Konga’s CEO Shola Adekoya reportedly denies rumours of Interswitch acquisition

Konga’s CEO Shola Adekoya reportedly denies rumours of Interswitch acquisition

Konga’s CEO, Shola Adekoya has been reported by to have denied earlier reports that the indigenous eCommerce company is in talks to be acquired by Interswitch.

Last week, PageOne.ng had reported through a reliable source that Interswitch, a digital payment processing company was in advanced talks with Konga’s investors, Kinnevik and Naspers for possible acquisition.

According to a report by TechCityng.com, Shola Adekoya was reported to have addressed the staff of Konga that the rumour was not true. However, the company has not issued an official statement to deny our earlier report.

Interswitch has not also denied nor confirm the report.

Konga was founded in 2012 by Sim Shagaya. The company raised several rounds of funds from Kinnevik, a Swedish tech investor and Naspers, Africa’s largest technology investment company with controlling stake in China’s Tencent Holdings, OLX, Takealot.com and other eCommerce companies.

Konga’s direct competition Jumia, is owned by Rocket Internet. Jumia might not need an acquisition as Rocket Internet had over the years cut its direct stake in Jumia to about 28%. The German tech investor had since sold a controlling stake to a host of regional and global investors including Goldman Sachs, CDC of UK, MTN Group, AXA of France, Millicom, Orange SA.