Escrow, What is Escrow and How Does it Work

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Escrow, What is Escrow and How Does it Work

escrow service platform

Escrow, What is Escrow and How Does it Work

Ecommerce in Nigeria, estimated at $13 billion by the London based Economist Intelligence Unit (EIU), is a vital sector that, if properly harnessed, can create more means of livelihood for individuals and massive jobs for youths, enhance Market Access and sales for SME’s, boost economic development, reduce poverty and help in achieving some other Sustainable Development Goals.

Unfortunately, the progress of ecommerce in Nigeria is being hampered by several factors, one of which is distrust caused by the activities of fraudsters and scammers who pose online as genuine sellers or buyers.

It is very common to have situations where buyers pay for pets only to wake up to the realization that they have been scammed.

Same applies to unsuspecting sellers who sell their pets end up either incurring losses or getting out rightly defrauded.

To solve the mistrust between buyers and sellers and to drastically reduce incidences of online fraud, escrow payment arrangements by EscrowLock have proved beneficial.

Escrow payments are such that a buyer, instead of paying to the seller directly, agrees to an arrangement with the seller and pays the money to a mutually trusted third party (escrow company/agency like EscrowLock) who holds the money and releases it to the seller when it has been confirmed that the buyer has received the property.

EscrowLock escrow payment can be used for the purchase of virtually any kind of product/service, which include:
Full article at Escrow Service Platform in Nigeria

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