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Economy & Business

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 Mr. Michael Amakeze, one of the Co-Founders, the fintech was founded to offer escrow services and serve as a payment intermediary between buyers and sellers who have been yearning for a payment system that gives them equal control and access to their funds during business transactions while stifling fraud, particularly for online transactions, over the years.

According to a statement made public by the company’s head of marketing, Mr. Peter Ezenwa, the firm seeks to, among other things, increase customer and vendor trust, thereby facilitating more profitable business transactions and reducing fraud.

A part from the statement reads:

“The prominence and traction of the Nigerian online market place 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, smart phone revolution and the widespread adoption of electronic payments, ecommerce 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 has a tragic flaw-lack of trust. Incidences of fraud are rife. According to ecommerce 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 market places.

It is for this reason that the Lagos-based Fintech startup NOVALUX IDEAS LTD developed and launched a revolutionary app and website called 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 equal access to the funds. In other words, the funds cannot be moved until both parties sign off on the transaction.

Konfam is a pleasant way to conduct business in addition to being simple. The procedures are quite basic.
You can instantly construct a joint (holding) Wema bank account with your business partner via Konfam.
The account can receive deposits at any time and from anywhere.
Any of the partners may start the withdrawal protocol after completing contractual obligations.
By entering an OTP that was issued to their phone and email, the other party confirms the transaction.
The funds are deposited into the intended account.

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

The Founders have planned for situations that could cause disagreements between two partners in certain transactions. As a result, they have established a team for resolving conflicts as they emerge and a paradigm for doing so. The most secure way to conduct business is through Begin now by KONFAMing your transactions.