Doing business in Nigeria is not an easy task. Things can change quickly, such as new government regulations, rising costs, or unexpected issues. Many companies struggle, but some have found a way to survive and even grow. How? By changing how they do business....READ ORIGINAL & FULL CONTENT FROM SOURCE |
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In this article, you’ll read about five Nigerian companies that faced big challenges. Instead of giving up, they reinvented themselves.
They found new ways to serve customers, stayed strong, and became even better than before. Their stories show that with hard work and fresh ideas, businesses in Nigeria can succeed, no matter what comes their way.
1. Gokada: From Motorbike Rides to Delivery and More
Gokada started in 2017, giving people easy access to okada rides in Lagos. But in 2020, when the state government banned commercial motorcycles, the company hit a roadblock. Instead of shutting down, Gokada switched to helping businesses and customers move packages and food across the city.
By 2021, they rolled out a single app where you could book rides, order food, or send items, expanding to Oyo and Ogun states. Thanks to this new direction, Gokada handled more than one million orders for over 30,000 merchants in a year, crossing $100 million in transactions.
2. Konga: From Online Store to Marketplace and Payment Services
Konga launched in 2012, first selling mostly baby items and personal care products online. As more Nigerians started shopping online, Konga opened up its website to other sellers and improved how items were delivered.
In 2015, they rolled out KongaPay, a payment option built with local banks, helping people feel safer paying online. By always adjusting and adding new services, Konga has grown into one of Nigeria’s biggest and most trusted online shopping sites.
3. PalmPay: Making Digital Payments Easy for Everyone
PalmPay began operations in 2019, aiming to make money transfers and bill payments simple, especially for people who didn’t have easy access to banks. Backed by big investors from China, PalmPay quickly raised $140 million and got its app onto millions of Transsion smartphones sold in Nigeria.
This move helped PalmPay reach 35 million users and sign up about one million small businesses. By making its service easy to use and expanding to other African countries, PalmPay has quickly become a popular choice for digital payments.
4. GIG Mobility (GIGM): Changing How Nigerians Travel by Road
Originally called God Is Good Motors, this transport company was set up in 1998. Under new leadership, the company changed its name to GIG Mobility and began using technology to improve how people travel.
They introduced online booking and a mobile app, making it easier to buy tickets and plan journeys. GIGM also started running routes in Ghana and began exploring city transport options. These changes helped make GIGM a top name in Nigeria’s road travel sector.
5. Flutterwave
Flutterwave began in 2016, founded to tackle the complicated and unreliable payment systems across Africa. At first, Flutterwave’s core focus was helping businesses accept payments from customers in Nigeria and other African countries. But as digital commerce evolved, so did Flutterwave.
Flutterwave recognised early that businesses needed more than just payment processing. With increasing online transactions, growing e-commerce, and the rise of remote work, companies require seamless, multi-currency solutions, international payments, and better fraud protection.
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