BusinessDay

Boom, e-commerce platform, launches to boost financial inclusion in Nigeria

As part of efforts at boosting financial inclusion and e-commerce in Nigeria, Boom has launched in the country. With the launch, which ushered in its app, the new social e-commerce platform is offering Nigerians the opportunity to sell, buy and pay for products and services online without a bank account.

Explaining the rationale for the new platform, Peter Alfred-Adekeye, founder/CEO, of Boom, said the platform is aimed at enabling financial inclusion for all Nigerians by taking away bank formalities and boosting e-commerce, especially among the unbanked population.

“Boom, our app, which is blockchain powered e-commerce without banking application, is now live and available to all Nigerians from October 1, 2022. The application can be downloaded for free in both IOS and Android phones in the Apple app store and Google Play store respectively”, he explained.

To ensure wider reach, the founder noted that the app is available in Hausa, Igbo, Yoruba, English, French and Spanish languages.

In a statement signed by Brooksrock Media, it media handler, Boom has four ecosystems that make it an important app in the day-to-day life of a Nigerian.

The eco-systems include; Boom Marketplace, where consumers can discover products and services from local, national and global brands and merchants, while Boom Wallet offers customers opportunity to send, receive and store money, as well as paying for goods and services.

Other ecosystems are; Boom Chats for ultra-secure text, audio and video communication and Boom Social for community building and management.

Read also: Boom offers investors opportunity to acquire Multicoin in drive to deepen market share

Speaking further, Alfred-Adekeye, assured that Boom is safe to use as all users are required to go through KYC before completing registration.

“To ensure compliance with local and international regulations, all Boom users must go through KYC at signup, by taking a selfie with either a government-issued identity card, driver’s license or passport after which their Boom account will be activated”, he assured.

Enumerating other uses of Boom, the founder said that the free and open eco-system can be used for consumer-to-consumer money transfers, business-to-consumer payments, business-to-business transactions and also government-to-government financial exchanges, especially intra-African and cross border settlements.

According to him, there are no fees of on all transactions within Boom, and advertising.
Explaining how the app works, he said that Boom’s native utility digital token that transmits value between transacting parties within the Boom ecosystem is the Multicoin (MTCN), an ERC-20 token that resides within the Ethereum blockchain.

Also, the Multicoin processes all transactions within Boom by automatically converting fiat currencies between transacting parties. “This way, a merchant or consumer in Nigeria can purchase goods and services internationally by simply converting the Naira into Multicoins via Boom certified resellers nationwide”, the founder concluded.

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