Our Correspondent
A Nigeria based technology company unveiled a product, “vetandpay”, to address fraud in online business transactions in the country.
Dr Kalu Ibe, Founder and Chief Executive Officer of Tradewyse Concepts Limited (TCL) said the app was developed by Nigerians.
Speaking in Abuja on Thursday, ibe said the solution app was capable of reducing corruption by restoring trust and integrity.
He said it was capable of inspiring confidence in business and general transactional environment in Nigeria.
“Today, I present vetandpay.ng, powered by Vetandpay Technologies Ltd, Africa’s Foremost Escrow Company; a subsidiary of TCL.
“Our services include; auto purchase escrow, procurement escrow, service based escrow, e-commerce escrow and property escrow,” he said.
He said the service was available to Nigerians, home and abroad.
“With vetandpay, you can only record zero losses in business transactions, ” he said.
Ibe said the agency, through Corporate Social Responsibility planned to embark on tech training programme for teenagers, in Nigeria schools.
“The initiative will advance their technological skills, preparing them for digital economy to foster innovation in Nigeria.
The Project Director, Agim Ikwen said vetandpay was revolutionising business landscape in Nigeria by building trust between buyers and sellers.
“What vetandpay does is to serve as middle man between buyer and seller,” she said.
Ikwen said the firm engaged people in contracts, supplies and other services.
The vetandpay Head of Customers Service, Mrs Rachel Samuel, described vetandpay as a secured payment platform.
“However, our aim is to curb fraud.
“According to a report by the Federal Trade Commission, consumers lost over 8.8 billion dollars to fraud in 2022.
“That is a 30 per cent increase from the previous year, in 2021, it was lesser,” she said.
Samuel said with vetandpay, parties to an agreed business transaction could have a reset of mind and zero lost .
She urged Nigerians to key into the services offered by vetandpay app and start transacting to secure their businesses.
“Today we are at the beginning of a new era in secure online transactions.
“Whether you are a business owner, freelancer or everyday buyer, vetandpay is here to protect your hard-earned money,” she said.
