Tech firm unveils app to curb fraud in business transactions

By Emmanuel Oloniruha

A Nigeria based technology solution provider has unveiled a technology product known as “vetandpay” to address lack of trust and fraud in online business transactions in the country.

Dr Kalu Ibe, the Founder and Chief Executive Officer of Tradewyse Concepts Limited (TCL) said that the software app was proudly developed by a team of Nigerians.

Speaking at a product dedication ceremony in Abuja on Thursday, ibe said that the solution app was capable of reducing corruption by restoring trust and integrity.

He said that it was also 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.

“It started like a spark about two years ago, and it is now shinning like the sun over Nigeria transactional space with healing in its rays.

“Our escrow services include; auto purchase escrow, procurement escrow, service based escrow, e-commerce escrow, property escrow and more to come,” he said.

He said that the service was available to all Nigerians, home and in diaspora, saying with vetandpay, you can only record zero losses in all business transactions.

Ibe said that the agency, through it’s Corporate Social Responsibility (CSR) planned to embark on a comprehensive tech training programme for teenagers, in Nigeria schools.

According to him, the initiative will equip and advance their technological skills, preparing them to dive into the digital economy and fostering innovation among Nigerian Youths.

Also speaking, the Project Director, Agim Ikwen. said that vetandpay was revolutionising business landscape in Nigeria through building of trust between buyers and sellers.

“What vetandpay does is to serve as middle man between buyer and seller,” she said.

Ikwen said that the firm also engaged people on contracts, supplies and other services.

The vetandpay Head of Customers Service, Mrs Rachel Samuel, described vetandpay as a secured payment platform designed to eliminate fraud in online transaction.

“Our basic aim is to curb the ordeal of what I ordered is different from what I get.

“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. So in 2021, it was lesser,” she said.

Samuel said that with vetandpay both 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 the solution by downloading the vetandpay app and start transacting with the technology to secure their business.

“Today we are at the beginning of a new era in secure online transactions.

“Whether you are a business owner, a freelancer or an everyday buyer, vetandpay is here to protect, most importantly, your hard-earned money,” she said.(NAN)(www.nannews.ng)