Ghanaian fintech KudiGo launches platform to tap social commerce boom

Daba Finance/KudiGo launches social commerce platform

STARTUP VENTURE CAPITALNovember 17, 2023 at 11:27 AM UTC

Ghanaian fintech startup, KudiGo, has unveiled VerifiBuy, a social commerce platform aimed at establishing a secure technology for transactions on social media platforms, benefiting both buyers and sellers.

Since its launch in November 2018, KudiGo has been providing an integrated, mobile-based retail solution encompassing payments, accounting, and analytics for the consumer retail industry in Ghana and Nigeria. This has facilitated thousands of businesses in receiving payments, managing inventories, and creating robust financial models based on historical trends.

VerifiBuy enhances the security of transactions on social media by utilizing existing payment infrastructure. Notably, it aims to enable sellers to operate cashlessly with a zero percent fraud risk, while also providing buyers with a 100% refund guarantee. The platform employs an escrow system, holding funds until delivery confirmation is received, thereby ensuring the protection of both buyers and sellers throughout the transaction process.

Key Takeaways

Social commerce sales are expected to hit $1.2 trillion globally by 2025, from $492 billion in 2021, according to Accenture. Data suggesting that Africa is poised to have an estimated 500 million online shoppers in the next decade, underscores the potential of the continent's social commerce landscape, which could reach up to $28 billion. Social commerce blurs the lines between social interaction and online selling while claiming an increasing share of e-commerce sales. As more people and businesses in emerging markets gain internet access and embrace digital tools, the collective sub-sector is expected to experience further growth.

KudiGo

VerifyBuy

Social Commerce

E-commerce

Ghana

Fintech

Social Media

Online Buying