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Kenyan startup Empower Smart Limited has launched the region’s first fully automated digital escrow app in a bid to streamline the E-Commerce sector.
Empower Smart Limited Founder Peter Muraya says the app dubbed “Empower Smart App” will improve trade in the region and the world by protecting buyers and sellers from being scammed through its suite of payment products under Empower Wallet.
An escrow is a financial and legal agreement designed to protect Buyers and Sellers in a transaction. For a fee, an independent third party holds payment until everyone fulfills their responsibilities in the transaction.
With a digital escrow payment, the Seller will only access the received funds when the Buyer remotely unlocks it from his app once satisfied with the delivered product.
“Online purchase scams will now be a thing of the past, as you can now send an advance locked payment to the seller. The money leaves the buyers wallet and is temporarily held under digital escrow until the product is delivered. The buyer then unlocks the payment from his app and the seller now can access and withdraw the previously locked funds . An unhappy customer can request reversal of locked funds from the app,” he said adding that the app is available on Google Play Store.
The firm is targeting Kenya’s growing E-Commerce sector that is adversely affected by scammers.
“Empower Smart is helping create exponential growth in the ecommerce space and creating trust in online trades and in large transactions like land and cars. This is using its innovative and truly revolutionary Digital Escrow Payment Platform available on the Empower Smart App,” he explained.
The move comes as the Kenyan government issued a warning over the skyrocketing fraud cases online, cautioning Kenyans to be extra vigilant while engaging in digital transactions.
Last year the Director of Public Prosecutions (DCI) George Kinoti advised Kenyans to be on the lookout for well-crafted fraudulent shopping scams as the festive season approached.
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