A 2014 survey by global firm PwC revealed that 69% of South African respondents had fallen victim to financial crime, highlighting the urgency for a secure transaction solution. However, a survey conducted by Paysho in 2019, revealed that 86% of online classifieds shoppers had never heard of an escrow service. And therein lies the problem. Although escrow services have been around for decades, they remain fairly unknown by a large number of people who need them. This is evidenced by the number of social media posts from people reportedly having been scammed out of large sums of money or valuable possessions.

Bongani Matshisi

-      Founder of Paysho