It's not covered in the article, but I wonder if inflation has much to do with this. Nigerian inflation in March was 33.2%, and is still trending upward[1]. Pricing in Naira moves some inflationary risk to Zoho, right? At the same time, if US-based competitors have priced their product in a constant amount of dollars, those products are now costing several times what they cost a few years ago.

(I have no idea about inflation in the other countries mentioned in the article, it just seemed odd to not mention it at all when they were discussing Nigerian companies)

[1] - https://www.reuters.com/world/africa/nigeria-inflation-rises...