New platform to curb online fraud launched in Kenya
By Our Reporter
Kenya Fintech startup, JointPesa in partnership with Finserve Africa has launched an e-commerce transaction platform dabbed “JointPesa” which will see both online customers and sellers protected from online cons and fraudsters. Criminals have been using the internet platforms to entice and con unsuspecting online buyers.
The Communications Authority reported that the Kenyan economy is estimated to have lost Ksh 29.5 billion to cybercriminals in 2018, which was a 39.5 % increase from Ksh 21.2 billion in 2017.
Speaking during the event, JointPesa founder Valentine Kilonzo said that cyber fraud prevention remains at the forefront of the conversation in the midst of rapid e-commerce adoption.
The platform intends to address online transactions crimes which are posing threat to growth and development of e-commerce in Kenya.
“Seller will no longer lose potential buyers who cannot agree into paying for goods before seeing them, by allowing buyers to pay to JointPesa, buyer will be able to buy more and in confidence without the fear of losing their money,” added Ms. Kilonzo.
According to Communications Authority 2019 report on Facilitation and Adoption of E-commerce Via the Postal Courier Networks, 425.3 million Mobile commerce transactions implying that Ksh 1.6 Trillion was spent to purchase goods and services online during the quarter. JointPesa seeks to convert at least 10% worth of the online transaction to be transacted via JointPesa platform in the first quarter after the launch.
“You will find some online buyers and sellers who lack ethics, these types of people are a bad stain on growth and development of e-commerce. What JointPesa aims at is eliminate online robbers pretending to be either serious buyers or sellers who sell or order goods to be delivered to them with the intention of robbing the merchants,” said Ms. Kilonzo.
“We have a case where a seller delivered cameras worth half a million to a client only to be robbed at gunpoint forced to leave the cameras without pay. This happens when the Seller feels the deal is too good to lose so they take the risk and end up losing their goods,” added Ms. Kilonzo
A majority of Kenyans could potentially engage in e-commerce depending on of a number of factors such as purchasing power, availability of suitable products online, awareness of available opportunities, levels of literacy and degree of confidence in online trade platforms. Unfortunately, fear of being conned is still acting as a hindrance.
Google on the other hand identifies 13 million active internet users in Kenya alone with 47.6 million active mobile money accounts which accounted for a transaction value of USD 3.6 billion in 2018 alone.
“We want every smartphone user to download JointPesa app in their phones and use it in every transaction across the world,” said Muchiri, JointPesa APP developer.