Gaming company, iAuctionX has just launched an online platform to help Nigerians enhance their livelihoods through raffle auctions.
A raffle auction, also called a lottery auction, will have a random winner among a number of bids for a particular item, usually cash or high-value items such as cars, electronics, real estate, and similar items.
Licensed by the Lagos State Lottery Board, iAuctionX is on a mission to use this as a tool to reduce the rate of poverty in Nigeria, by helping Nigerians improve their standard of living in an inexpensive way. It does this through a series of auctions that enable individuals to win essential items for as low as a fraction of the cost price.
This ensures that individuals who will otherwise not be able to afford some items, could have them at the amount convenient for them.
While helping Nigerians to improve their standard of living, the company, which is also known as IAX, hopes to, through this, bridge the gap between the rich and the not-so-rich – giving an equal winning opportunity to every bid.
According to Paige Iroegbu, the CEO at iAuctionX, “lottery in the advanced world has changed millions of lives and lifestyles, it’s on that premise that IAUCTIONX was founded to improve the lives and lifestyle of our fellow citizens. This is done through a series of auction games with as little as N50 you can participate in the auction”.
As a part of efforts to make iAuctionX accessible to many Nigerians, and make it easier to play lotto online in Nigeria, registration is free on the online platform. By doing this, the company hopes to reach millions of Nigerians, enabling them to participate in its raffle draw.
The lottery auctions are also open to the public, with close to zero barriers for participation. Individuals have access to up to twenty different auctions or more at a time, with each starting from as low as N50 to place a bid.
In addition to this, and to cater to people of varying purchasing power, iAuctionX offers a tiered bidding system. Categorised into Gold, Silver and Bronze, participants can purchase each bid for N500, 200, and N50, respectively.
Further driving home its objective, iAuctionX ensures the items being auctioned are of high economic value, notwithstanding the low entry amount for auctions. Participants can easily win items that have significant benefits to their livelihood.
IAX also has cushion plans in place for when the targeted number of bids are not reached for auctioned items.
That replaces the old and common approach of closing an auction with no winner, when the auction falls short of predefined targets. This also ensures that Nigerians have an opportunity to win in every situation.