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ZINOX GROUP ACQUIRES KONGA IN BOLD RETURN TO E-COMMERCE

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ZINOX GROUP

After months of strategic negotiations with foreign investors Naspers and AB Kinnevik, the Zinox Group, Nigeria’s foremost integrated ICT solutions conglomerate and Original Equipment Manufacturer (OEM), is now the majority shareholder in e-commerce giant, Konga – an unprecedented move that is widely expected to raise the profile of e-commerce in the country.

Naspers is a South Africa-based multinational internet and media group, offering services in more than 130 countries while AB Kinnevik, founded in 1936, is a Swedish investment company investing primarily in digital consumer brands.

The development signifies a remarkable return to e-commerce for the Zinox Group after it pioneered e-commerce in Nigeria with the launch of BuyRight Africa.com which struggled to cope with the absence of credit card and e-payment infrastructure over 12 years ago.

The acquisition is also understood to have passed all regulatory approvals by the Securities and Exchange Commission (SEC).

Details of the mega deal indicate that the Zinox Group, arguably Africa’s most integrated technology group will assume ownership of the e-commerce group which includes Konga.com, Nigeria’s largest online mall; KongaPay, a CBN-licensed mobile money platform with over 100,000 subscribers and rated as one of the best mobile money channels in the country as well as KOS-Express, a digitally-driven and world class logistics company with advanced delivery capabilities for Konga and other structured companies nationwide.

The landmark acquisition is seen by industry watchers as a major development that could see e-commerce in Nigeria finally unlock the massive revenue potential in the global multi-billion-dollar industry.

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In 2017, retail e-commerce sales worldwide amounted to 2.829 trillion US dollars while e-retail revenues are projected to grow to 4.48 trillion US dollars in 2021.

Coming at a time when global e-commerce spending is expected to top previously unheralded levels, the acquisition is widely expected to reposition Konga for a greater share of the e-commerce purse in Nigeria and beyond.

The acquisition is also expected to create employment opportunities for over 5000 Nigerians, both at home and in the Diaspora.

Gideon Ayogu, Head of Corporate Communications at Zinox Group, who confirmed the development, disclosed that the organization is keen to take e-commerce in Nigeria to hitherto-unprecedented heights.

“We have always had an interest in Konga and another big one you know very well but our priority was Konga first because of her integrated nature of four quality companies in one,” he disclosed. “Konga is a world-class, professionally-run company whose landmark strides in the sector has gone a long way in ushering millions of Nigerians into the ease and convenience of online shopping and boosting the conduct of e-commerce in the country. Konga’s integrity is their pride.

“Today, many Nigerians can attribute their first experience of e-commerce to Konga.com and we are excited to be a part of this remarkable story. Many shoppers can also attest to the speed and efficiency in delivery that characterizes Kos-Express, the company’s logistics arm, which is arguably the best in the sector at the moment.

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“Our ambition is to up the tempo by revolutionizing e-commerce on the African continent, with Konga at the fore-front of this initiative. In addition to positioning the business on a path of profitability in the short term, our long term plans are focused around seeing Konga well established in other African capitals. Furthermore, we will be unveiling a lot of new initiatives soon and we advise shoppers and merchants alike to look out for these innovations which will radically reshape the average customer experience of e-commerce in Nigeria and on the continent and put more money in their pockets,” he noted.

Led by serial digital entrepreneur, Leo Stan Ekeh, the Zinox Group has grown from a position of strength to become one of the biggest names on the African technology scene. With its headquarters in Lagos, Nigeria and branches all over the country in addition to hubs in Africa, Asia, Europe and the Middle East; the Zinox Group boasts a 360-degree spectrum orientation as an integrated ICT solutions group with advanced competencies in manufacturing, special ICT projects, integrated solutions, e-commerce, retail and after-sales support, among others.

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Business

UBA Rewards 100 more Customers with N100,000 each in Fresh Bumper Draw

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Rewards

Pan African Financial institution, United Bank for Africa (UBA) Plc has rewarded another set of 100 loyal customers with a total of N10m in the UBA Bumper account draw. The 100 customers won N100,000 each in this month’s edition of the draw which began in January 2020.

The virtual and transparent draw which was held at the UBA Head Office in Lagos on Wednesday, was transmitted live via the Facebook platform in strict compliance with social distancing rules as directed by the Federal and Lagos State Government.

Just like the previous draw held in May, lucky winners, who were contacted via their mobile phone numbers were overjoyed as they emerged the latest winners of N100,000 each. While expressing gratitude to the bank, they said the winnings will go a long way in meeting their pressing needs especially in these trying times, when the Covid-19 pandemic has made most businesses vulnerable.

UBA’s Group Head, Consumer and Retail Banking, Jude Anele, who congratulated the lucky winners, said they were rewarded for their loyalty to the bank. He also noted that the bank is dedicated to supporting customers and remains passionate about their success and overall growth.

He said, “I will like to reiterate that UBA is always happy to reward and support customers. There is no better time to give back and delight customers than this challenging economic period where people need all the support they can get to make life more meaningful. With this in mind we decided to prioritize them as we always like to do at UBA by giving them ample reason to be joyful.

Continuing, Anele said, “Our key objective is to encourage our customers save regularly. We are here to support them likewise encourage them save  and ultimately grow as well, because  we are aware that they are invaluable to all that we do”.

UBA’s Group Head Marketing & Customer Experience, Michelle Nwoga, who explained that the main purpose of the UBA Bumper Account is to ensure that Nigerians fully embrace the savings culture; noted that the monthly, quarterly and targeted draws will also go a long way to assist customers through these turbulent times, by providing them with funds that will help ease the difficulties occasioned by the pandemic.

Explaining the modalities for the draw, Nwoga said that all new and existing customers need do to qualify for the draw is to ensure that they have a minimum deposit of N5,000 in their UBA Bumper Account. Current UBA customers are to dial *919*20*1# to migrate to the UBA Bumper Account whilst potential customers should dial *919*20# if interested in opening a UBA Bumper Account.

She also added that for the bumper account a monthly shopping allowance of N100,000 for a year is also up for grabs. “No fewer than five account holders will get a whopping N2 million each across all participating regions every quarter.

Speaking  further, Nwoga disclosed that UBA is constantly working on best ways to serve the interest of customers by making their lives easier, “This is why as a bank, we continue to invest in cutting edge technology that guarantees ease as is evident in our recent mobile app upgrade which offers a more interactive, user friendly interface that makes available a myriad of opportunities from the comfort of customers’ homes,” Nwoga stated.

She  explained that the new mobile app will now prompt users to use their device enabled biometrics, adding that the menu has been reduced and divided into sub-menus to enable users view Transaction History, Net worth, Trends amongst others at a glance.

“One other key feature of the app, worthy of mention is that it includes the live chat option, where users can communicate on the go with dedicated staff trained to assist with any enquires and challenges; biller validation; as well as group transfer – a new menu where users can create groups, save members and transfer funds to up to 100 members on the group. You can be assured that UBA never relents in guaranteeing premium customer satisfaction”, she said.

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Doubble.Ng Offers Investors 100% Investment Income, Safety

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Doubble.Ng

 

 

Sterling Bank Plc, Nigeria’s leading commercial bank, has offered a safe option for investments in its Doubble.Ng product to discerning investors seeking double-digit investment income and safety in this period of heightened market volatility and unpredictable macro-economic environment.

 

Doubble.Ng is an investment product which is denominated in Naira and Dollar with short and long-term options.

 

According to Adekunle Feyisitan, the Product Manager, Sterling Bank, Doubble.Ng was designed to address the concerns of individuals who are looking to accumulate savings and regular investment income over a specific timeline to plan for future business or lifestyle needs.

 

He listed benefits of the product options to include guaranteed income stream and growth for a fixed period of time, safety from market volatility, ability to access loan facilities against balance and opportunity to transfer the annuity to a spouse or any other named beneficiary.

 

Feyisitan said, “With Doubble.Ng, a customer can choose to invest either a lump sum in one contribution or in smaller monthly contributions, which could be for the duration of 12 to 120 months with all pay-outs remitted either monthly or as a lump sum once target is achieved to named beneficiaries.

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“It empowers individuals to plan towards future consistent cash outflows such as payment for children’s further education, mortgages or funds for business start-up. Doubble.Ng is actually the perfect investment vehicle for those planning to transition from paid employment to owner-businesses and need to plan the cash flow in the business growth years”.

 

The product manager added that Doubble.Ng target option allows the beneficiary to set target saving and interest income in Naira or Dollar over a specified period while additional voluntary contributions can be made into the investment account apart from the regular contributions based on the initial set date because an investor is at liberty to take up multiple plans.

 

He assured customers of efficient and prompt service delivery and urged those in active employment as well as entrepreneurs to take advantage of the high-income growth product to maximise returns on investment at this volatile and uncertain time.

 

The product offers four variants to discerning investors, including 3, 5 and 10 year plans as well as short-term target investments.

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With a 3-year contract plan during which the investor makes monthly contributions for the first three years, Sterling Bank will pay out the invested amount plus returns to the beneficiary every month for the following three years. It has returns on investment of 125 percent.

 

In the 10-year contract plan whereby an investor makes monthly contribution for the first five years while Sterling Bank will pay out the invested amount plus returns on the investment every month to the beneficiary for the next five years with returns on investment of 150 percent.

 

The Doubble 10 investment option is a 15-year contract plan during which an investor makes monthly contributions for the first five years and Sterling pays out invested funds plus returns on investment to the beneficiary every month for the next 10 years with a 100 percent returns on investment.

 

The novel product, which provides fixed rates of return for a fixed period of time, can be conveniently accessed via the OneBank mobile app or Doubble.Ng website from anywhere in the world by investors.

 

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Over 60 frontline workers benefit from Health Workers Fund

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Doubble.Ng

The N1 billion Health Workers Fund set up to support frontline health workers combating the COVID-19 pandemic has supported more than 60 frontline health workers since it launched in March.

Dr. Olaokun Soyinka, Chairman, Governance Board of the Fund, disclosed this in a statement issued in Lagos over the weekend. The seasoned public health expert and former Commissioner of Health in Ogun State said almost N59 million has been donated to the Health Workers’ Fund by public spirited corporate organisations and individuals.

“We are very proud of our strides so far, and are excited by the opportunity to provide succor to frontline health workers in the country. More than 60 health care workers from different parts of the country have been paid tokens in appreciation of their service at this critical time. We want them to be motivated when they walk into COVID-19 Isolation centres because some of their basic needs are sorted.

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“With the rising cases of infections daily, we urge Nigerians at home and in the Diaspora to donate now in support of frontline health workers wherever they are in the country. They are doing whatever it takes to protect us. We can all play a part in empowering and motivating to function effectively on the job”, Dr Olaokun Soyinka appeals.

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He called on public-spirited Nigerians to contribute their quota by visiting www.giving.ng/covid19 to make donations. Leading the donor’s chart, Sterling Bank Plc, Nigeria’s leading commercial bank, supported the N1 billion Health Workers’ Fund with N25 million.


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