OLX businesses in Kenya, Ghana, Tanzania, and Uganda have been sold off to Jiji, an online classified marketplace.
This was after OLX had shut down its offices in Nairobi last year on claims that they were making massive losses.
Under the agreement, the OLX users in Nigeria would be redirected to Jiji in a transaction supported by one of Jiji’s principal investors, Digital Spring Ventures.
The deal enables OLX users in these countries to benefit from Jiji’s products and services.
Jiji is Nigeria’s e-commerce app with more than six million unique active users and 50,000 professional sellers listing over one million items in a rapidly growing 200mn people market. The potential for early movers in this market is considerable given that 90 per cent of traffic is on the mobile web and is rapidly shifting to apps at a time when internet penetration is high and growing.
Combined with Jiji’s own proprietary search and delivery algorithms, OLX’s reach will create a more streamlined consumer experience.
The sale completes the exit of OLX Group which is owned by Naspers, an internet and Media firm headquartered in South Africa, from the East African region.