Kenya Fintech startup, JointPesa in partnership with Finserve Africa has launched an e-commerce transaction platform dabbed “JointPesa” which will see both online customers and sellers protected from online cons and fraudsters.
The Application will act as a temporary mediator of a transaction between parties by offering temporary custody of resources until both parties are satisfied with each other’s part of the deal in a specific transaction.
Speaking during the event, JointPesa founder Valentine Kilonzo said that cyber fraud prevention remains at the forefront of the conversation in the midst of rapid e-commerce adoption.
The platform seeks to convert at least 10 per cent worth of the online transaction to be transacted via JointPesa platform in the first quarter after the launch.
“The platform intends to address online transactions crimes which are posing a threat to growth and development of e-commerce in Kenya,” Ms. Kilonzo said.
According to her, sellers will no longer lose potential buyers who cannot agree to paying for goods before seeing them, by allowing buyers to pay to JointPesa, buyers will be able to buy more and in confidence without the fear of losing their money.
The Communications Authority reported that the Kenyan economy is estimated to have lost Sh29.5 billion to cybercriminals in 2018, which was a 39.5 per cent increase from Sh21.2 billion in 2017.
“What JointPesa aims at is eliminate online robbers pretending to be either serious buyers or sellers who sell or order goods to be delivered to them with the intention of robbing the merchants,” Ms. Kilonzo said.
The app is launching in Kenya at the time more people are embracing e-commerce, with recent data from CA showing that at least Sh1.6 trillion was spent to purchase goods and services online during the last quarter of 2019.
Google on the other hand identifies 13 million active internet users in Kenya alone with 47.6 million active mobile money accounts which accounted for a transaction value of $3.6 billion in 2018 alone.