According to Wikipedia "Being in escrow is a contractual arrangement in which a third party (the stakeholder or escrow agent) receives and disburses money or property for the primary transacting parties, most generally, used with plentiful terms that conduct the rightful actions that follow. The disbursement is dependent on conditions agreed to by the transacting parties."
In summary, Escrow refers to a third-party hired to handle the exchange of money or any related documents.
When choosing an Escrow platform, there are a couple of factors to consider and this article is about the best of the best to pick from in Nigeria.
Without much further ado, I'd go straight to listing the top escrow platforms in Nigeria.
Vesicash is an Escrow payment system that facilitates a transparent payment process through a secure distributed network. Founded by a group of Nigerians, VesiCash aims to provide users security in transactions carried out on their platform through varying channels for a little transaction fee. It is packed with a lot of features and appeals to enterprise users including Logistics, marketplace, and digital commerce. Transactions can be initiated in various ways. MoneyPool, Trizact, and Milestone escrow. MoneyPool is basically escrow for group payments. Trizact is a service that allows people to receive escrow payments via a unique payment link. Ideal if you sell on Instagram, Facebook, or Twitter. Milestone escrow allows you to make staggering escrow payments for any service or products.
Created by a group of tech-savvy Nigerians, cQeor is a very simple and straight-forward solution for fast-moving Nigerians both home and in the diaspora. cQeor boasts of a mediation style dispute resolution system that takes both the buyer and seller into consideration and a seamless payment experience. You can set a payment deadline on transactions and also set the deadline action (action to be carried out when the deadline reaches). cQeor is about launching their API for developers and enterprise users to benefit from. Use cQeor if you're looking for a simple, affordable, and secure solution. Check out their pricing page.
This is one of the most secure escrow solutions in terms of data and financial security. MiddleTrust was created by an Indian and two Nigerians and boasts of N10m insurance on transactions carried out through their platform. MiddleTrust has an active API and provides web tools and a smart payment infrastructure to send and receive payments securely directly through their web app or indirectly via the API. While MiddleTrust is a more expensive but flexible option, its security and myriad features including Trustlink and Goods escrow can't be ignored.
Founded in 2016, LockMyCash has been around for a while. With a reasonable pricing model that allows you to select who pays the transaction fee (it can also be split 50/50), LockMyCash is the go-to solution if you'd like control over the transaction fees. LockMyCash is also a pretty good option if you're selling domains.
SecaPay has a beautifully designed mobile app and web app. Transact on the go with confidence using SecaPay. Founded by Chibueze Opata and co, SecaPay aims to provide a secure channel for transacting on the go and on third-party platforms like WordPress and co. Transactions can also be conducted via a USSD code. Use SecaPay if you prefer a mobile or USSD experience or you want seamless integration with WordPress or any other third-party app.