Nigeria’s Escrow Platform, EscrowLock, Among Winners of $100m Facebook Grant


Nigeria’s Escrow platform, EscrowLock, has emerged among winners of the $100m global business grant from the World’s largest social media company, Facebook Inc.

This was disclosed during an information session held on Friday at EscrowLock’s office in Agbiligba Nanka, Anambra State.

The event which took place in compliance to COVID-19 protocols was aimed at intimating users of EscrowLock and members of the general public on its recent activities and the plans ahead.

In his opening remarks, the Director of EscrowLock, Elochukwu Eze., expressed gratitude to Facebook for the grant.
In his words, “we’d like to use this avenue to express our deepest appreciation to Facebook for the support. The grant is being used to strengthen our systems in order to provide enhanced service to Nigerians both during and after COVID-19”.

EscrowLock is Nigeria’s escrow platform which serves as the trusted third-party that receives and “locks” transaction payments from buyers, and only releases the payment to the intended seller when the seller has delivered the necessary goods or services in agreed condition.

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The middleman service helps to protect both buyers and sellers from online fraud, thereby boosting eCommerce activities and helping more people earn decent livelihood.

According to Elochukwu, “If you are someone who wants to buy something online but aren’t so sure of the seller’s integrity, you should definitely use EscrowLock when paying the seller.

That way, your money can be returned to you if the seller does anything shady.

You completely avoid the situation where a seller runs away with your money since the seller cannot have access to the payment until they deliver the exact goods or services agreed with you.

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EscrowLock is a safe way for buyers to make payments to sellers found on Facebook, Instagram, WhatsApp,, and other online and offline platforms.”

EscrowLock Marketplace to engage One thousand Nigerians as Affiliates
Mr Deji Akinbode, a Senior Executive at EscrowLock who also spoke during the session, revealed that EscrowLock will begin accepting applications by next month from Nigerians who are interested in working as online affiliates for its marketplace, where the affiliates will earn daily commission by promoting goods and services listed by the sellers.

“It is going to be a win-win situation for both our sellers and the affiliates.

As an affiliate, you can browse through the products listed by sellers on the Marketplace, find the ones that interest you and share them to the audience on your social media accounts using your unique link.
So, for each product that gets sold through your publicity effort, you get a commission already set by the seller.
Now as a seller, if you are lucky to be accepted into the Marketplace, imagine how powerful it is when you have up to one thousand active people marketing your products” Deji noted.

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EscrowLock’s Smart Entrepreneurs Challenge (SEC) to Support Online Entrepreneurs

EscrowLock is also set to launch its Smart Entrepreneurs Challenge (SEC) it was learnt.
Ms Sandra Iheanaetu, EsrowLock’s Strategy Lead, said the company will “provide micro grants and visibility to small businesses run online by individuals across the 36 states of Nigeria and the FCT”.
The Challenge is designed to hold, at least, every quarter of the year.

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