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From Okwe Obi, Abuja
The Co-founder and Chief Executive Officer of Binnox, Justus Nwosu, has encouraged the Federal Government to create jobs by supporting digital businesses to thrive.
Nwosu, who stated this at the launch of Binnox, yesterday in Abuja, said with the support of government and the fertile environment for businesses, investors would be willing to invest in the country.
He said: “It has been very crazy operating in the Nigerian market in the last twelve months. You have to make things more affordable.
“For now, we are just going head on. We are looking at using macroeconomic system to make revenues from volume of transactions.”
On the launch of Binnox, which is an online mobile platform that bridges the gap between customers and business owners, he said the App was created to facilitate trade and customer satisfaction.
“We founded Binnox in 2022. It is an Artificial Intelligence and digital platform. What we are doing is to connect you to local businesses around your locality, your city for you to be able to buy things.
“For example, you could buy food from your home, you could buy groceries from the markets, from your home and visit local markets from your home, without having to step out.
“But beyond that, we know there was an extra problem also which is trust. Africans, we rarely have trust to buy things online. I mean, how can we really say this is what I want and exactly what we get?
“What we did was to build an AI that essentially also help to check the behavioural pattern of these businesses and riders to make sure these people are perfect and in the best conditions to actually give you what you want.
“So, this means that our AI actually vets businesses and vets riders to actually give you the trust as a customer and the trust you actually paid for before you get the product,” he said.
Speaking on Binnox relationship with business owners, he said: “Most business owners in Africa do not have online websites.
“They have online shops where they can manage their inventories, products, finances and customers on our App.
“So, what we do is to create a simple solution that help businesses sell. Basically, it is a third party system. We do not own the businesses, we do not own the product.”
He clarified: “We are actually not e-commerce. We are a delivery platform. But we have e-commerce systems for businesses.
“What differentiates us is that you are not buying from us or someone you are waiting for in Lagos for three days. We have couple of competitors and the markets is still very new in Africa.
“We have few competitors, though. But what separates us is the tools we are building with AI to actually enable demand and supply to be more secured.”
Also, a Co-founder and Chief Technology Officer, Michael Nwakwo, corroborated Nwosu’s assertion, saying, ” We need a fertile environment to do business, not just infrastructure but good economic polices.
“We have been talking to investors and some of them tell us that they are scared of investing in us because they do not understand the Nigerian market or what the economy looks like.
“We need more grants and investment opportunities for local businesses.”
On the place of the youths he said: “The youths are the future. We hold the future. We want the government to empower us. We do not want them to limit us.”
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