator and streamer, Jarvis, challenged telecommunications operators to improve connectivity for digital creators.
Speaking during the event, Jarvis asked whether there were locations in Nigeria where uninterrupted internet connectivity could support real-life (IRL) streaming without network disruptions.
“Are there places where there is no breakage when streaming IRL?” she asked.
Her question highlighted the challenges faced by content creators who depend on stable internet services for live streaming, content uploads and real-time engagement with audiences.
Responding, MTN Nigeria’s Chief Technical Officer, Mr Yahaya Ibrahim, said network performance depends on several factors, including location, network coverage, device capability and the number of users connected to a particular base station.
He noted that operators continue to invest in expanding network capacity to meet the growing demand for data services.
Earlier, MTN’s General Manager, Network Performance and Quality Assurance, Mr Michael Ndukwe, explained the evolution of mobile network technology in Nigeria, from first-generation (1G) services to the current fifth-generation (5G) technology.
According to him, each phase of technological advancement has significantly increased network capacity and enabled new digital services.
Ndukwe cited Nigerian Communications Commission (NCC) data showing that Nigerians consumed about 13.2 million terabytes of data in 2025.
He added that data usage reached approximately 4.06 million terabytes in the first quarter of 2026, reflecting the country’s increasing reliance on digital platforms and online services.
According to him, the growth is being driven by wider adoption of 4G and 5G networks, increased smartphone penetration, the proliferation of smart devices and expanding use of social media platforms.
Participants at the event noted that as more Nigerians build businesses and careers around digital content, access to reliable and high-speed internet has become critical to sustaining the country’s digital economy and creator ecosystem.
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