A lack of TRUST in Africa, specifically Nigeria, creates overwhelming “Counterparty Risk” for businesses and individuals involved in commercial transactions on a daily, periodic or one-time basis. Your chances of getting defrauded, experiencing a delay in payments or receiving a damaged or wrong item when you opt to use “Payment Before/After delivery” are very high.
This TRUST deficit in West Africa leads to an annual forfeiture of businesses worth over $1.5 billion, exposure to fraud (8 in 10 online shoppers have experienced a form of fraud) and a high risk of merchants losing their products or buyers getting swindled, consequently limiting commercial opportunities in the ecosystem.
With SURTii’s digital “Escrow solution”, businesses and customers can transact across borders securely and seamlessly, thus enabling them to focus on their core business. This, in turn, enables buyers to access a wider range of product offerings, thereby leading to a thriving commercial ecosystem.