A Nigerian prop-tech startup has taken the market by storm with the aim to transform the way people buy, sell, and own property.
The platform launched by the prop-tech startup Vank Wallet (www.vankwallet.com ) will evidently deregulate ownership structure of property giving everyone an opportunity to have a slice of the prop-cake has been described as nothing but revolutionary by market watchers.
According to the promoters of the platform, Vank Wallet aims to bring innovation and seamless transactions in the property market across the country.
The startup deploys a state of the art digital wallet built on Blockchain technology that allows users to buy, sell, borrow against and manage vetted real estate.
Founded in 2021 by Daniel Essien, Vank Wallet is a one-stop shop for users to do everything real estate, including pooling resources to buy property as a group.
The platform is designed in such a way that users who cannot afford outright purchase of property can buy only a fraction of real estate with friends or members of our cooperative to get all the benefits of property ownership without breaking the bank.
The startup appears to be the answer to many Nigerians who worry over the preponderance of quack estate agents, and criminal elements within the property sector.
To address the rising issues of fraudulent practices in the sector, Vank Wallet works by ensuring the legal details of property ownership are adhered to.
“We basically get a property, get a reputable third-party law firm to conduct rigorous due diligence on it and, when we are satisfied with the documentation and status of the property, we acquire it and make it available for subscribers to buy individually or as a group. Our users can buy every property listed on Vank Wallet with the reassurance that the titles are good and ownership will transfer securely to them.”
According to the founder, Vank Wallet promotes financial inclusion by enabling users to access and manage real estate cheaply using just their mobile phones.
“The company carries out very rigorous due diligence and provides useful location information on the listed property so users can trust that they are buying genuine property with no burdens,” he added.
Describing the process, Essien noted that “when the platform gets a property, it first conducts rigorous due diligence on it and, when we are satisfied with the documentation and status of the property; we acquire it and make it available for subscribers to buy individually or as a group. Our users can buy every property listed on Vank Wallet with the reassurance that the titles are good and ownership will transfer securely to them.
Speaking on the growing tech ecosystem in Nigeria, Essien said that the Nigerian tech industry is blossoming with many new ideas testing the market every year. Adding that more of the technology startups that have recently emerged are focused on solving real problems with homegrown approaches compared to maybe a decade ago.
This he said was made possible because of key factors such as a growing tech savvy population, better mobile phone penetration, and ease of identification with the BVN and NIN. On what inspired Vank
Wallet to launch its products into the market, Vank Wallet founder said that the success of some leading tech firms in Nigeria these companies is a great inspiration for his company “as we build the technology to enhance the real estate market which is still very traditional.
Buoyed by recent tapping by the prestigious CATAPULT programme by the LHoFT Foundation to apply for this year’s financial inclusion edition, Vank Wallet sees that as a validation of its model.
The startup is working assiduously to bring some pipeline features forward to support user’s financial inclusion even more. As a result, a lot of upgrades happened within six months.
“We sold our first project in December and have enabled payment by installment and introduced our Real Estate Virtual Agent programme to empower our growing community of users to earn income with property listed on Vank Wallet. We are now onboarding our Lagos project. Our growth has been rapid. In five years, Vank Wallet would be an established niche leader and expanded to multiple international markets,” he added.
Moreso, efforts are being made to bring some pipeline features forward to support user’s financial inclusion even more through a lot of upgrades which happened within the last six months. The CEO is upbeat about the nearest future as he steers the startup to dream expansion into multiple international markets.
“We will remain true to our vision of being the most trusted, secure, and compliant real estate wallet. But we will continue to innovate as leaders in this niche, helping our users buy, sell, borrow against, and manage secure real estate,” he said.