E-Business
Kinnevik Invests More, Says Konga Heading Towards Profitability

Konga’s investors Kinnevik AB with 34% stake valued at SEK 133m (Swedish Krona) approximately $15m as at September 30, 2016, has reported that Nigerian e-commerce giant, Konga, is on its way to profitability even as it has already committed to double digit multi-million dollar investment in the e-commerce platform this year.
In its interim report for the first 3 quarters of the year 2016, Kinnevik said Konga’s active customers per end of August increased by 5% compared to last year, due to Konga’s focus on operational efficiency.
It further published that Konga is progressing well on its path to profitability and reached break-even before overhead costs for the first time in September 2016.
Though the figures of new funding from Kinnevik could not be obtained, Konga received series B $25 million funding from Kinnevik and Naspers in 2013; $40m in Series C in 2014; and Shola Adekoya, Konga’s CEO, revealed the e-commerce giant in Nigeria received multi-million dollars investment from Nasper and Kinnevik at the beginning of the year 2017.
Adekoya said, “We kicked off 2017 with a multi-million dollar investment from Naspers and Kinnevik, and it gave me pause to reflect on the progress of both Konga, and the wider ecommerce industry in Nigeria.
He remarked that Nigeria boasts the largest population in Africa – set to increase from 180m today to 440m by 2050, with GDP expected to grow between 4.5 and 9 percent each year in between.
“With 38 percent of Nigerians now connected to the internet – a figure that’s on the rise fueled by a growing middle class – our ecommerce industry clearly has potential,” Adekoya said.
He however, acknowledged that “reaping these online rewards isn’t straightforward. To encourage Nigerians to make more online transactions the ecommerce industry must find innovative solutions to the table stakes of online sales, such as fast and easy payments and refunds, and trouble-free deliveries and returns.
“Perhaps it’s the passion and commitment involved in bringing Nigeria’s strong trading culture online that makes our country an attractive proposition for investors”.
Going memory lane, he said “When we started Konga in 2012, we knew we had to innovate to be successful. Today, I am proud of the progress we’ve made. We are a homegrown Nigerian business, tailored to our local customers’ needs and committed to delivering the highest standards of service in the market.
“We’ve significantly grown our marketplace to service local seller and customer needs, and we’ve built much of our own nationwide delivery network from scratch, empowering 80 local franchisees in the process, as well as building a proprietary third party logistics and warehousing service. We’ve also launched KongaPay, which has materially increased our prepaid orders and reduced friction in the payment process”.
He added that there’s much still to do, especially as Konga’s marketplace model continues to evolve around local nuances, “but at Konga we couldn’t feel more positive about the future. Our latest round of investment from Naspers and Kinnevik follows their previous investments and underlines their ongoing commitment to our business and the Nigerian ecommerce market.
“It’s the perfect way to start our fifth year of business and we look forward to benefitting from their continued support and expertise. Of course, neither Naspers nor Kinnevik are strangers to Nigeria, having been long-term investors in the country via successful businesses like Naspers’ MultiChoice”.
Adekoya said that looking ahead, it is their ambition to bring millions more consumers online to shop for their everyday needs by providing a superior service that means and offers something to everyone. “Our latest double digit million-dollar investment from Naspers and Kinnevik will take the business to breakeven and allow the team to continue improving on Konga’s customer experience across all its offerings.
“We value our customers’ patronage and we are committed to delivering a truly amazing service to them,” he concluded.
E-Business
Firm Shares Tips for Safer Remote Working

It is holiday season in many parts of the world. These days though, going on holiday does not always mean turning your back on office life – hybrid work cuts both ways.
Today’s widespread connectivity—available at airports, train stations, restaurants, hotels, and most indoor public spaces—makes staying connected easier than ever, with free Wi-Fi in many locations and reliable 4G or 5G coverage elsewhere, helping to facilitate a seamless blend of work and leisure even while on holiday.
This increase in connectivity among travellers has not gone unnoticed by cyber criminals. Kaspersky experts analysed nearly 25,000 free Wi-Fi spots in Paris ahead of the Summer Olympic Games and Paralympic Games. The analysis revealed that almost 25% of these networks had weak or no encryption, making users vulnerable to personal and banking data theft.
Travellers often have their guard down. The unfamiliar surroundings of a new location or a different language can throw up a useful smokescreen for a cyberattack, meaning additional care needs to be taken when logging on. Fortunately, a few smart tools and habits can help you stay protected while enjoying the flexibility of remote work.
Use a VPN for secure connections
A VPN is one of the most effective ways to safeguard users’ online activity, especially when working from unfamiliar locations. By encrypting Internet traffic, a VPN ensures that hackers can’t intercept sensitive data like login credentials or financial details. This is particularly important when accessing work emails or company files on public Wi-Fi, where cybercriminals often lurk.
Switch to an eSIM for reliable, secure mobile data
Another useful digital tool that provides a seamless way to stay connected using local mobile networks with no physical SIM card required is the eSIM. This is a game-changer for international travellers who want to avoid sky-high roaming charges or the hassle of hunting down temporary SIM cards in foreign countries.
With an eSIM, a user can download a local data plan before you even arrive at your destination, ensuring instant connectivity the moment you land. This eliminates the need to rely on unsecured Wi-Fi hotspots, significantly reducing your exposure to cyber threats.
Plus, many eSIM providers allow you to manage multiple profiles on a single device, making it easy to switch between work and personal data plans without juggling multiple phones.
Services like Kaspersky eSIM Store enables users to purchase and activate data plans in advance, track usage and top up as needed, all from a single app.
Enable two-factor authentication (2FA)
When travelling, people often leave devices unattended. To protect against unwanted people logging in, travellers should ensure two-factor authentication (2FA) is enabled on all critical accounts and that passwords are used on all devices.
Final tips for a secure workation
Even with a VPN, eSIM and 2FA in place, your devices still need strong defenses against malware, phishing scams and ransomware. Cybercriminals often target remote workers who may let their guard down while travelling, making real-time protection essential.
Modern antivirus software does more than just scan for viruses, it actively blocks malicious downloads, warns you about phishing attempts and even secures your passwords and financial data.
For the most robust security, consider a solution like Kaspersky Premium, which combines antivirus protection, a VPN and password management into a single, easy-to-use package.
By combining a VPN, eSIM and strong antivirus, you can work from anywhere with confidence, whether you’re sending emails from a poolside or joining a video call from a festival tent.
E-Business
Zequence Digital Boss Calls for Strong IP Laws Enforcement, to Protect Nigeria’s Software Sector

Mr Adeoye Oludamilola, managing director, Zequence Digital, a digital agency, has said strong enforcement of Intellectual Property (IP) laws , protection of Nigeria’s software industry against piracy will encourage innovation and investment.
Adeoye told reporters lately in Lagos that software piracy and the unauthorised use of proprietary technology are widespread in the country.
According to report Intellectual Property (IP) laws in software refers to the legal rights that protect the creations of the mind used in software development.
These rights, which include copyrights, patents, trade secrets, and trademarks, grant developers exclusive control over their software and related assets, preventing unauthorised use or reproduction.
Adeoye said that many startups do not protect their innovations, due to a lack of knowledge and the cumbersome legal processes involved.
“IP registration and litigation are expensive and time-consuming, which further discourages developers from protecting their work,” Adeoye said.
He added that the lack of awareness among developers about their IP rights contributed to the problem.
To address these challenges, Adeoye stressed the need for the formation of an IP Protection Consortium, comprising tech firms, legal experts, and regulators, to advocate for stronger IP enforcement.
He also suggested collaborating with legal tech startups to create simplified platforms for fast-tracked IP registration.
The managing director further called for joint initiatives between legal bodies and tech communities to launch IP rights education campaigns.
This, he said, would equip developers with the knowledge they needed to protect their innovations and grow their businesses.
Adeoye emphasised the need for the government and stakeholders to create an ecosystem for development and inclusivity by proactively engaging with regulators.
According to him, this will help ensure that policies are created with the input of concerned agencies and industry experts.
E-Business
PalmPay Partners AXA Mansard Health to Make Digital Insurance Accessible, Affordable

PalmPay, a leading fintech platform and full-stack digital neobank for emerging markets, has partnered with Nigeria’s biggest Health Insurance Company, AXA Mansard Health a member of the globally trusted AXA Group, to provide millions of Nigerians with affordable, accessible digital health insurance.
This strategic partnership enables PalmPay users to seamlessly access a range of health insurance packages from AXA Mansard directly within the PalmPay app. With plans starting as low as N500 per month, users can now choose from flexible insurance options tailored to fit their everyday needs.
The plans are designed to meet a wide range of needs; for example, the AXA Digital Health plan offers access to telemedicine consultations with doctors, N5,000 worth of medications, and up to N40,000 in surgical coverage. Users can also opt for the AXA Mansard MicroHealth plan at N1,000 per month, which provides unlimited diagnostic tests and funeral benefits. Additionally, the AXA Mansard Accident plan, available for N500 monthly, offers comprehensive death cover for both accidental and non-accidental cases.
Speaking on the partnership, Habib Kowontan, Head of Wealth Product at PalmPay, said: “Insurance is a key pillar of financial security, yet millions of Nigerians remain underserved. Our partnership with AXA Mansard Health breaks down long-standing barriers by placing reliable and affordable insurance solutions right at our users’ fingertips.”
In her remarks, Jumoke Odunlami, Chief Distribution Officer, AXA Mansard Insurance said that the partnership with Palmpay presents the AXA with another opportunity to improve health and productivity of Nigerians. “Through partnerships like this, we are covering over 1.8 million Nigerians and ensuring that healthcare is accessible, available and affordable.
“So we are excited about joining forces with a brand like Palmpay to compliment the range of financial possibilities they offer their customers with health plans. It fits well with our mission and our purpose of acting for human progress by protecting what matters, and we are looking forward to doing even more with Palmpay”, she explained.
This partnership reflects PalmPay’s broader mission to create a more inclusive digital financial ecosystem, one that empowers users to not only manage their money efficiently, but also secure their future.
This partnership reflects PalmPay’s broader mission to create a more inclusive digital financial ecosystem, one that empowers users to not only manage their money efficiently, but also secure their future.
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