The security of online payments in Nigeria is still a big issue in 2023 as many vendors/service providers take advantage of their customers’ loyalty and scam them.
The story is almost the same all the time; you see a vendor online who is selling something you have an interest in, you engage them, make payments, and then wait for a product/service that will never be delivered.
The story isn’t so different from the vendor’s point of view also, customers ask for payment on delivery but never make payments after receiving their product or service. There is only one way to curb and eventually stop being scammed online; get an escrow account. While the concept of escrow is still a bit new to Nigeria, its possibilities and advantages are numerous.
Get a trusted third party to hold the payment while the vendor delivers the product. It could be a close friend of you and the vendor or a popular figure you both trust. They (this third party) hold the money in escrow while the vendor/service provider delivers. They only get paid by the third party if all the terms and agreements reached are completed.
Use a formal escrow service. Escrow as service startups are getting popular in Nigeria which means you have more than enough to select from. We strongly suggest that you consider using Sanwo for your next escrow transaction, however. Sanwo Escrow has an easy and friendly onboarding process, intuitive user interface and easy to set up.
Sanwo has two escrow services; Sawo Express and Sanwo Classic. Sanwo Express is designed for non-business owners to quickly and securely pay vendors without signing up. All you need is your email address and phone number.
Sanwo Classic was created for business owners and freelancers to safely receive payments from their clients. You have to sign up, set up your business account, and create invoices for your customers, they pay into Sanwo Escrow while you focus on delivering the service/product.
Now that you know how to make payments using escrow in Nigeria, would you like to take advantage of secured payments through Sanwo Escrow today?