TAG: How it works "> i-naira.com | How it works
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How it works

Kindly read carefully.

  1. Log on to i-Naira (SSL Certified Site). Select LIVE AUCTION and click to view available auction rooms.
  2. Registration payment is powered by Paystack if the new customer requires admin support for registration, while self service payment is powered by Interswitch. Registration fee is N2,000.
  3. Select SIGN-UP as a first-time user or SIGN-IN as an existing customer. Registration requirement includes: First and last names; Email; Phone number;Password. Our admin will generate your bid paddle for new customers after registration payment confirmation.
  4. All the foregoing details will be verified by ONE-TIME-PASS sent to the user phone number to re-enter into our system for security purposes and designed to prevent multiple fake account creation. If you are unable to receive your OTP, send "please verify me" to 08096664448 on WhatsApp or via SMS.
  5. User's unique identifier is the customer's first name and four last digits of his/her Nigerian phone number (Aisha ****4458).
  6. Each auction room has an admission fee which can also be set at (0) if the vendor prefers not to charge an entrance fee.
  7. The fee deters unserious users from bidding and gives confidence to serious bidders to participate.
  8. Click ENTER after making payment (payment is powered by INTERSWITCH or direct Bank Transfer to our designated bank account).
  9. A room is opened within a period set by the vendor.
  10. Showcased items are only visible to customers who have made payment to gain access to a specific private room. A room is viewable by the public if the payment required to enter the room is set to zero (0).
  11. When admitted into a room, you can then see the items the vendors (A Nigerian Company, government agency or reputable individuals) are displaying.
  12. However, you can view Initial Room Catalog to see what is privately going on in each room but you cannot bid until you have been admitted to a specific room.
  13. Viewing dates are equally communicated for customers who want to phyiscally inspect assets that will be auctioned.
  14. When you click on one item, a pop-up app opens and gives more details about the item that you are interested in.
  15. Then you have an option to select NOT NOW or BID NOW to bid.
  16. Bid ID is the unique NO INB0000001. assigned to an item by our system.
  17. Item description, gives brief info about the item
  18. Highest bidder is the leading bidder
  19. Highest bid, is the highest amount entered so far.
  20. Start date is the time when the bid was opened
  21. End date is when the bid closes
  22. Time left captures how long the bid will last in hours, minutes & seconds
  23. The box for bid entering is where bidders enter the amount they are offering for the item. Please enter your figures without comma or space.
  24. Reserve not met highlighted in red show that the highest bidder will not win the item if it closes as it is because the entered amount is below what the vendor want (Reserve Price)
  25. More button shows bidders other available items
  26. Bid history shows all the bidders who bided for the item.
  27. Submit is the button bidders click to submit their bids
  28. When the time set on an auction expires, a winner will emerge if the vendor's reserve price is met.
  29. A probe of the bid history, gives other bidders who lost a particular bid, a clear picture of how a winner emerged the highest bidder.
  30. Winner checks their account and click on MY BIDS button to see payments due, the system directs the customer to pay for item or an invoice will be issued to the customer.
  31. When the customer clicks pay, the system will generate an invoice for the winner.
  32. At this stage the customer is given two options : 1. Direct transfer to the specified account information 2. Make payment through Interswitch Webpay Direct 
  33. Payment is received and winner receives an invoice with the unique bid ref
  34. Vendor is notified to hand over won item to the winner.
  35. The bid activity closes out.
  36. You are at liberty to enter as many rooms as possible
  37. Please note, when the rented room expires, all items are automatically removed.
  38. Your registration on i-naira.com is not the same as fees paid to access a private room if required by our client.
  39. It is up to a vendor to have an open room or a closed room; an open room does not require a fee for entrance but a closed room requires a fee to access the room. 
  40. Delivery logistics will be determined by the vendor. Winners are mostly required to visit location of won asset and take ownership.
  41. Kindly note, that i-naira.com auction tool is a forward auction and competitive. Bids are not entered in isolation, all customers interested in a particular item can monitor the bid process from start to finish. The highest bid above the the reserve price of the vendor, will be awarded the auctioned asset.