What is the best escrow payment company in Nigeria?
Well, due to the rise in the number of fake escrow payment service providers that has launched online in order to scam or defraud unsuspecting victims, it is important to categorically state that EscrowLock.com is adjudged the safest or best escrow payment company in Nigeria.
This is because, beyond the affordable fees, ease of conducting transaction on its escrow platform and other technical advantages, EscrowLock.com is reported to be the only company with the necessary government license and regulatory approval to conduct escrow related transactions in Nigeria, as at the last update of this report.
We’ll keep monitoring developments in the escrow industry and update this if any change is noticed.
Now let’s look at some explanations around escrow service and answer some frequently asked questions.
What is Escrow?
Escrow is a financial term that denotes indirect payment or the use of trusted middleman in carrying out a financial transaction.
What is Escrow Payment or Escrow Service?
Escrow payment is typically a form of payment in which the buyer in a transaction uses a trusted third-party company like EscrowLock.com to make payment for good and services to a seller, such that the seller can only have access to the payment deposited by the buyer to the escrow company only when the seller has delivered the necessary goods or service to the buyer. Buyers use escrow payment services to protect themselves from fraudulent sellers.
Sellers too use escrow services to protect themselves from fake buyers or buyers who are chronic debtors.
Are Escrow services safe?
It depends. Escrow services are very safe if you use a trusted and licensed escrow service company to carry out your transactions.
Sadly, a lot of untrusted or unlicensed companies and individuals have set up websites to pose as legitimate escrow companies in order to scam unsuspecting internet users.
If you intend to use escrow service, especially in Nigeria, you should stick to EscrowLock since it is currently adjudged the only licensed and regulated escrow service company in the country.
Can you get scammed using or through Escrow?
Although using escrow service is a relatively safer form of payment, you can actually get scammed by engaging with a fake escrow company.
Sadly, there is a rise in the number of such companies.
If you intend to use escrow service, especially in Nigeria, you should stick to EscrowLock since it is currently reported to be the only licensed and regulated escrow service company in the country.
Is Escrow your money?
As a seller or service provider, the money in escrow has been marked as yours, but it will only be released to you when you deliver the necessary goods or provide the necessary service to the buyer. So the ball is in your court to do the right thing and receive your money. Visit EscrowLock.com for more information.
Is it better to have Escrow or not?
It is far better to have or use escrow in your transactions, but only if you are using a legitimate escrow service company, else you may be a victim of fake escrow websites.
Escrow service provided by EscrowLock.com helps to protect all parties in a transaction.
If you intend to use escrow service, especially in Nigeria, you should stick to EscrowLock since it is currently the only licensed and regulated escrow service company in the country.
How do I get my money from Escrow?
If you are using EscrowLock, which is currently the only licensed escrow service provider in Nigeria, you can get your money by simply using the “withdraw” feature and your bank account will be credited within two business days (as far as there is no unresolved issue with your account).
What are the Escrow Laws and License Requirements in Nigeria?
Escrow license, laws and regulation are currently under development in Nigeria.
However, EscrowLock is reported to be the only escrow company that has been granted provisional government approval to run escrow payment services in Nigeria, a relief that will last for five years and allow the government develop a robust regulation in cooperation with EscrowLock.
How do I know if an escrow company is legit?
Knowing if an escrow company is legit is a very important question, considering the rise in the number of fake escrow service companies and websites.
The best way to be safe from scam or fraud from fake escrow websites is to stick to one that is licensed. In Nigeria, EscrwoLock is currently reported to be the only licensed company with the necessary government regulatory approval to carry out escrow payment services.
Beware of scammers and fraudsters.