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Konga May Disrupt The Nigerian Stock Exchange By 2027

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Konga Online Shopping Limited, leading ecommerce giant could be preparing its runway for a listing on the Nigerian Stock Exchange (NSE) within the next 3 years, news sources gather.

Working with global investment advisory firms, the largest online shopping omnichannel platform in Nigeria could list its shares in an Initial Public Offering (IPO) as early as 2027, according to experts familiar with the matter.

Strong indications from the leadership of the company show that deliberations are in place and while the details on the timing of the launch could vary, the move to a publicly owned entity appears certain.

The new Konga which was founded in 2018 when Zinox group acquired it 100% from Africa’s largest tech global investors, Naspers and Europe Kennivik, has grown through the years to become a major ecommerce player with more than 700 full time staff and over 100,000 indirect employees in its portfolio. The acquisition by Zinox Group, a leading tech company, in 2018 was regarded as one of the biggest buyouts of a mainstream ecommerce organisation on the African continent at the time. The company has since positioned itself as a formidable force in the ICT sector.

Speaking with this reporter on the possibility of a public listing, Dr. Chris Uwaje, an expert with a deep understanding of the dynamics in global capital market as it relates to Tech Companies stated that “Konga is a company which must be watched closely as an organization with the potential to disrupt the Nigerian stock market in 2027 if it hits the NSE as companies like Amazon, Jumia struggle to survive in Africa because of infrastructural issues, and are discouraged from meeting their ambitions in Africa.

“As the global economic storm hits Africa, and Nigeria in particular, there are few companies which will emerge in the next 5 years and Konga will break barriers if they hit the stock exchange, because these guys strategies and tacts are auditable” he said.

With Jumia’s last quarter result showing reasonable stress and Amazon withdrawing its expansion strategy for Africa, the path for Konga is clear as the only ecommerce company that has everything within its business, from online marketplace, fintech, hospitality and travels as well as global brand partnerships, to own logistics nationwide. It will cost a fortune to build such a consolidated group in Africa powered by very expensive technologies and complicated analytics.

Konga, best known for its trusted delivery service, began exploring the possibility of an IPO in early 2021, however it still operates as a privately held entity with active institutional backing. The business is valued at over $3billion considering its direct partnership with major global brands Like  Apple, L’Oreal (No.1 Cosmetics company in the world), Starlink owned by Elon Musk’s Space X, Samsung, HP, Lenovo and others who host official stores on Konga.

“Having spent time discussing with investment consultants in Nigeria, I have come to the decision that Konga going on the Stock Exchange will be a win for the country’s business landscape. The organisation’s framework is right for the Nigerian Stock Exchange and the fact that it is committed to driving economic activity within the African subregion should be encouraged,” says Akintunde Badmus, an investment banker based in New York and Lagos.

In many global markets, companies like Konga acquire the services of a special purpose acquisition company (SPAC), through which it lists several businesses over three years. According to two people familiar with the deal, this could be a path the ecommerce service provider may take.

A SPAC deal for Konga will be a significant test of investor appetite for the Nigerian brand as the group undergoes various layers of restructuring to position its portfolio of companies as major stakeholders in corporate trade, fintech, hospitality and cosmetic distribution.

Despite facing global economic headwinds over the past year, Konga has experienced a notable boost in its financial metrics. The company benefits from the leadership of a team of young, yet seasoned professionals, including Prince Nnamdi Ekeh, an MBA graduate from Saïd Business School at Oxford University, known for their acumen and international business expertise.

The Nigerian Initial Public Offering sector worth an estimated N29trillion is gradually gaining momentum after months of market instability as major manufacturing organizations grapple with tough economic realities.

If Konga succeeds with its entry into the stock market, it will be the first locally owned majority stake ecommerce entity to achieve this feat. Other companies such as Jumia have listed on the New York Stock Exchange with its share value dwindling drastically at 10 percent of its original listing price.

Konga group may tell the true eCommerce story out of Africa if all goes well.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Business

FG to Incorporate Contactless Fingerprints for Online Passport Renewal

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Nigeria Immigration Service (NIS) said that it will soon enter an era where the application process for renewing passports will be done entirely online, including the confirmation of biometrics.

FG to Incorporate Contactless Fingerprints for Online Passport Renewal

This will be done through a dedicated NIS app which will require the creation of a profile and enable the submission of contactless fingerprint and face biometrics with verification using the National Identification Number (NIN).

The system is expected to rollout in April 2025.

There have been previously announced failed launch dates for the passport project, which began pre-deployment tests without the biometric capture capability at the end of last year.

Olubunmi Tunji-Ojo, minister of Interior, said in an X thread that he presided over a meeting in collaboration with the NIS, to make a preview of the new system to be introduced.

Those who took part in the discussions included representatives from government, civil society organizations, the media and actors from the tech space.

The Minister said during the meeting, they collected feedback from several stakeholders which they plan to incorporate into the system for seamless functioning when it shall be launched in the coming months, according to Premium Times.

He also revealed that Iris Smart Technologies, which holds a once-threatened contract to produce the country’s biometric passports, and Newworks Solutions are the technology providers working with the NIS.

Tunji-Ojo said the new system involves “cutting-edge technology” which “enhances the passport acquisition process by allowing eligible applicants to initiate and complete their applications seamlessly from the comfort of their homes or workplaces on their mobile devices.”

“This new feature is undoubtedly a game-changer, and we are eager to fully roll it out in our new passport regime. Our goal remains to transform our systems and methods to align with global best practices, setting the pace for other nations to follow without compromising national security,” the minister added.

After the review, feedback obtained from the cross section of stakeholders will be crucial in fine-tuning the system which he says will first be launched for people in the diaspora, said Tunji-Ojo.

Authorities say once it goes live, passport applicants seeking renewal will be able to apply for the document and have it delivered to their home without having to visit any NIS office in person.

The Interior Ministry and NIS reiterated that the project is part of President Bola Tinubu’s Renewed Hope Agenda which seeks to make life easier for Nigerians.

The introduction of the contactless biometric capture system for passport renewal is part of other announced reforms in that sector, one of which is the passport processing time which had been brought down to just 24 to 48 hours following the submission of an application, says the Interior Minister.


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Firm Warns that Employees’ Digital Fatigue Leads to Higher Cyber Risks

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In observing World Mental Health Day on the 10th of October, Kaspersky warns of the relationship between digital fatigue and increased exposure to cyber risks.

In today’s data-driven and digital business environment, office employees are bombarded with a constant feed of notifications, continuous digital interactions and the need to make huge amounts of decisions throughout the day.

Even though advanced technologies like artificial intelligence (AI) and machine learning are helping to improve efficiencies, workers are under significant strain.

This can result in digital fatigue that not only negatively impacts an employee’s well-being and productivity versus higher rates of burnout, but also risks opening the company to a range of cyberthreats, from phishing to deepfakes, warns Kaspersky.

“Employees face hundreds of decisions daily, that range from small, routine choices to critical business decisions. Eventually, the brain’s ability to make sound judgments declines over time and pressure. The constant influx of emails, messages, and alerts are exacerbating this digital fatigue,” says Brandon Muller, Technical Expert for the MEA region at Kaspersky.

In fact, a research by Forbes Advisor shows that digital communications make 58% of employees feel like they need to be available more often.

This results in 60% of the workforce feeling increased burnout. The constant need to stay online and multitask adds to this high-pressure environment, making employees more prone to mistakes.

Phishing still prevalent

Phishing remains one of the most widespread forms of cybercrime. Fatigued employees are more likely to miss the warning signs of a phishing email, especially when they are just one among many in their overflowing inboxes and as phishing campaigns become ever more sophisticated.

These attacks are designed to deceive employees into disclosing sensitive information, such as login credentials or financial data, by posing as legitimate sources.

While phishing attacks come in various forms, they often target corporate email systems due to the potential wealth of valuable information they hold, making them prime targets for exploitation.

The rising threat of deepfakes

AI is also contributing to the rise of deepfakes – highly convincing audio or video content manipulated to deceive the recipient. Even when not fatigued, employees are finding it more difficult to assess the authenticity of such content.

When it comes to digital fatigue, these deepfakes can pose a serious risk in corporate settings, where cybercriminals may impersonate executives to authorise fraudulent transactions or gain access to sensitive information.

Other threats

From inadvertent installation of malware to checking the contents of a USB found on a way to the office – the cyber risks may vary in form and can lead to devastating consequences. If robust cybersecurity solutions are in place to help identify and filter the threats, and if employees are educated and alert, organisations are in a much safer position.

Supporting employees

There are several proactive measures organisations can adopt to help reduce the cognitive load on their employees:

  • Cybersecurity training that is relatable and engaging: By using automated, customised training platforms that adjust content based on role and experience, organisations can make sure their employees stay informed without feeling overwhelmed. Gamified elements in training can also enhance engagement and retention.
  • Automated cybersecurity solutions: Investing in advanced cybersecurity tools, such as automated threat detection and response systems, help businesses reduce human error and mitigate risks.

Protection solutions for mail servers with anti-phishing, anti-spam, and malware detection technologies decrease the chance of infection. These tools can work in the background, allowing employees to focus on their work without constantly worrying about potential cyber threats.

  • Enable a Default Deny policy for critical user profiles, particularly those in financial departments, which ensures that only legitimate web resources can be accessed.
  • Create areas for employees to take a break.

Advice for employees to combat digital fatigue:

  • Establish routines for certain decisions to save mental energy for more critical choices.
  • Prioritise tasks, delegate or automate less important decisions.
  • Identify most important criteria to ease decision making, narrow down your choices, ask for advice and additional information.
  • Focus on key data, limit information overload and distractions when taking important decisions.
  • Recognise the signs of decision fatigue, such as reduced concentration, increased irritability, and procrastination.
  • Schedule regular breaks to recharge and prioritise some exercise such as going for a walk. Also consider exercises for your eyes and neck.
  • Stay alert when receiving messages that look uncommon, as well as when visiting new web pages and making money transactions.

“The demands of the digital workplace are not going away. Fortunately, organisations can take meaningful steps to support their employees while still protecting the business from cyber threats. By addressing the root causes of decision and digital fatigue, companies can reduce the risk of successful phishing, deepfakes, and other sophisticated cyberattacks,” concludes Muller.


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Better Digital Payments Infrastructure is Facilitating Access to New Markets for Enterprise

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By Doreen Lukandwa, Head, Commercial Strategy at Onafriq

Saying that small and medium-sized enterprises (SMEs) are the backbone of economies in East Africa is an understatement. SMEs make up the largest part of all registered entities in nearly every industry and sector in most East African countries, averaging between 60% to 90%, including micro-enterprises.

As the region continues to experience significant progress and development, the SME ecosystem plays a crucial role in creating employment opportunities, encouraging innovation and entrepreneurship, and diversifying economies.

However, only a few of these SMEs will grow into larger-sized firms or expand their reach into markets beyond the area they operate. This is mainly due to the constraints they face that limit their ability to expand and scale their business, such as inadequate financing and access to investment and financial services and insufficient integration into international capital markets.

Historically, the finance sector in East Africa has shown a preference for traditional banks, which have been restricted in terms of geographical reach and other factors. This has resulted in limited access to financial services for many merchants in the region, hindering economic growth and development. But this is changing.

The emergence of an increasingly robust digital payments infrastructure in East Africa presents an incredible opportunity for businesses to scale by opening up access to new markets in the region, across the continent, and around the globe.

Expanding the global footprint of enterprise

Africa accounts for 70% of the world’s $1 trillion in mobile money value, mainly due to the boom in digital instant payment solutions and inclusive interoperable payment systems across the continent. East Africa makes up the largest mobile money market on the continent, with transaction values worth $491 billion for 390 million registered accounts in 2022.

These booming, secure, efficient, and interconnected digital payment systems are transforming the business landscape by breaking down geographical barriers and broadening enterprises’ ability to collect and make payments to and from anywhere in the world.

Trailblazing fintech firms are revolutionising the digital payments space and helping enterprises solve their revenue collection and payments challenges, reducing operational costs and leaving them free to focus on operational efficiency.

Now, SMEs can scale their existing services into new African and global markets by capitalising on the growing digital payment infrastructure without the need to build their payment infrastructure or platforms. With just the right payment partner, businesses can expand into new territories by establishing a virtual financial presence, helping duplicate their services in the new market.

By leveraging the shared infrastructure and resources from their payment partner, enterprises can now mitigate risks while gaining access to local knowledge and networks.

Enabling enterprise to meet its full potential

The increased access to new markets for enterprises, facilitated by the digital payments space, enables their ability to scale up, compete with larger firms, and increase their growth potential.

By scaling effectively, East African SMEs can keep up with customer and market demands, improve their efficiencies and find new avenues of revenue growth without being held back by a lack of resources or infrastructure. It encourages innovation, which could see the development of new products and services, increase sales opportunities, and further their ability to serve more customers and expand into new markets.

As the rapid growth of digital payments technology continues, we can expect to see more enterprises take advantage of the increased access to new markets, resulting in the growth of SMEs across the region and subsequently driving the creation of better-paid jobs, economic growth and ensuring more competitive economies.


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