Zoho records 31% growth in Nigeria in 2023, country manager, Kehinde Ogundare says

Global technology company, Zoho said that it grew by 31% in 2023 in Nigeria, one of its key markets in Africa. Country manager, Kehinde Ogundare made this known today during a conversation with media representatives on the sidelines of Zoholics Nigeria, the company’s annual user conference.

According to Kehinde, the company has experienced impressive growth in the Nigerian market since commencing operations in 2020. “As we continue to grow our presence in Africa, our focus is on ensuring that our expansion positively impacts the local economy, communities, and the broader business ecosystem,” he said.

Zoho uses a local currency billing strategy in key African and Middle Eastern markets. The company has been serving 55+ apps in Naira to individual users and to help local businesses avoid fluctuating dollar rates.

According to the country manager, this decision stems from the company’s policy of stability before profit. “This approach aligns with our transnational localism strategy, which emphasises being rooted in local markets while staying globally connected. To support this, we are committed to hiring local talent, strengthening our partner network, and creating products tailored to the local market”, he explained.

Zoho’s growth was driven by culture and quality service delivery

Hence, Zoho has one of the lowest attrition rates in the industry, with over 100 employees who have been with the company for over 20 years and over 1000 employees who have been with the company for more than 10 years. Similarly, the company expanded its local workforce in Nigeria by 40% in the previous year.

Last year, the software company grew its partner network by 22% and more than doubled its employee count in 2022 in Nigeria to reinforce its local presence and better serve its customers.

Zoho Corporation is one of the world’s most prolific technology companies. Headquartered in Chennai, India, Zoho is privately held and profitable with more than 15,000 employees. The company owns and operates its data centres, ensuring complete oversight of customer data, privacy, and security.

According to him, this culture has deepened the company’s knowledge base and capacity to build globally competitive solutions. Consequently, the company’s global revenue increased by seventeen times (17X) over the last decade.

Consequently, the company has achieved a 43% compound annual growth rate  (CAGR) in Nigeria over the past three years. Kenny noted that Zoho experienced remarkable growth in 2020 and 2021, two years headlined by the economic impact of the COVID-19 pandemic.

In 2023 alone, Zoho saw a 21% increase in its partner network. Zoho’s success in Nigeria stems from the widespread adaptation of its flagship products, including Zoho’s Workplace, Books, Desk, CRM, and its flagship Zoho One.

These products have played a crucial role in optimising business operations, improving customer experience, and enhancing efficiency. Zoho’s success in the Nigerian region is driven by key sectors such as financial services, energy, real estate and construction, IT hardware & IT related services, professional services (non-IT), utilities and resources, and retail.

The company’s growth has also been driven by a series of partnership collaborations with SME-focused communities to empower business owners across the country. Recall that the company announced at last year’s event that it has partnered with StartupSouth, an organisation that supports the development of startups from South and South-East Nigeria as part of its Zoho for Startups programme.

As part of this partnership, startups associated with StartupSouth, new customers for Zoho, can avail of Wallet credits worth ₦ 470,000. Zoho will also provide its contract management solution, Zoho Contracts, free for three months to help businesses improve compliance with the Nigeria Data Protection Law.