Firm unveils on-demand commodities trading platform
OyaOya has announced the pilot test of its commodity trading marketplace on www.oyaoya.com to connect the market ecosystem across Nigeria and Africa.The OyaOya platform rides on cutting-edge technology to connect four essential components together in a seamless flow. It is a marketplace for vendors to present their products, customers to select products, commodity transporters and an escrow payment system for secure transactions.
Chief Executive Officer, OyaOya, Khalil Halilu, announced the pilot run of the marketplace on www.oyaoya.com with over 3,000 registered vendors already interested.Halilu, who said Nigeria and other African economies are projected to increase shares of the global sales due to growing participation in e-commerce and accelerated growth forecast expected out of developing economies, posited that “OyaOya aims to have 10 per cent of farmers and 40 per cent of petroleum product traders on its platform by the end of 2018.”
Halilu disclosed that the platform will also provide a one-stop-shop for commodity market information.“We are also mindful that today’s urban dweller is a very busy person. He or she does not have the time to go out for cooking gas or shop around for groceries. Similarly, businesses want access to the best items at the best prices, delivered to them with ease. This is where OyaOya comes in. The platform provides the customer access to vendors, giving him or her choices based on brand, price, time it takes to deliver and even a vendors rating by other customers”, Halilu said.
Apart from providing a one-stop-shop for commodity market information, OyaOya will also fill the gap for driving efficiency and effective distribution across Nigeria and other African economies, also the escrow payment system will compliment government’s effort going cashless he added.
“OyaOya is an enterprise based on our user friendly online platform designed to connect customers to vendors within close proximity for easy and secure on demand transactions. We believe that buying and selling does not have to be tedious, or time-consuming. We do all the heavy-lifting so you do not have to. We bring a highly innovative and confident team together to make sure we deliver value and quality, when and where you need it – no hassle, no hustle”, Halilu said.
According to the OyaOya CEO, “it is settled long ago that Africa is the commodity-capital of the world, yet the continent has not been able to effectively distribute its resources amongst its people. Farmers face several challenges including trying to get their products to market, inadequate information on how, where and at what price to sell produce. This is compounded by customers not being able to locate them, a mismatch between transporters and owners of commodities, among other factors that have undermined the global competitiveness of the local commodity merchants.”
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 petroleum are priced high while some agricultural products are underpriced. Take Benue State for example in the Middle Belt of Nigeria where farmers tend to lose their produce to decay as they cannot get access to customers on time, this results in losses in both produce and profit.”
According to him, OyaOya is positioned to be a key partner of choice to the commodity ecosystem and drive improved performance for the entire value chain. He said the firm is working with reputable organisations such as Interswitch, National Association of Road Transport Owners (NARTO); Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL); Nigeria Commodity Exchange Commission; Independent Marketers Association of Nigeria (IPMAN); Cement Manufacturers Association of Nigeria (CMAN); Nigerian Association of Liquefied Petroleum Gas Marketers and several Agricultural cooperatives.
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