The main problems facing e-commerce in Nigeria and throughout Africa have been a lack of trust and delayed delivery. Stories of con artists impersonating reputable company owners and stealing money from customers abound. As a result of this development, potential customers of E-commerce are feeling uneasy. Some are avoiding everything related to internet business for fear of becoming victims of these thugs.
Estaco.ng is an online marketplace for escrow services that links buyers and sellers to execute safe and efficient transactions. Merchants may provide goods and services for sale, and customers can order them and pay with a “Estaco Account.” Until the good or service is provided, Estaco will hold the funds. Additionally, buyers can transact directly with vetted merchants using Estaco regardless of where they are. The conditions of the transaction can be decided upon by the two parties alone, without the need for a middleman. is excellent for a variety of businesses, including drop shippers, manufacturers, internet merchants, family businesses, independent contractors, and suppliers.
We want to create a system that everyone can trust because, as the founder, Ibeh Bonaventure Ugochukwu, states, “despite the surge in internet penetration in Nigeria and Africa, over ninety percent of Nigerians lack trust in online sales, with barely 1% of Nigerians routinely patronizing online shopping.” Users will be able to track their transaction from the point of sale to delivery using the integrated delivery system.
Engineer Ibeh Bonaventure Ugochukwu possesses a strong background in marketing and business development. He made the decision to create long-term answers to the main issues that Nigerian e-commerce is currently facing because of his enthusiasm for e-commerce.
Since virtual money is not widely acknowledged in Nigeria and is unstable, it is not a reliable way to pay for goods and services. He founded Estaco, an escrow business, in 2024 and was unable to sustain it. Something more agreeable, he started to think.
“This is our first public announcement since product introduction. We are aware that the escrow concept is relatively new in Nigeria,” he said, discussing the plan for 2024. We’ve been teaching sellers why using escrow to speed up their online transactions is beneficial. We are eager to work with further companies and people. Everyone is welcome to participate. We can create a workable e-commerce platform with escrow payment that is comparable to the Alaba International Aba Market and the main market in Onitsha.”
Regarding finance, he said, “At the moment, escrow and delivery fees account for the majority of the platform’s earnings. We had made connections with domestic and international investors who expressed a great deal of interest in the firm.
