Zoho Nigeria’s Growth Slowed to 74.28% in 2024 from 83.68% in 2023

Zoho Nigeria’s growth slowed to 74.28% in 2024 from 83.68% in 2023, and this was shared by Kehinde Ogundare, the Country Head of Zoho Nigeria, during the Zoholics Conference press briefing on Monday, September 8th. Even though the company is still growing fast, the speed at which it is gaining new customers has slowed down a bit.

When we say Zoho Nigeria’s growth slowed to 74.28% in 2024, it means that fewer new people signed up compared to last year. In 2023, Zoho’s growth rate was higher at 83.68%. But it’s important to remember that a 74% growth is still big and much better than what the company had in 2022, which was 50%. So, Zoho is still doing well, just not quite as quickly as before.

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One thing to think about is the price increase Zoho made in Nigeria late in 2024 because the Naira, the Nigerian currency, lost value. However, Kehinde Ogundare said the slower growth is not because of this price change. He explained that Zoho’s prices in Nigeria are still very low and even come with big discounts. So, the price rise is not the reason Zoho Nigeria’s growth slowed in 2024.

Zoho has two big advantages that help it stand out. First, it charges Nigerian businesses in their own currency, the Naira, not in dollars like many other companies do. This helps businesses avoid problems when the exchange rate changes suddenly. Second, Zoho’s products are cheaper than many competitors, which makes them popular, especially with small and medium businesses who want to save money.

Still, big companies like banks and government offices often choose the more expensive options. They stick to pricier software because they might need special features or trust those brands more. This means Zoho is doing well with many businesses, but there are still groups it needs to win over.

Another reason behind Zoho Nigeria’s growth slowing to 74.28% in 2024 is the fact that the Naira’s value became more stable. When the currency dropped a lot earlier, Zoho’s cheaper local pricing felt like a bargain. But now that the Naira is steady, that big price advantage is not as strong, which may have slowed down how fast Zoho attracts new customers.

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Because Zoho Nigeria saw its growth slow to 74.28% in 2024, the company cannot just rely on low prices anymore to keep growing well. It needs to offer new and creative software tools that help businesses in different ways. Right now, Zoho offers more than 55 business tools, which is a lot more than Google, with its 14 tools, and Microsoft, which has just over 20. This wide variety is one reason Zoho stays attractive to many companies.

While Zoho Nigeria’s growth slowed to 74.28% in 2024 from 83.68% in 2023, the company is still growing strong compared to the past. The slowdown was not because of higher prices but likely because the currency is more stable now and the company is growing more steadily. Moving forward, Zoho will need to keep making useful and smart tools that help Nigerian businesses. This way, even with slower growth, Zoho can stay an important player in Nigeria’s growing tech market.

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