Governments around the world are waking up to the
need for the regulation of e-commerce within their countries. The Nigerian
government is not left behind as the Consumer Protection Council (CPC) last
month disclosed plans to set up a comprehensive framework that would regulate
the conduct of electronic commerce transactions in the country.
What will such regulations mean for the prospects of
e-commerce in an emerging economy like Nigeria?
Addressing the issue, Head of PR and Offline
Marketing of Kaymu Nigeria, Tomiwa Oladele said,
‘’the decision to regulate the sector is very timely. The safety of online transactions cannot be overemphasized and is one that will have huge prospects for the industry if efficiently implemented''. She further added that the key features of the new bill which includes non-disclosure of proper information on products, will help to checkmate misleading product information on some e-commerce platforms thereby giving more customers confidence to shop online’’.
The electronic transaction bill which will regulate
the e-commerce sector and protect consumers was passed by the national assembly
on June 3rd 2015 and awaits presidential approval before it becomes a law.
Among the issues highlighted for regulation are non-disclosure of full
information on products and services, deceptive advertisement, improper
description of products, delivery of defective products, poor informal dispute
settlement procedures, double payments and poor customer service. The proposed
law stems from the growing concern over safety of online transactions in
Nigeria.
“The security of our customers and their
transactions take uttermost precedence in our activities hence Kaymu has put in
place certain structures to ensure that our customers enjoy a safe shopping
experience on the platform. Some of these include the Kaymu SafePay which
serves as an escrow service to protect both buyer and seller, the Kaymu Buyer
Protection which keeps the customer informed throughout the order process and
the privacy policy that protects all the details of our customers, amongst
others”, Oladele stated.
The Nigerian retail sector has faced so many
challenges in recent years, but the birth of e-commerce has been a bright spot
for many entrepreneurs that embraced it.
Today, e-commerce has revolutionized the way companies conduct business
transactions and places consumers’ purchasing power at the click of a button.
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