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Konga now offering merchants loan at 2.08% interest rates

Nnamdi Ekeh has disclosed that the e-Commerce company has taken an unusual path by offering its merchants loans and credit facility.

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Konga now offering merchants loan at interest rates of 2.08% , Black Friday: Konga tipped to break Alibaba's $38 billion shopping record but Jumia poses threat, How Konga restores investor confidence in Nigeria’s e-commerce sector in 2019

The Chief Executive Officer of Konga, Nnamdi Ekeh, has disclosed that the e-Commerce company has taken an unusual path by offering its merchants, loans and credit facility. Ekeh said Konga was committing significant funds by partnering with Simple-Fi.

The online marketplace said the financial provision is in line with its effort to support its merchants. Konga is one of the two top e-commerce platforms in Nigeria. The company competes with Jumia but none of them is profitable yet.

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The essence of the credit facility: Speaking about the credit facility, Ekeh said Konga wanted to assist the merchants to increase their product offerings to customers despite being the biggest marketplace after it merged with Yudala. The move came at a period Konga held its annual shopping event in Nigeria, Konga Yakata.

Merchants will have access to a soft loan that will enable them to store more consumer-driven goods. Accessibility to credit facilities has been an issue in Nigeria. Banks have often favoured the oil and gas sector and recently, the Central Bank of Nigeria directed banks to increase their loan provision to the real sector.

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Konga

Ekeh said the partnership with Simple-Fi would allow merchants to secure loan at a very low and convenient interest rates of 2.08%. This is lower than what some banks offer. Reacting to the credit support initiative, Ekeh stated, “Konga Yakata is around the corner and our intention is to make it the best ever in the history of the company for our customers. For all of us at Konga, nothing comes in the way of ensuring our customers are satisfied.

“This is why we have taken the uncommon step of providing credit facilities to merchants on the Konga platform in preparation for Konga Yakata 2019. We understand that our customers will be looking forward to the widest assortment of genuine products across multiple categories on Konga.

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“This is why we are committing significant funds into expanding the carrying capacity of our merchants for the sales fiesta. No other sales event comes close to Konga Yakata. Therefore, it is only fitting that Management has decided to go all out and make it a memorable one for our teeming customers,”

[READ ALSO: Lenders increase unsecured loans to households in Q3 2019 – CBN]

He added that“We have partnered with Simple-Fi to make these loans available at very low and convenient interest rates of 2.08% only. Merchants on the Konga platform can also take advantage of flexible repayment plans.”

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Patricia

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

2 Comments

2 Comments

  1. David Peter

    October 18, 2019 at 10:49 am

    Wonderful Initiative from Mr Nnamdi,
    Hoping Merchant Take full advantage of this offer

  2. Anonymous

    October 19, 2019 at 5:43 am

    Comment: good development

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Real Estate and Construction

Tax on rents and Certificate of Occupancy is valid – Akabueze

FIRS had announced that stamp duty will be paid on house rent and C of O.

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FIRS boss wants to tax street traders, artisans, others, FIRS tighten noose on deduction of stamp duty, CIT, others, FIRS issues taxpayers deadline to obtain Tax Identification Number, Nami targets N4 trillion from oil & gas to meet President Buhari's unusual target, FIRS set to deploy new technology in tax collection, as MDAs refuse to pay 7.5% tax

The Director-General of the Budget Office of the Federation, Ben Akabueze, announced that the recent FIRS taxes on Certificate of Occupancy and rents is not new and has been around since the 1980s.

He disclosed this in the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF&FSP) on Friday, adding that ever since the 80s, his landlord had always given him a postage stamp on his rent receipts, and that the law was not just recognized for a long time.

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“Over time, because the culture of postage has dropped off and that was not being implemented. What FIRS has done now is to make that into electronic stamp that you can still use to comply with the existing law,” Akabueze said.

Last week, the Federal Inland Revenue Service (FIRS) announced that stamp duty will be paid on house rent and Certificate of Occupancy (C of O), in line with its new adhesive duty. The new duty was inaugurated in Abuja at the official inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties.

FIRS Director for Communication and Liaison Department, Mr Abdullahi Ahmad, said the new policy was necessary so as to give the instruments the legal backing required and make them legally binding on all parties involved in such transactions.

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Consequently, Ahmad asked Nigerians to ensure that documents that related to rent and lease agreements for homes or offices, C of O, and other common business-related transaction instruments were authenticated with the new FIRS Adhesive Stamp Duty.

He also advised Nigerians to make sure that any document related to leasing agreements and rents related to offices and homes, including C of O and other transaction instruments used in these seals were authenticated with the new FIRS Adhesive Stamp Duty.

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Coronavirus

Port-Harcourt International airport resumes flight operations

The first flight to Port Harcourt was conducted by Air Peace 5N EUV from Lagos.

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FAAN reacts to release of guideline for resumption of flight operations post covid-19, FAAN releases new guidelines for post covid-19 flight operations

The Port Harcourt International Airport formally resumed flight operations on Saturday, July 11, with the Federal Airports Authority of Nigeria (FAAN), restating its commitment towards a zero coronavirus transmission.

This was disclosed by the Regional Manager South-South and South-East of FAAN, Abayomi Akinbinu, on Saturday, July 11, during the arrival of the first flight after 3 months of shutdown due to the coronavirus outbreak.

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The first flight, which was conducted by Air Peace 5N EUV from Lagos, arrived Port-Harcourt International Airport terminal at 7.50 am.

He said the Port-Harcourt airport management was ready to ensure zero chances of the coronavirus transmission with the management giving no room for default of the COVID-19 safety guidelines by regulatory authorities as flight operations resume at the airport.

He frowned at the non-adherence to physical distancing rule, while also commending safety compliance level by service providers and passengers at the airport.

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According to Abayomi, “Our markings of 1.5 metres apart are visibly on the floor, but maybe because of excitement it’s not being properly followed; so we need to make quick enforcement in that regard.”

He said although there was low turnout of passengers, he expected a gradual increase in the coming days.

He said, “On the departure section, we are gradually getting more passengers and I believe that going forward passengers’ turnout is going to increase. My message to prospective passengers is that the Port Harcourt International Airport terminal is safe.”

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On his own part, the Head of Aviation Medical Clinic of the airport, Dr Nuhu Mwabi, said that the Port Health is seriously conducting mandatory temperature checks on both service providers and passengers before allowing them into the airport terminal building.

Nuhu said, “This is because we want to fish out persons with a temperature of 38 degrees Celsius and above, so that we can isolate such individual. Our cardinal objective is to ensure that we contain the spread of COVID-19 as well as other communicable diseases within the airport.”

He added that the World Health Organization and the various medical teams were ready to professionally handle any suspected case, should the need arise.

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It can be recalled that the Minister of Aviation, Hadi Sirika, had last week announced the resumption schedule for flight operations for the various airports across the country. The Murtala Muhammed Airport Lagos and the Nnamdi Azikiwe International airport resumed flight operations on July 8.

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Coronavirus

Lagos Govt Seals Acouns Medical Lab for conducting illegal COVID-19 tests

The lab conducted COVID-19 tests without required government approval.

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The Lagos State Ministry of Health has sealed a private medical laboratory that was conducting illegal COVID-19 tests inside a pharmacy at Banana Island in Ikoyi, Lagos.

The ministry stated that the laboratory, Acouns Medical Laboratory and Diagnostic Centre, conducted COVID-19 tests without required government approval.

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According to a NAN report, the laboratory was sealed on Friday, July 10 by one of the agencies of the Ministry of Health – Health Facility Monitoring Accreditation Agency (HEFAMAA).

The ministry warned in its Saturday morning tweet, that such health facilities posed a danger to their communities and staff, and discouraged residents from patronising facilities that had not been duly accredited for such purposes.

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“It is illegal to manage COVID-19 cases outside of an accredited facility. We implore the public not to go for tests or treatment in a private facility that has not been accredited by government.

“It is dangerous and it might put you at more risk,” it said.

The ministry promised to ensure that health facilities in the state adhered strictly to the standards put in place, and urged residents to cooperate with the authorities.

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Recall that a few weeks ago, the Lagos State government announced it has added Seven Private Laboratories into its testing strategy to expand capacity in Nigeria’s commercial capital.

Lagos state has, through its accredited health facilities, conducted over 45,000 COVID-19 tests, with over 7000 confirmed cases from the number.

The ministry had also recently announced the private health facilities accredited for the purpose of COVID-19 testing.

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