Business

KongaPay Anticipated to Hit 3m Subscribers by 2022

Published

3 years ago

November 9, 2021

Earth News

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KongaPay, a Central Bank of Nigeria (CBN)-licensed fintech platform, is set to grow its active subscriber base to over three million by 2022; data released by the company has shown.

The well-founded platform, KongaPay was launched in 2015, 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.

The mobile money platform and a leading provider of digital services for e-commerce shoppers in Nigeria, is one of the thriving subsidiaries within the Konga Group, Nigeria’s e-commerce giant.

Feelers from within the company indicate that KongaPay was recently repositioned to take a greater share of the payments market in Nigeria, a development that has seen the platform taking the fintech space by storm.

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The move has seen KongaPay, which has witnessed an astronomical 400% rise in adoption, growing from about 272,000 to 1.1 million subscribers within a space of less than three months and from a paltry 81,000 wallets at the point of acquisition in 2018 by the Zinox Group – now on its way to tripling its subscriber numbers in the next one year to over three million.

Furthermore, the management of KongaPay is also targeting an ambitious growth in active usage by 25% in 2022.

Isa Aliyushata, VP, KongaPay, emphasized the fact that the fintech platform has not only expanded its suite of offerings but is equally set to roll out additional smart features of great products and services offerings.

“KongaPay is set to take a greater share of the market, in line with the exciting offerings on the cards which we are set to unveil soon. We have not only enjoyed greater engagement and increased transactions from our existing subscribers but have also seen a huge leap in adoption by new subscribers”, he espoused.