OyaOya has announced the pilot testing of its commodity trading marketplace on www.oyaoya.com to connect the marketplace ecosystem across Nigeria and Africa. The OyaOya platform leverages state-of-the-art technology to connect four essential components together in a seamless flow. It is a marketplace for sellers to showcase their products, customers to select products, carriers of goods, and secure payment system for secure transactions.
OyaOya Managing Director Khalil Halilu announced the pilot market launch on www.oyaoya.com with over 3,000 registered suppliers already interested. Halilu, who said that Nigeria and other African economies are expected to increase their share of global sales due to growing participation in e-commerce and expected accelerated growth forecast in developing economies, postulated that “OyaOya aims to have 10 % of farmers and 40% of traders in petroleum products on its platform by the end of 2018”.
Halilu revealed that the platform will also provide a one-stop shop for commodity market information. “We also realize that today’s city dweller is a very busy person. He or she doesn’t have time to fetch cooking gas or shop for groceries. Likewise, businesses want access to the best items at the best prices, delivered easily. This is where OyaOya comes in. The platform offers the customer access to suppliers, giving them choices based on brand, price, delivery time and even a supplier rating by d ‘other customers,’ Halilu said.
In addition to providing a one stop shop for commodity market information, OyaOya will also fill the gap in efficiency and effective distribution across Nigeria and other African economies, and escrow payment system will complement government efforts to go cashless, he added.
“OyaOya is a business based on our user-friendly online platform designed to connect customers to nearby vendors for easy and secure on-demand transactions. We believe that buying and selling doesn’t have to be tedious or time-consuming. We do all the heavy lifting so you don’t have to. We bring together a highly innovative and confident team to ensure we deliver value and quality, when and where you need it – no hassle, no fuss,” said Halilu.
According to the CEO of OyaOya, “Africa has long been established as the world’s commodity capital, but the continent has not been able to effectively allocate its resources among its people. Farmers face several challenges including trying to get their products to market, insufficient information on how, where and at what price to sell the products. This is compounded by the inability of customers to locate them, a mismatch between carriers and owners commodities, among other factors that have undermined the global competitiveness of local commodity traders.
He explained that commodity prices are volatile and extremely difficult to predict and this is due to several challenges faced in the African commodity ecosystem. “Some products like oil have a high price while some agricultural products are undervalued. Take Benue State, for example, in the middle belt of Nigeria, where farmers tend to lose their produce because they cannot access customers in time, resulting in lost produce and profits. »
According to him, OyaOya is positioned to be a key partner of choice for the raw materials ecosystem and lead to improved performance across the entire value chain. He said the company works with reputable organizations such as Interswitch, the National Association of Motor Transport Owners (NARTO); Nigerian Incentive Risk Sharing Scheme for Agricultural Lending (NIRSAL); Nigerian Commodity Exchange Commission; Independent Traders Association of Nigeria (IPMAN); Cement Manufacturers Association of Nigeria (CMAN); Nigerian Association of Liquefied Petroleum Gas Distributors and several agricultural cooperatives.