BOOM, An E-Commerce Platform Launched In Lagos

–Provides Trading Space For 1.7 Billion Unbanked Locally And Globally

BOOM, an e-commerce trading platform without banking and for those seeking a safe alternative to commerce was launched at a grand breaking ceremony on Thursday, in Lagos.

The trading platform which is set to revolutionize transaction in the market space, is further geared towards reducing and allowing the 1 billion women and 700 million men with no bank account globally to engage in trading activities.

Addressing virtually a cross section of Stakeholders drawn from the investment, academia, embassies and the Media, the founder and Chief Executive Officer, Mr. Peter Alfred Adekeye said BOOM will change the face of doing e-commerce business in the domestic economy.

He said amongst others, the targeted demographics are the unbanked, especially majority who have not been brought into the financial dragnet space.

According to him, to make transaction on the platform a seamless one, the multicoin being a token of exchange can be bought over the counter, looking for the aboki closer to you, just as he said the app will come out in better version in september.

He said BOOM which is geared towards also helping the government drive on financial inclusion, will soon approach the Central Bank of Nigeria (CBN) to facilitate the usage of the e-naira digital currency on the platform.

Mr. Adekeye who is a cyber defence expert, said the world bank, 1 billion women and 700 million men statistics of those referred to as the unbanked now have a veritable e-commerce platform to do their daily transaction.

“These people have never shopped online and neither have they ever been able to offer their goods and services for sale on the Internet.

“BOOM launching which is an integrated e-Commerce marketplace and cryptocurrency wallet will allow anyone to buy and sell online without a bank account.

Speaking on some of the features of the Boom app, Mr. Adekeye who said 1 multi currency will be equal to three euros while making transaction, noted that all users on BOOM are KYC’d at sign up. This ensures compliance with EU regulations and eliminates spam, scam and online abuse.

He said all communication and transactions on BOOM are secured with bank- grade features that harden all correspondence with strong cryptography.

“BOOM breaks down geographic and economic barriers by enabling everybody to sell online without needing a website nor having to integrate payment processing. With BOOM, financial inclusion is guaranteed for all.

“BOOM transforms each and every physical store into an e-commerce shop. This enables customers to shop online directly from their favourite physical stores and have access to in-store inventory of goods.

“All transactions incur zero fees and zero commissions. This means that merchants keep all 100% of their earnings.

He aded that, there are no ads on BOOM and as such, BOOM does not collect any data on its users nor track their behaviour.

BOOM which is a $50 million investment and have been in operations for over 12 years, according to Mr. Adekeye “By purely having 1 account, MONEX BOOM clients can trade listed securities in 12 markets anytime. Not only the settlement currencies are automatically converted for you, multi-market margin financing service is also available at your finger tips.

“Clients can trade all 12 markets, including Hong Kong, U.S., Japan, China, etc. on the same trading interface with essentially one login. Performance of global stocks holding can also be viewed at a glance.

“Such flexible and efficient global securities trading service is supported by our in-house developed system. This powerful trading system, readily accessible by all investors across the world, offers Direct Market Access (DMA) in Hong Kong market and Straight-through Processing (STP) technology in U.S. and Japan stocks trading. Orders are transmitted electronically to the exchanges in high speed.