Business Finance

Cashless Economy Suffers Setback As Kalahari Quits Nigeria

“The cashless economy project of the Central Bank of Nigeria (CBN) has received a blow with the pulling out of Nigerian economy by MIH Internet, owners of Kalahari e-ecommerce website. The company, a digital arm of South Africa media giant, Naspers, shut down due to lack of profitability from the website launched in January 2010.

Mr. Stefan Magdalinski, general manager of E-commerce in Sub-Saharan Africa for MIH said performance of the service has been below expectation since launch, and reaching profitability was not a reasonable near-term prospect.

The South African firm is also shutting down its operation in Kenya which it began in Kenya in October 2009 for the same reason.

He said “Following a strategic review of investment priorities, we will be closing down the Kalahari Kenya and Nigeria operations with immediate effect.” Operations in both countries ceased on October 19, with no more orders being taken.

The sites hope to complete delivery of current open orders. A notice of closure has been sent to all employees of the two sites. . .”

Full story on