Escrow Payments in Nigeria: How To Be Safe From Online Payment Scam and Fraud
Nigeria as a country has been plagued with various types of fraud and scams for too long.
This has persisted to the extent that is has garnered global reckoning for online scams, a reputation that does not truly represent the hard working and honest Nigerians that constitute majority of the over 180 million inhabitants of the country.
Beyond mere “reputation”, online payment scams and fraud has cost Nigeria so much even in ways that are only beginning to be understood.
For example, its young professionals and highly skilled freelancers can hardly find job from developed countries due to the dented image of the country.
Notable international payment and credit card processing companies have blacklisted Nigeria from the list of countries they offer their services to, thereby causing untold losses to small and medium scale businesses in the country.
To help solve some of these issues, EscrowLock has launched its online escrow service for secure payments in Nigeria. This will help see that online buyers and sellers alike carry out their transactions safely without fear of scammers or fraudsters, thereby boosting ecommerce and economic development in the country.
With this development, buyers no longer have to be scared that they may make payments for goods/services online and end up getting defrauded.
What they have to do is use EscrowLock online escrow platform as a trusted third party through which they can settle with unfamiliar or less trusted sellers.
Instead of taking the heavy risk of making payment to the seller directly, the buyer pays the money into EscrowLock account, where it is safely locked until the seller delivers the goods/services.
Upon receipt of the payment from the buyer, EscrowLock contacts the seller to go ahead in delivering the goods/services in the assurance that the transaction amount is already safely locked with EscrowLock and will be released to the seller if the goods/services reach the buyer in the condition that both parties had agreed.
This payment arrangement is also good for sellers, a lot of whom have also been victims of fake online buyers.
In the words of EscrowLock director for Africa Operations, Calista Boyd, “we are excited to be in Nigeria and we hope that we can kick out online fraud from this country that is so blessed with material and human resources”.