Konga.com, a Nigerian e-commerce startup, has finalized the acquisition of Zinternet Nigeria and its mobile money license, after receiving approval from the Central Bank of Nigeria (CBN).

The approval entitles Konga to a 100% ownership of Zinternet’s assets.

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The acquisition of the mobile money license will allow Konga to deliver payment solutions to merchants on and off the Konga.com platform.

Konga CEO Sim Shagaya said: "We are excited to work with our banking partners to extend the reach of their services in driving the adoption of cashless payment solutions.

"As merchants ourselves, we know firsthand the frictions involved in processing transactions and we look forward to exploring how our banking partnerships could eliminate this friction not just for Konga."

Zinternet’s mobile payment service, EzPayAfrica, allows users with a mobile phone to send and receive money, electronically recharge their phone, pay bills & pay for good/services.

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Earlier this month, Konga.com unveiled an online payment platform, called KongaPay, which allows customers to pay for their orders without using their debit cards or having access to the internet.