You are here: HomeBusiness2022 03 15Article 535913

Business News of Tuesday, 15 March 2022


Our digital marketplace makes e-commerce accessible to any business, small or large - Seth Samuel, founder, Venmun

Founder of  Venmun Seth Samuel Founder of Venmun Seth Samuel

Seth Samuel founded Venmun in 2018 as a digital marketplace for easy exchange and communication between buyers and sellers in Nigeria.

Operating out of Jos, Plateau State, Venmun is being used in several African countries.

Could you tell us about your company?

Venmun is a peer-to-peer marketplace that connects sellers with buyers. Our mission is to democratize and make available the necessary tools and technology needed to run a successful business irrespective of the business size.

And what is your strategy for achieving this?

We are working to address obstacles associated with equality in e-commerce. The problem with conversational e-commerce is that it is structured to mostly benefit big businesses and the companies that own the platform (which usually benefits the most).

But Venmun bridged that gap by making e-commerce accessible to anyone irrespective of business size, from a family, trying to sell an old refrigerator and get a new one, to the person/business trying to get off their feet, to the biggest conglomerates.

Payment and trust are also concerns to take into account. The fact is that individuals and small businesses are at the disadvantage on conventional e-commerce platforms, and they feel more comfortable using social networks to sell their products. The problem with that is building trust between the buyer and the seller.

Most of those transactions begin with the seller sending money to the buyer's bank account with no assurance of getting that money back if the deal falls through. Venmun’s P2P system solves that problem by guaranteeing both the buyers and sellers their product or money back. And our 1% commission is by far the lowest in the industry.

What is Venmun’s growth strategy for 2022?

We believe in partnerships and building communities. We are currently partnering with different SMEs and offering discounts on their products to their customers on our platform. The goal here is to encourage them to switch their businesses to e-commerce which is the future of commerce.

We want to also help them realize that their businesses should not be limited by their location when they can reach a larger customer base online, saving and reinvesting the funds otherwise used to run a shop.

What are the long term ambitions you’re aiming for as a company?

Expansion across borders. Currently, Venmun can be used in Kenya, Ghana, Tanzania, South Africa, and Nigeria. We are working hard to penetrate Western markets and we are really close to getting there.

Which African countries will perform best in terms of business in 2022?

In no particular order Kenya, Ghana, Tanzania, South Africa, and Nigeria are the best performing countries because their citizens are more open to change and trying out new technologies that help improve lives and businesses. And that is why they are our primary demographic markets.

Any news or information you’d like to share?

As stated above we are supporting businesses by offering discounts on their product/services and the offer is open to any business that is interested. If you are interested reach out to us through our social media handles on Twitter venmunofficial or Instagram offcialvenmun and we will send you instructions.