The Kenyan monetary expertise (Fintech) companies Jointpesa and Finserve Africa on Monday launched an escrow service that seeks to guard on-line merchants from fraudsters.
Valentine Kilonzo, CEO of JointPesa informed Xinhua in Nairobi that the web transaction platform will promote sino-Kenya e-commerce commerce.
“We are going to enroll Chinese language retailers to make use of the platform with the intention to enhance the boldness of Kenyans to buy merchandise on-line with out the necessity to journey to China,” Kilonzo mentioned.
The escrow service eliminates on-line fraud by making certain that the consumers funds are solely launched to the sellers after the consumers obtain the precise items bought on the web.
Kilonzo mentioned the platform intends to handle on-line transaction crimes that are posing menace to development and growth of e-commerce in Kenya as a result of sellers will not lose potential consumers who can not agree into paying for items earlier than seeing them.
Kilonzo mentioned that China is now Kenya’s most well-liked supply of family and shopper merchandise because of its inexpensive worth.
“Nevertheless, because of the lengthy distance between Kenya and China solely the large retailers can have interaction in Sino-Kenya commerce,” mentioned Kilonzo.
She mentioned that the digital escrow service will increase commerce between the 2 areas by permitting even small merchants to buy items from China with out the necessity to journey to the Asian nation.
JointPesa additionally plans to develop a cellular software to permit all these with smartphones to make use of the escrow service. Enditem