Africa: Konfam Joins FinTech Space

FinTech startup, Konfam has announced that it is joining the FinTech space in Africa to offer payment services to customers in the financial system.

The firm, develop by Novalux ideas ltd, Lagos targets improved services for businesses and their consumers.

Mr. Michael Amakeze, Co-founder of Konfam, commenting on the development said that the firm intends to breach the gap created by a lack of a payment system that gives buyers and sellers control and access to funds during transactions.

“The prominence and traction of the Nigeria online marketplace 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, smartphone 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,” the statement said.


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