E-Business
Konga as e-Commerce Global Game-Changer
By Ray Umukoro
When global economy pundits describe Africa as the next frontier, they are merely reacting to strong stimulus coming from the continent, especially in the areas of improving agro-economy, commerce, internet penetration and increasing capacity to harness the abundance of raw materials within the continent.
Among these stimuli is e-commerce.
Africa is witnessing quantum leap in internet penetration and increased deployment of internet-enabled handheld mobile devices. This is the fuel driving up e-commerce on the continent once considered a clear outsider in the tech-driven e-commerce ecosystem.
At the cusp of the growing e-commerce market in Africa is Konga, trading under the name konga.com. Since its acquisition in 2018 by Zinox Group, in one of the most discretely executed corporate ‘coups’ and seamless acquisitions on the continent, Konga has continued to beat the odds and confound book-makers.
Within the first two years after its acquisition, Konga had re-invented itself, growing its turnover by over 800 percent, cut inherited serial losses and re-focused its corporate values by being more customer-centric, while deploying superior technology to achieve more. Leveraging light-years-ahead technology, Konga has been able to run lean and mean, delivering last mile in real time ahead of the competition and offering a new threshold of value-for-money in a manner never before witnessed in Nigerian e-commerce bourse.
E-commerce business all over the world comes bundled with several complications. It’s expensive usually with initial huge losses. It’s technology-demanding and requires conscious long-term investment and patience. To ride the tide, operators must work round these treacherous complexities which include heavy investment in back-end technology, innovativeness to adapt to fast-changing consumer tastes and technical paradigm shifts. All of these would require seamless and steady retooling of strategies.
In Africa, e-Commerce is largely the playground of the youths. A huge chunk of the patronage comes from the youths, the nouveau riche, the upwardly mobile, dashing generation of purpose-driven, career-minded men and women who have little time to spare on making physical, in-shop purchases. Konga appeals to this group because its leadership is driven by young men and women who understand the tapestries and nuances of multi-tasking and time-management in the modern era.
Konga’s ownership is truly Africa. This gives it a head-start in the continent’s e-Commerce space. It has been able to combine indigenous manpower with a network of quality foreign technical service providers. An e-Commerce house is as good as its back-end. Top e-Commerce outposts in the world who have remained at the cutting edge of competition despite the inevitable turbulence share a common denominator.
They are the ones that spend big on infrastructure. Back-end infrastructure and manpower capacity drive the process. Konga understands this and has spared nothing in upscaling its infrastructure and upskilling its staff to global standard. Within the first two years of its acquisition, the investors quietly and deliberately built top-notch nationwide facilities and restructured the firm’s technologies to fit into the new vision and ambition of emerging as a global brand.
On May 1, 2018, barely three months after its acquisition, Zinox merged Konga.com with its omni-channel retail outfit, Yudala. The product of that mega-merger was a swifter, bigger company which retained the brand name, Konga. This was how arguably the biggest e-Commerce and retail company in Africa was born. But beyond that, Konga has continued to astound market watchers with its innovativeness in payment services, delivery to last mile and a steady decline in inherited market churn.
Statistics clearly show that soon after the acquisition, Konga customer churn dropped considerably. Customer churn is the rate at which customers stop doing business with an organisation. It’s the percentage of subscribers who discontinue their subscriptions to a service within a given period.
In the e-Commerce market, customer churn has been a big issue as some customers after experiencing unsavoury transaction with an e-Commerce house, not only discontinue patronage but enlist to share their ugly experience with friends and people in their network (professionals, business associates and partners etc.) and, in the process win them over to also discontinue patronage of that organisation. This has been one of the downsides of some e-Commerce companies: their inability to retain existing customers, let alone grow their customer base.
A couple of factors are responsible for this. Lack of customer satisfaction, late and untimely delivery of goods to clients, foisting substandard products on customers and poor customer care service are among the reasons for customer-hesitancy and eventual withdrawal of patronage.
This is at the root of the poor marketplace performance of many e-Commerce outposts. The new owners of Konga have overcome these drawbacks, using high-end technologies, leveraging on their affiliations with global original equipment manufacturers (OEMs) and clear understanding of the Nigerian environment.
A handy advantage of the new Konga is the combination of the online e-commerce strength of Konga.com and the nationwide branch network of Yudala. This has helped them to deliver a truly omni-channel retail for the first time in Africa.
The heavy behind-the-scene investment in infrastructure within the first 18 months of acquisition coupled with the reliance on physical Experience Centres (neighbourhood well-stocked physical Konga stores) largely ignited the fire of sustainability and profitability. This explains the miracle of Konga breaking even barely three years after the acquisition.
A combination of these factors plus the company’s ability to disrupt the market form the basis for the new push by Konga to list at the London Stock Exchange (LSE). Analysts believe that with its strong showing in Africa, Konga listing on the LSE would raise the bar for African investors hunting fortunes in the global market. It’s considered the game-changer for African investors.
Konga, as an African brand, has shown capacity to adapt, innovate and create value for both customers and investors. Going global will only help its team of young outliers rack up return on investment as well as improve the continent’s business profile on the global investment index.
Data from Statista, a renowned statistics portal, reported that the total value of e-Commerce in Africa grossed $16.5 billion in 2017 and is expected to hit $29 billion by 2022. It’s no surprise that Konga has become the fastest-growing e-Commerce house in Africa.
This further underscores the United Nations Conference on Trade and Development (UNCTAD) e-Commerce Index Report 2018 which placed Nigeria, South Africa and Kenya as accounting for more than half of the online shoppers in Africa.
Nigeria is reputed as Africa’s largest business to consumer e-commerce market in terms of both number of shoppers and revenue and Konga is at the core of this market volume. This is what it’s taking to the global market: an ingrained ability to re-invent itself at all times, innovate through the contours of competition and grow its customer base. When tomorrow comes and Konga, the e-commerce heartbeat of Africa, lists at the LSE, Africa would have made a bold statement: We are not the continent ruined, we are the continent ready to roll.
Author: Ray Umukoro, pan-Africa ICT blogger, writes from Lagos
Coinbase forecast a hit of between $180m and $400m from a cyberattack that breached account data of a “small subset” of its customers, the crypto exchange said in a regulatory filing on Thursday.
The company received an anonymous email on May 11, claiming to have information about certain customer accounts as well as internal documents.
While some data — including names, addresses and emails — was stolen, the hackers did not get access to login credentials or passwords, Coinbase said.
Still, it will reimburse customers who were tricked into sending funds to the attackers.
Hackers had paid multiple contractors and employees working in support roles outside the US to collect information.
The company has fired those involved, it said.
Separately, the New York Times reported that the US Securities and Exchange Commission (SEC) was investigating whether the company had misstated its user numbers.
Coinbase shares extended losses after the report and were last down 6.5%.
“This is a hold-over investigation from the prior administration about a metric we stopped reporting two-and-a-half years ago, which was fully disclosed to the public,” said Paul Grewal, Coinbase’s chief legal officer.
“While we strongly believe this investigation should not continue, we remain committed to working with the SEC to bring this matter to a close.”
The SEC declined to comment.
The latest developments come days before the company is set to join the benchmark S&P 500 index, casting a shadow over what was expected to be a landmark moment for the crypto industry.
Security remains a challenge for the crypto industry despite its growing mainstream acceptance.
In February, Bybit disclosed a hack in which about $1.5bn worth of digital tokens were stolen — widely described the biggest crypto heist ever.
“The cyberattack may push the industry to adopt stricter employee vetting and introduce some reputational risks,” said Bo Pei, an analyst at US Tiger Securities.
Funds stolen by hacking crypto platforms amounted to $2.2bn in 2024, according to a report from Chainalysis, a US-based blockchain analysis firm.
“As our nascent industry grows rapidly, it draws the eye of bad actors, who are becoming increasingly sophisticated in the scope of their attacks,” said Nick Jones, founder of crypto firm Zumo.
Coinbase has refused to pay a ransom of $20m demanded by the attackers and is working with law enforcement agencies. Instead it has established a $20m reward for information on the hackers.
The company is also opening a new support hub in the US and taking other measures to prevent such cyberattacks, it said.
The Nigeria Internet Registration Association (NiRA) presents its report on .ng domain name registration and renewal statistics for the first quarter of 2025, highlighting the continued expansion of Nigeria’s digital footprint. The data underscores a consistent and significant adoption of the nation’s Country Code Top-Level Domain (ccTLD), reinforcing its pivotal role in the burgeoning Nigerian digital economy.
During the period spanning January to March 2025, a total of 40,791 .ng domain names were recorded. This figure comprises 22,236 new registrations and 18,555 renewals, indicating a healthy balance between the acquisition of new digital identities and the sustained commitment of existing domain name holders to their online presence.
Analysis of the registration trends within the quarter reveals a notable upward trajectory, with a 13.92% increase in domain name registrations observed between February and March 2025.
This growth signifies an increasing recognition of the importance of a localized online identity by a diverse range of stakeholders, including individuals, startups, Small and Medium-sized Enterprises (SMEs), and larger organizations.
Notably, the .com.ng extension continues to be the dominant choice, accounting for over 60% of both new registrations and renewals. This reaffirms its status as the preferred domain name extension for Nigerian businesses seeking to establish a credible and locally relevant online brand presence while maintaining global accessibility. The sustained popularity of .com.ng underscores its perceived value among Nigerian entrepreneurs and enterprises seeking to secure their digital real estate.
This upward trajectory isn’t happening by chance. The Nigeria Internet Registration Association (NiRA) has remained intentional in its drive for digital inclusion and domain adoption. Through public education, training via the .ng Academy, outreach campaigns, and partnerships with stakeholders across the tech ecosystem, NiRA has consistently advocated for the importance of owning a local domain. The current standing of .ng as the second most registered ccTLD in Africa reflects the efficacy of these efforts.
Digital adoption in Nigeria is no longer just about being online—it’s about owning your digital identity. And with a .ng domain, Nigerians are better positioned to assert that identity, connect with local and international audiences, and gain better control over their digital footprints.
As we look toward the rest of 2025, the Q1 results serve as a strong signal: more people are embracing the digital future, and the .ng domain is increasingly becoming their first step.
National Identity Management Commission (NIMC) of Nigeria has launched a new digital identity verification tool called the NIN Authentication (NINAuth) application.
The initiative, which forms part of President Bola Tinubu’s Renewed Hope Agenda, aims to strengthen the country’s national digital identity management framework.
The launch builds upon Nigeria’s comprehensive unified digital identity system that has been transforming access to financial services and government programs.
The NINAuth application introduces several key features focused on data security and privacy.
The platform requires explicit user consent before sharing identity information for Know Your Customer (KYC) processes, giving individuals greater control over their personal data.
The system provides seamless access to various government services, including SIM card registration, immigration applications, passport processing, tax filings, and financial transactions.
The development follows significant investment in Nigeria’s digital identity infrastructure, including a $45.5 million support from the World Bank as part of the Digital Identification for Development (ID4D) project.
As the official service for integration with NIMC’s backend infrastructure, NINAuth enables secure verification processes across ministries, departments, and agencies (MDAs).
The application is available for download on both the Google Play Store and Apple iOS App Store for users of the National Identification Number (NIN).
The rollout represents a significant milestone in Nigeria’s ongoing efforts to digitize government services and strengthen identity verification processes.
“NINAuth is a cutting-edge suite of services including web, API, and mobile verification designed to enhance data security, protect privacy, and simplify access to government services,” said Dr. Kayode Adegoke, Head of Corporate Communications at NIMC.
“The platform introduces a robust layer of protection, empowering individuals with greater control over their personal information.”
The implementation supports the objectives of the recently established Nigeria Digital Identification for Development Project Ecosystem Steering Committee, which oversees the country’s digital identity initiatives.
President Bola Ahmed Tinubu has approved the launch of the NINAuth app and directed its use for verification and authentication across all MDAs.
The application provides a secure single sign-on solution for accessing government services and social protection programs while maintaining strict data privacy controls.
The centralized approach to digital identity management represents a significant step forward in Nigeria’s digital transformation journey and its commitment to modernizing government services.
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