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Nigeria’s First Online Auction Platform Launched by I-Naira

Commercial transactions are increasingly being carried out online, away from the inconvenience of long bargaining sessions and the glare of the public. And with the launch of Nigeria’s first online auction platform by I-Naira, vendors and consumers in the country can now present their merchandise for auction, put in bids for goods, and get deals on mutually agreeable terms without actually having to physically sit it out at auctions.

Hillary Nwaukor, CEO of i-naira.com, speaking on the new service, referred to the problems still being faced by Nigerians who wanted to get a fair deal from their transactions. He said that the platform being made available by I-Naira makes it possible to get bargains on household items, fashion, electronics, automobiles and real estate.

“Our goal is to help companies reach a broader consumer base across the country beyond their traditional audience and channels”, he explained.

The auction system as described by Nwaukor will require that I-Naira reaches an agreement with the seller using its platform on a price range within which prices offered by bidders will have to fall in order for the offer to be considered valid.

“A reserved bid can start at any amount but must be acceptable by the vendor or at an amount higher before a winner can emerge”, he said.

The online auction platform was launched by I-Naira on August 1, 2016.

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Ikenna Nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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