Nigerian Startup Aje Battles Scams with Blockchain

Nigerian Startup Aje Battles Scams with Blockchain
For most social media users, “what I ordered vs what I got” posts are a source of endless laughs. But behind the humour lies a genuine fear for online shoppers, especially those buying from social media businesses with no refund policies or buyer protection.
This fear drove Ifeoluwa Wole-Osho to create Aje, a blockchain-powered social commerce platform designed to eliminate fraud and ensure both buyers and sellers have peace of mind.
The name “Aje” is deeply symbolic, borrowed from the Yoruba deity of wealth and prosperity. It’s a word traders often use in the marketplace to wish for success and profit, making it the perfect moniker for a platform striving to create fairness and trust in commerce.
The Birth of Aje
Aje’s origin story is as compelling as its purpose. While pursuing a Ph.D. in Energy Systems Engineering in Turkey, Wole-Osho served as the President of the African Students Union. He created a WhatsApp group to help African students connect, but one day, the group was used to scam seven students.
Scammers rented out a non-existent apartment through the group, leaving the students defrauded. Although Wole-Osho wasn’t directly involved, the incident landed him in a police station answering questions.
The experience sparked an idea. “I started thinking that there could be something to solve this problem — an escrow service,” he said.
While escrow services already existed, Wole-Osho envisioned adding a blockchain layer to make transactions more transparent and secure.
How Aje Works
Aje functions as a social marketplace where people can not only buy and sell but also interact socially. However, the platform currently focuses more on commerce than social networking.
Here’s how it works:
- Explore Products: Users start on an explore page showcasing items for sale or buyer requests.
- Trade Negotiation: Once a buyer expresses interest, a 24-hour trade negotiation window opens. Both parties agree on the price, delivery terms, fees, and timelines.
- Smart Contracts: After negotiations, a smart contract is created and stored on the blockchain. It contains all agreed terms and ensures both parties are accountable.
- Escrow Payment: The buyer’s payment is held in escrow by Aje until the product is delivered and approved. If satisfied, the payment is released to the seller.
If disputes arise, users can activate the dispute resolution system. A trade administrator reviews evidence such as conversations and uploaded files before making a fair decision.
The Role of Blockchain
While blockchain is central to Aje’s operations, its primary benefit lies in enabling cross-border transactions rather than resolving disputes.
Payments on Aje are conducted through a digital wallet that holds stablecoins—a type of cryptocurrency pegged to a stable asset like the US dollar. Buyers fund their wallets using local currency, and sellers receive payments in stablecoins, which they can convert back into their currency.
“Every price on the market is automatically adjusted to the currency of the country you’re in,” Wole-Osho explains. For instance, a $500 PlayStation in the US might appear as ₺17,500 to a buyer in Turkey.
This feature allows seamless international trade, a significant advantage over competitors like Jiji and Jumia, which don’t support cross-border payments.
Competition and Challenges
Aje faces competition not only from eCommerce giants like Jumia and Jiji but also from smaller platforms like PocketApp and Vhalid, which offer escrow services.
While PocketApp’s escrow model is similar, Aje’s ability to facilitate cross-border transactions gives it a competitive edge. Similarly, Vhalid’s escrow services lack the robust blockchain integration that Aje offers.
Since its launch in 2023, Aje has attracted over 7,000 users and completed 4,000 transactions, generating $4,000 in revenue. Although modest, these figures highlight the platform’s potential.
The Road Ahead
For now, Wole-Osho is prioritizing user acquisition over revenue. The company charges a $1 fee per transaction, but its primary focus is building a strong user base.
The team has adopted grassroots strategies to reach new users, such as visiting Nigerian universities and introducing the platform through WhatsApp groups. They also engage intern marketers who actively promote Aje on campuses.
“As a social media kind of platform, having social proof is more important than revenue,” says Wole-Osho.
Aje remains open to evolution. Wole-Osho acknowledges that the startup is still in its early stages and is willing to pivot or explore new directions based on user feedback.
Funding and Growth
Initially bootstrapped, Aje received a $25,000 investment in December 2024 through the Startupbootcamp accelerator. However, competing against well-funded platforms like Jumia will require more substantial backing.
Despite its challenges, Aje’s unique value propositions—blockchain integration, escrow services, and cross-border capabilities—position it as a promising disruptor in Nigeria’s eCommerce space.
With the rise of online scams and “what I ordered vs. what I got” fears, Aje could become the go-to platform for secure social commerce in Africa and beyond.
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