Zoho Nigeria Announces 2024 Growth Numbers
Zoho Nigeria reported a 74.28% customer growth rate for 2024. This marks a slowdown from the 83.68% recorded in 2023.
Kehinde Ogundare, Country Head of Zoho Nigeria, made the announcement at the Zoholics Conference press briefing held on September 8.
“Customer growth in Nigeria grew by 74.28% in one year. In today’s tech-driven economy, where companies complain about acquisition costs and onboarding, we have maintained steady growth,” Ogundare stated.
Why Growth Is Slower but Still Strong
Although the figure shows a decline, it still represents a robust performance. In 2022, Zoho’s customer growth stood at 50%. This makes 2024’s numbers significant, even if slower than last year.
The slight decline suggests that Zoho is still adding new users but at a slower pace. Analysts see this as normal for a growing company approaching market maturity.
Price Changes Did Not Drive the Slowdown
Zoho adjusted its prices in Nigeria in late 2024 due to the Naira’s devaluation. Ogundare explained that the growth dip was not linked to the price increase.
“It is not because of the price adjustment. What we sell to Nigerian customers is still heavily discounted,” he said.
Local Currency Billing Remains a Big Advantage
Zoho continues to attract price-sensitive businesses because it bills in Naira. Competitors like Google and Microsoft bill in dollars, exposing users to currency volatility.
This local billing strategy keeps Zoho affordable and appealing to small and medium businesses. However, big banks and government agencies still lean toward more expensive global alternatives.
Market Stabilisation Changed Customer Behaviour
The Naira stabilised in 2024 after months of devaluation. This may have reduced the rush for lower-priced software options.
With pricing no longer its only advantage, Zoho must now focus on innovation. Its strength lies in its broad range of over 55 business tools. These cover CRM, finance, HR, marketing, and collaboration far more than Google’s 14 or Microsoft’s 20 core tools.
What Comes Next for Zoho Nigeria
The next growth phase will require more than competitive pricing. Zoho must target large enterprises and government clients with strong security, scalability, and local support.
Nigeria’s digital economy continues to grow, presenting new opportunities. Ogundare said the company remains committed to empowering businesses with simple, affordable, and innovative technology.
