A Nigerian prop tech startup has launched a revolutionary platform that promises to change the way people buy, sell and own property. The platform launched by prop tech startup Vank Wallet (www.vankwallet.com) will evidently deregulate the property ownership structure giving everyone a chance to have a slice of the prop pie and has been described as nothing short of revolutionary. by market observers.
According to the promoters of the platform, Vank Wallet aims to bring innovation and smooth transactions in the real estate market across the country. The startup implements a state-of-the-art digital wallet based on Blockchain technology that allows users to buy, sell, borrow, and manage vetted real estate.
Founded in 2021 by Daniel Essien, Vank Wallet is a one stop shop for users to do everything related to real estate, including pooling resources to buy properties as a group. The platform is designed in such a way that users who cannot afford the full purchase of a property can buy only a fraction of real estate with friends or members of our cooperative to get all the benefits of property without breaking the bank.
The startup seems to be the answer to many Nigerians who worry about the preponderance of charlatan estate agents and criminal elements within the property sector. To address the growing problems of fraudulent practices in the industry, Van Wallet works to ensure that the legal details of the property are respected. “Basically we obtain a property, hire a reputable independent law firm to carry out rigorous due diligence on it, and when we are satisfied with the documentation and condition of the property, we purchase it and make it available to subscribers to purchase individually or individually. as a group. Our users can buy all the properties listed in VANK Wallet with the assurance that the titles are good and the property will be transferred to them safely.”
According to the founder, Vank Wallet promotes financial inclusion by allowing users to access and manage real estate cheaply using only their mobile phones. In addition, “the company performs very rigorous due diligence and provides useful information about the location of the listed property so that users can trust that they are buying a genuine property with no encumbrances,” he added.
Describing the process, Mr. Essien noted that “when the platform obtains a property, it first performs rigorous due diligence and, when we are satisfied with the documentation and condition of the property; we acquire it and make it available to subscribers to buy individually or in groups. Our users can buy all the properties listed in VANK Wallet with the assurance that the titles are good and the property will be transferred to them safely.
Talking about the growing tech ecosystem in Nigeria, Essien said that the Nigerian tech industry is flourishing with many new ideas testing the market every year. Also, most of the recent tech startups are focused on solving real problems with local approaches compared to a decade ago.
He said this was made possible by key factors such as an increasingly 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 in the market, the founder of VANK Wallet said that the success of some leading tech companies in Nigeria, these companies is a great inspiration for his company “as we build the technology to improve the real estate market that is still very traditional.
Encouraged by the recent intervention of the LHoFT Foundation’s prestigious CATAPULT program to apply for this year’s Financial Inclusion issue, VANK Wallet sees that as a validation of their model.
The startup is working hard to introduce some pipeline features to further support the financial inclusion of users. As a result, many updates were made in six months. “We sold our first project in December and enabled installment payments and introduced our Virtual Real Estate Agent program to empower our growing community of users to earn income from VANK Wallet property. We are now incorporating our Lagos project. Our growth has been rapid. In five years, VANK Wallet would be an established niche leader and expand into multiple international markets,” he added.
Also, efforts are underway to introduce some pipeline features to further support financial inclusion of users through many updates that happened in the last six months. The CEO is optimistic about the nearest future as he leads the startup to dream of expansion into multiple international markets.
“We will remain true to our vision of being the most trusted, secure and compliant real estate portfolio. But we will continue to innovate as a leader in this niche, helping our users buy, sell, borrow and manage secure real estate,” he said.