Konfam Joins African Fintech Market

Konfam, a fintech startup developed by Novalux ideas ltd, Lagos is set to join the African fintech market as one of the latest solution providers in the Nigerian financial system.

One of the Co-founders, Mr Michael Amakeze, said the fintech was set up to provide escrow services and act as a payment intermediary between buyers and sellers who over the years are yearning for payment system that gives them equal control and access to their funds during business transactions.

In a press statement released by the company’s Head of Marketing, Mr Peter Ezenwa , the startup aims to among other things build trust between vendors and their customers, boosting business transactions and eliminating fraud in the process.

The statement reads in parts, “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.

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“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.