Konfam Debuts As Nigeria’s Latest Fintech

Konfam, a fintech startup developed by Novalux ideas ltd, a Lagos-based company will join the African fintech market as one of the latest solution providers in the Nigerian financial system.

According to one of the co-founders, Mr Michael Amakeze, 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 a payment system that gives them equal control and access to their funds during business transactions while stamping out fraud, especially for online transactions.

In a statement released to the public 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.

Part of the statement reads:

“The prominence and traction of the Nigerian online marketplace came with it a lot of promises. For online vendors, the world became smaller. The reach is unprecedented, with minimal cost. With the increasing internet penetration, smartphone revolution and the widespread adoption of electronic payments, e-commerce 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 have a tragic flaw-lack of trust. Incidences of fraud are rife. According to an e-commerce 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 marketplaces.

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.

Konfam helps vendors to increase their sales by bridging the trust gap between vendors and their customers. The motto of Konfam is apt- TRUST BEYOND WORDS. With Konfam, incidences of “what I ordered v what I got” can now be retired permanently. Dubious vendors and customers alike will no longer have their ways as the product is a democratized platform, equipping each of the partners to a business transaction with equal access to the funds. In other words, the funds cannot be moved until both parties sign off on the transaction.

Using Konfam for transactions is not just easy but fun. The steps are very simple.
With Konfam, you get to create an instant joint (holding) Wema bank account with your business partner.
Money is paid into the account from anywhere at any time
Upon fulfilling business terms, any of the partners can initiate the withdrawal protocol.
The other partner endorses the transaction by inputting an OTP sent to their phone and email.
The money drops into the destination account.

It is important to note that as long as that transaction was done using any of the Konfam versions (Playstore or Web), the transaction is safe and secure.

The Founders have envisaged circumstances that may lead to conflicts between two partners in some transactions. And so, they have set up a conflict resolution team and a model for resolving conflicts if and when they arise. Konfam.ng is the safest way to transact business. Start today and KONFAM your transactions”