Frequently Asked Questions

An escrow service, like Escroweasepay, is a third-party service that holds money, property, or other assets on behalf of two parties involved in a transaction until the terms of the agreement are met. It acts as a neutral intermediary to ensure that both parties fulfill their respective obligations before any funds or assets change hands. This provides security and peace of mind, especially in transactions where trust between the buyer and seller might be limited, like real estate purchases involving people in the diaspora and within Nigeria, online marketplaces, or freelance services.

How it works:

• Agreement: The buyer and seller agree on the terms of the transaction.
• Payment to Escrow: The buyer deposits the agreed payment into the escrow account.
• Delivery of Goods/Services: The seller delivers the product or service.
• Verification: The buyer verifies receipt of the goods/services.
• Release of Funds: Once satisfied, the buyer informs the escrow service to release the payment.
• Dispute Resolution (if needed): The escrow service may intervene in case of disagreements.

Common Uses:

• Real Estate
• Online Marketplaces
• Freelance Services

Using an escrow platform offers several benefits, particularly when trust, transparency, and security are essential:

• Security and Protection: Protects both parties and reduces the risk of fraud.
• Ensures Smooth Transactions: Offers peace of mind and simplifies the process.
• Mediation in Case of Disagreement: Provides dispute resolution support.

Escroweasepay operates a holding account with a commercial bank where all funds are securely stored.

Common Uses of Escrow include:

• Online Marketplaces: Protecting buyers and sellers.
• Freelance Services: Ensuring freelancers get paid after client satisfaction.
• Real Estate: Holding funds during the buying process.

Yes! Escroweasepay is licensed and regulated by the CBN and the EFCC to check against illegal practices and money laundering.

Yes! Our platform currently supports NGN and USD. More international currencies will be added in the future.

Escroweasepay currently supports two currencies: Nigerian Naira (NGN) and United States Dollar (USD).

The duration of an escrow transaction varies based on the type of transaction:

Online Transactions:

Typical Duration: A few days to a few weeks.

Real Estate Transactions:

Typical Duration: 30 to 60 days.

Business or Asset Sale:

Typical Duration: Several weeks to a few months.

The cost of using the platform varies based on the transaction volume and currency. Please see our pricing table for details.

In case of a dispute, both parties can reach out to Escroweasepay for mediation and support in resolving the issue.