Zoho, an Indian software firm, is adjusting its prices in Nigeria to match current market conditions. Starting in August 2024, Nigerian users will see new pricing aimed at maintaining high-quality services.
Kehinde Ogundare, Zoho’s country manager, explained that the naira’s sharp decline—from ₦350 to $1 to about ₦1500 in less than two years—necessitated the price review. He shared that this decision came after months of internal discussions before notifying users via email.
The devaluation of the naira has pushed Nigerian startups to explore local alternatives. For instance, in February 2024, Techpoint Africa highlighted how Alvative, a Nigerian talent sourcing company, transitioned from Google products to Zoho for their operational needs.
Kehinde also pointed out that despite Nigeria’s economic challenges, Zoho waited four years before updating its pricing. The price for Nigerian users was set in 2020 due to a CBN policy that restricted charging consumers in dollars. “We pegged the price of our One suite at ₦7,500, which was about $6 at that time. This is significantly lower than the $30-$35 charged in other countries. Even in other African nations like Kenya and South Africa, we don’t charge this reduced amount,” he added.
In 2021, Zoho announced a global price change but excluded Africa, South America, Latin America, China, and Japan from the increase.
Zoho’s Regional Director for MEA, Ali Shabdar, reported a 50% growth in the past year. He attributed this success to Nigerian businesses adopting cloud technology and unified platforms to navigate and thrive in challenging market conditions.
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