KudiGo Unveils VerifiBuy to Safeguard Social Media Commerce in Africa
In a bid to bolster trust in social media commerce transactions, Ghanaian fintech startup KudiGo has unveiled VerifiBuy, its latest product.
Launched in November 2018, KudiGo has been at the forefront of providing an integrated, mobile-based retail solution, including payments, accounting, and analytics for the consumer retail sector in Ghana and Nigeria.
This platform has already facilitated thousands of businesses in managing payments, monitoring inventories, and establishing robust financial models based on historical trends.
VerifiBuy is specifically designed to address the trust deficit in online transactions, particularly on social media platforms across Africa.
The platform offers a technological infrastructure that secures commerce on social media for both buyers and sellers, utilizing existing payment channels.
The key features of VerifiBuy include the ability for sellers to conduct cashless transactions with zero fraud risk.
Buyers, on the other hand, benefit from a 100% refund guarantee. To ensure the safety of transactions, VerifiBuy operates on an escrow model, where funds are held until delivery confirmation is received.
This mechanism aims to safeguard the interests of both parties involved.
Kingsley Abrokwah, CEO of KudiGo, highlighted the primary challenge addressed by VerifiBuy, stating, “The primary gap identified was the lack of trust in online transactions, especially on social media platforms in Africa. Many consumers have been victims of scams, and sellers are wary of fraudulent buyers.”
During its pilot phase, VerifiBuy has garnered positive feedback, with over 50 merchants actively participating and transactions amounting to $40,000 processed within the three-month trial period, according to Abrokwah.
The platform's success in instilling confidence in social media commerce transactions positions it as a noteworthy player in the evolving landscape of digital commerce in Africa.
Tom Jackson / Disrupt Africa