New digital platform goals to stabilise market pricing traits

A brand new digital platform, Bango Nigeria, has been launched to handle persistent worth inconsistencies in Nigerian markets by offering consumers with real-time info on the costs of on a regular basis commodities.

In response to a press release on Monday, the platform, based by Ademuyiwa Taofeek and Caleb Adenegan, was created in response to what the founders describe as widespread arbitrary pricing that leaves many patrons unsure concerning the true price of products.

The concept, based on Ademuyiwa, was impressed by a private expertise of being overcharged for tomatoes in Lagos, solely to later uncover that the identical produce could possibly be bought at considerably decrease costs from Jos.

The PidomNigeria studies that Bango Nigeria operates as a community-driven platform the place consumers share costs they’ve paid in several markets, serving to different customers make extra knowledgeable buying choices. By aggregating real-time worth info, the platform goals to advertise honest pricing whereas highlighting sellers who deal with clients transparently.

Ademuyiwa mentioned Bango is all about serving to consumers save time and money after they go to the market by offering them with real-time info on what different consumers are paying in markets round them. “It’s a system we’ve constructed to reward honest pricing and sellers that do nicely by consumers,” he mentioned.

The founders defined that the platform is designed to reward sincere market practices. Patrons who encounter worth discrepancies can touch upon or report inconsistencies, enabling different neighborhood members to bear in mind earlier than visiting the market. Sellers, on their half, should consent to having their pricing info shared earlier than any submission is made on the platform.

Ademuyiwa added, “Patrons are those who submit these costs. If a purchaser goes to a vendor primarily based on info uploaded by one other purchaser, and the vendor tries to be inconsistent with pricing, consumers could have the flexibility to make feedback and report the inconsistency for different neighborhood members to pay attention to. Bear in mind, that is community-driven.

“What we need to obtain is to assist everyone save time and money, and this cuts throughout each a part of the method concerned in buying these commodities and supply. It’s at the moment bootstrapped as a result of, proper now, we need to first present individuals how letting one another know what the market is saying may help them go to the market extra geared up with the suitable info. This, in flip, empowers them and helps them save time and money.”

By way of person interface, he mentioned, “In the mean time, it is rather simple to make use of. All it’s a must to do is join and both discover costs or submit costs. We intend to proceed to make it simpler as we progress. The positioning usability may be very seamless as a result of when you log in, it simply pops up.

“It doesn’t matter in case you are illiterate or literate with regards to Bango. It doesn’t require literacy to do nicely by your consumers; that’s all it’s good to do as a vendor. You do nicely by your consumers, and your consumers share it with different consumers by sharing the expertise on Bango. Earlier than each worth is submitted, a vendor should consent to their info being shared.”

It was revealed that the title ‘Bango’ is derived from the phrases ‘discount’ and ‘go’, reflecting its aim of serving to customers navigate markets extra effectively.