Traction, a Nigeria-based fintech, thinks it can solve this problem using its proprietary solution.
The company provides an app that business owners can use to accept payments, generate invoices, manage inventory, and track payments. It also enables the merchant’s employee’s to confirm payments without having to call their employer.
However, beyond this, Traction has a unique feature which helps merchants confirm that every alert is real. According to Seyi Xodus, Traction Apps Growth Marketing Manager, if the money hasn’t been reflected on their platform, the alert is fake, or the money hasn’t been sent.
The app gives users a virtual bank account powered by Providus Bank and can be used to make transfers and carry out other transactions.
According to Xodus, “We are able to confirm that the alerts are genuine because we get notified directly from the virtual account custodian, which is Providus Bank. We only rely on the bank notification rather than a merchant’s notification.”