Worldbay Technologies, a leading technology company in Nigeria, has set out to ameliorate the pains of poverty and economic hardship on Nigerians, by launching Grocedy, a crowd funding platform that helps low and middle class Nigerians purchase the food items they need in small quantities but at wholesale prices, through monthly subscription.
Speaking at a recent media chat to launch the product, Lanre Smith, CEO of Worldbay Technologies revealed that over 1200 Nigerians are already subscribed to the product, adding that the company hopes to drive up its customer base to about 30000 in the next 10 months when it would be celebrating its one year anniversary.
Explaining the motive for establishing the outfit, Mr. Smith said “For a lot of people food is not affordable. Prices of food are more than what many families can afford, so they end up buying in tiny quantities. The smaller the quantity you buy in, the more you will have to spend on the long run.
“I sat down with my team and asked how do we make food affordable. We came up with the bold idea that people can crowdfund to purchase food. We’ll gather everybody’s money, buy in large quantities and distribute it to those that paid for. That will help to lower the overall cost,” Smith explained.
The product is already creating a lot of excitement across Lagos, as many low income Nigerians are thrilled that they can now buy their food items in bulk, at an affordable price, yet pay in instalments.
According to Smith, there are various baskets (subscription plan) offerings that customers can choose from depending on their financial capacities.
They are the bronze, silver, gold, diamond and platinum packages. The basket content varies depending on the subscription type. The monthly subscription ranges from N7500, N12000, N22000, N43000 and N65000 respectively.
One of the excited customers, Kazeem Aworo, a trader at Ikorodu market commended Grocedy for its initiative, adding that since he joined the program he no longer has to worry much about soaring food prices in Nigeria.
“I am able to afford food for myself and my family because Grocedy has made it affordable and they allow me to pay in small daily installment which is good for me,” he said.
Another subscriber, Owolabi Adenike, who trades on motor spare parts in Lagos, lamented how before now it was impossible for her to adequately provide for her family, but with Grocedy, such weight has been taken away.
According to her, Grocedy does not just offer flexible payment plan, it products are more affordable compared with current market price. “Because of this I have told them of my intention to change my subscription status from bronze to gold, so that I can get more items,” she said.
At the moment, Grocedy’s services is accessible offline, but the company has said that starting from early 2020 it will move online (www.grocedy.com) with the launch of its web, mobile and delivery agent applications, so that its services can be available pan Nigeria, and later on across Africa.