KongaPay, a Central Bank of Nigeria (CBN)-licensed fintech platform, is on course to grow its active subscriber base to over three million by 2022, data released by the company has shown.
The mobile money platform is one of the thriving subsidiaries within the Konga Group, Nigeria’s e-commerce firm.
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.
The move has seen KongaPay – which has witnessed an astronomical 400 per cent 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.
Further, the management of KongaPay is also targeting growth in active usage by 25 per cent in 2022. Vice President, KongaPay, Isa Aliyushata, said the firm is set to take a greater share of the market, in line with the exciting offerings on the cards, which are set for unveiling 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 subscriber,” he said.
“KongaPay is currently growing at a rate of 400 per cent month-on-month and we are envisaging our subscriber base to hit and possibly exceed the three million mark by 2022. This is all down to the hard work still ongoing behind the scenes to make KongaPay the payment platform of choice for millions of Nigerians, the loyalty and confidence we have enjoyed from Nigerians, as well as the smart features and additional products and services we are adding to our growing bouquet of offerings. As we continue to take pride in our great vision to constantly solve the challenges of the payment ecosystem globally, KongaPay remains relevant in the minds of its customers with great innovation and hybrid technology solutions,” he stated.
Meanwhile, KongaPay was recently identified by Statista, a globally renowned market and consumer data firm, as the leader in providing e-payment services for e-commerce transactions in Nigeria and a foremost enabler of online shopping in Africa’s biggest market.