Nigerian Tech Firm Launches ‘vetandpay’ to Combat Online Transaction Fraud

A Nigeria-based technology solution provider has launched a product called “vetandpay” to address the issues of trust and fraud in online business transactions in the country.

Dr Kalu Ibe, the Founder and Chief Executive Officer of Tradewyse Concepts Limited (TCL), stated that the software was proudly developed by a team of Nigerians.

Speaking at the product dedication ceremony in Abuja on Thursday, Ibe explained that the app aims to reduce corruption by restoring trust and integrity. He added that it would inspire confidence in both business and the broader transactional environment in Nigeria.

“Today, I present vetandpay.ng, powered by Vetandpay Technologies Ltd, Africa’s foremost escrow company, a subsidiary of TCL,” Ibe said.

“What started as a spark two years ago is now shining brightly over Nigeria’s transactional space, bringing healing with its rays.”

He outlined the various escrow services offered, including auto purchase escrow, procurement escrow, service-based escrow, e-commerce escrow, and property escrow, with more services expected to be added.

Ibe emphasised that the service is available to Nigerians both at home and abroad, promising zero losses in all business transactions when using vetandpay.

Through its Corporate Social Responsibility (CSR) programme, TCL plans to initiate a comprehensive tech training programme for teenagers in Nigerian schools. Ibe highlighted that the initiative aims to equip young people with technological skills, preparing them to enter the digital economy and drive innovation.

The Project Director, Ntufam Ugbo, commented that vetandpay is transforming the business landscape in Nigeria by building trust between buyers and sellers.

“What vetandpay does is act as a middleman between the buyer and the seller,” she said.

Mrs Rachel Samuel, the Head of Customer Service at vetandpay, described the platform as a secure payment solution designed to eliminate fraud in online transactions.

“Our basic goal is to address the issue of receiving something different from what was ordered,” she explained.

Referring to a report by the Federal Trade Commission, Samuel pointed out that consumers lost over 8.8 billion dollars to fraud in 2022, a 30 per cent increase from the previous year. She noted that with vetandpay, both parties to a business transaction could have peace of mind and zero losses.

She encouraged Nigerians to embrace the services provided by the platform by downloading the vetandpay app and using the technology to secure their transactions.

‘‘Today marks the beginning of a new era in secure online transactions. Whether you are a business owner, freelancer, or everyday buyer, vetandpay is here to protect your hard-earned money,” Samuel concluded.