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Whoa. Konga wants a piece of the Nigerian payments cake. They have called it a “groundbreaking innovation and a first of its kind in Nigeria”, and we know it as Kongapay. While online payments in Nigeria have literally been begging to be disrupted, there have been a bunch of busy bees, working hard to do the disrupting. This year alone, I’ve seen the impressive Paystack, Simplepay, and a ton of others I can’t remember at the moment. Now? there’s Kongapay. Kongapay is an attempt to democratise card payments. That is: by deeply integrating with all major banks, they get users to link their bank accounts to the payments platform just once. After that, paying for goods and services becomes a one-click affair. The money is moved from the users’ bank accounts into Konga’s accounts in whatever banks. Of course, this also means that making refunds for defective products will be a lot easier, since there’s no inter-bank red tape to deal with. Previously, the option was restricted to purchases on Konga.com, where they offered a 5% discount on every purchase as an incentive. If they execute their rollout flawlessly, then let’s just say…things will get a lot more interesting in the payments space.This gon’ be good.
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