Fintech
Fintech

The Kenyan financial technology (Fintech) firms Jointpesa and Finserve Africa on Monday launched an escrow service that seeks to protect online traders from fraudsters.

Valentine Kilonzo, CEO of JointPesa told Xinhua in Nairobi that the online transaction platform will promote sino-Kenya e-commerce trade.

Business24

“We will enroll Chinese merchants to use the platform in order to improve the confidence of Kenyans to purchase merchandise online without the need to travel to China,” Kilonzo said.

The escrow service eliminates online fraud by ensuring that the buyers funds are only released to the sellers after the buyers receive the exact goods purchased on the internet.

Kilonzo said the platform intends to address online transaction crimes which are posing threat to growth and development of e-commerce in Kenya because sellers will no longer lose potential buyers who cannot agree into paying for goods before seeing them.

Kilonzo said that China is now Kenya’s preferred source of household and consumer products due to its affordable price.

“However, due to the long distance between Kenya and China only the big merchants can engage in Sino-Kenya trade,” said Kilonzo.

She said that the digital escrow service will boost trade between the two regions by allowing even small traders to purchase goods from China without the need to travel to the Asian nation.

JointPesa also plans to develop a mobile application to allow all those with smartphones to use the escrow service. Enditem

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