Propzora Launches Digital Platform to Address Property Transaction Fraud

Propzora targets property transaction fraud with digital platform

Propzora has launched a digital platform to tackle property transaction fraud in Nigeria. The company says the platform is designed to make real estate deals more transparent. It brings several parts of the property transaction process together in one place. These include property listings, document verification, Know Your Customer (KYC) checks and escrow-based payment protection.

For many property buyers, one of the biggest concerns is that knowing whether a property and its ownership documents are real before making a payment. Propzora founder and Chief Executive Officer James Moti said the platform was developed to provide buyers, sellers and agents with a more organised way to handle these transactions.

A key part of the platform is its escrow feature. Rather than releasing funds immediately, the money can be held until the conditions agreed by the parties for completing the transaction have been met. This is intended to provide greater structure around the payment stage of a property deal.

Bringing verification and payments into one process

Moti said the platform also aims to create clearer records of agreements and payments. Having these details within the same digital system can give the parties involved a better view of what has been agreed and how the transaction is progressing.

The company, however, recognises that technology by itself cannot eliminate every risk associated with property transactions. Moti pointed to user adoption, the quality of verification, cooperation from professionals and institutions, and the platform's performance in real transactions as factors that will influence its effectiveness.

There are also wider challenges to overcome. According to the company, online fraud, limited trust in digital platforms, gaps in access to reliable property records and digital literacy remain issues for the adoption of digital tools in Nigeria's property sector.

Propzora's approach is to bring buyers, sellers and agents into a single process where property information, identity checks, documents, payments and commissions can be managed together. Moti said the company expects wider adoption of such digital transaction systems over the next five years.

The launch reflects the growing use of technology to handle parts of property transactions that have traditionally relied on physical paperwork and intermediaries. For Propzora, the focus is on using verification and structured payment processes to address some of the trust issues that can arise when people buy and sell property.