Founded by Viral Shah, Sokompare aims to allow Kenyans to easily buy, sell and compare cars, insurance quotes and banking services, without the hassles of shopping around, ensuring maximum efficiency for the ever-busy Kenyans.
Coined from Soko, Swahili for Market and Kompare slang for compare, the site aims to bring trusted, reliable prices online by working with partners from various sectors in the market.
“We are excited to bring this new service to Kenyans, as it offers transparency in buying, selling and comparing cars, insurance and banking services, which has previously been a headache for many Kenyans,” said Shah.
In Kenya, and almost everywhere in Africa, buyers realize later that what they thought was a deal wasn’t and they could have bought the same car, house or bank loan at a much cheaper price.
That’s where Sokompare, Kenya’s best online bazaar comes in.
Launched January 28 this year, Sokompare has nearly no Pesabazaar and InsureAfrika as some of the close competitors. However, Sokompare is broader. Apart from insurance rates, it has prices for cars, insurance and banking services and allows users to search, buy, sell and compare cars, insurance quotes and banking services on the go.
“Not only can you easily search on the mobile phone app or the website, but you can also filter your search based on budget, brand, service-provider, location and other various features and product offerings, till you find the right product,” says Shah.
In Kenya, the annual growth rate of insurance premiums is pegged at 20 per cent and in 2014, the country generated insurance premiums amounting to $1.8 billion, the largest in sub-Saharan Africa, Sokompare, then, is on the right track.
Shah says the platforms aims to provide the market with un-biased results, to help its users make the right decisions before they buy or sell.
Some of the partnerships in place now include I&M Bank as the official asset financing and banking services provider as well as various car dealerships including RMA & CMC Motors to bring users the best rates in the market.