NIGERIA – Slash.ng, an e-commerce company based in Nigeria, has launched an online escrow marketplace where buyers and sellers connect to complete and secure transactions.
Slash.ng was founded by Hakeem Abogunde a software engineer with extensive marketing and business development skills. His passion for e-commerce led him to develop long-term solutions to the major challenges confronting e-commerce in Nigeria and Africa.
The app allows Buyers to place orders for products or services advertised by merchants and pay through a “Slash Account.”
The fund will be held by SLASH until the product/service is delivered. Slash also enables buyers to transact directly with verified sellers regardless of their location. The two parties can define the transaction’s terms and conditions without any intermediary.
“Despite the surge in internet penetration in Nigeria and Africa, more than 98 percent of Nigerians lack trust in e-commerce, with barely 1% of Nigerians routinely patronizing eCommerce,” Hakeem said.
“We want to establish a system that everyone can trust. With the integrated delivery system, users will be able to follow their transaction from the point of sale until delivery.”
In 2019, Hakeem established Zcnox, an escrow marketplace that accepted cryptocurrency payments, but he did not continue with the venture due to crypto currency’s low level of adoption in Nigeria and its volatile nature, making it unsafe to use as a method of payment for goods and services.
In 2021, he developed a beta version of the SLASH app for the Abuja market with a limited number of categories which was well received by the majority of sellers.
Currently, SLASH have over 1,000 verified sellers and processes over ten million naira in transaction.
The app is open to all Nigerians, with additional categories such as freelancing, autos & cars, and services, self-employed entrepreneurs, family enterprises, manufacturers, online retailers, suppliers and dropshippers, among others.
While commenting on the plan for year 2022, Hakeem said “This is our first public announcement since product introduction, we are aware that the escrow concept is relatively new in Nigeria. We’ve been educating sellers about the benefits of utilizing escrow to facilitate their online transactions.
“We look forward to collaborating with more businesses and individuals. We want everyone to take part. With escrow payment, we can develop a viable e-commerce system similar to Alibaba in Africa.”
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