One of the newest solution providers in the Nigerian financial system, Konfam, a fintech firm created by Novalux Ideas Ltd. in Lagos, is about to enter the African fintech industry.
According to Mr. Michael Amakeze, one of the Co-Founders, the fintech was founded to offer escrow services and serve as a payment intermediary between buyers and sellers who have grown increasingly interested in a payment system that gives them equal access to and control over their money during business transactions.
According to a news release issued by the company’s Head of Marketing, Mr. Peter Ezenwa, the firm intends to increase business transactions and reduce fraud by, among other things, fostering trust between suppliers and their clients.
“The prominence and traction of the Nigeria online market place came with it a lot of promises. For online vendors, the world became smaller. The reach is unprecedented, with minimal cost. With the increasing internet penetration, smart phone revolution and the widespread adoption of electronic payments, ecommerce in Nigeria is fast taking a pride of place alongside brick and mortar stores within a very short time.”
“However, the massive opportunities it presents also has a tragic flaw-lack of trust. Incidences of fraud are rife. According to ecommerce complaint (@eccnigeria), Instagram shoppers alone lost over N273 million Naira to scammers between April 2020 and September 2021. This is excluding other social media platforms and other online market places.
“It is for this reason that the Lagos-based Fintech startup NOVALUX IDEAS LTD developed and launched a revolutionary app and website called Konfam.ng. It is an escrow platform that helps to eliminate fraud and grants equal control of funds to both vendors and buyers, ensuring seamless and satisfactory business transactions,” it added.
