Ghanaian fintech startup KudiGo has launched social commerce platform VerifiBuy, which aims to provide the technology infrastructure to secure commerce on social media for both buyers and sellers.
Launched in November 2018, KudiGo provides an integrated, mobile-based retail, payments, accounting and analytics engine for the consumer retail industry in Ghana and Nigeria, helping thousands of businesses receive payments, track inventories and build sound financial models based on past trends.
Its latest product, VerifiBuy, is a platform designed to instil trust in social media commerce transactions. It provides the technology infrastructure to secure commerce on social media for both buyers and sellers, by leveraging existing payment rails.
Essentially, VerifiBuy allows sellers to go cashless with a zero per cent fraud risk and offers a 100 per cent refund guarantee to buyers. When a transaction is initiated, funds are held in escrow and are only released upon delivery confirmation, ensuring both parties are protected.
“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,” said Kingsley Abrokwah, CEO of KudiGo.
VerifiBuy has seen positive reception since its pilot phase, Abrokwah said.
“We have over 50 merchants piloting it with us and have processed US$40,000 in transactions during this three-month pilot,” he said.
