Welcome to the Mene.ng TrustShield Escrow Agreement. By creating an Escrow Transaction on Mene.ng (whether as a Buyer, Merchant, or Individual Seller), you explicitly accept and agree to be legally bound by these terms.
1. The Role of Mene.ng as an Independent Escrow Agent
Mene.ng acts solely as a neutral, independent third-party custodian for transaction payments. When a buyer initiates payment for an escrow contract:
- The payment is held securely in a segregated CBN-regulated commercial bank trust account.
- Funds do not belong to the seller until the buyer inspects and approves the item or service.
- Funds do not return to the buyer once dispatched, except through an approved cancellation, return agreement, or formal dispute resolution ruling.
2. Buyer Inspection & Release Window
Every physical item delivered under Mene.ng Escrow includes a mandatory 24-Hour to 48-Hour Inspection Window starting immediately upon confirmed dispatch/courier delivery:
- Satisfactory Delivery: Buyer tests the item and clicks "Release Payment to Seller". Settlement is credited immediately to the seller's Mene Wallet for instant bank withdrawal.
- Auto-Release: If the buyer receives the product and fails to release payment or file a formal dispute within 48 hours of confirmed delivery, the system will automatically disburse the funds to the seller.
- Defective / Misrepresented Goods: The buyer must click "Open Dispute" within the inspection window and attach photos/videos documenting the issue.
3. Escrow Fee Structure & Settlement
To maintain bank-grade security infrastructure, identity verification, and 24/7 dispute arbitration, Mene.ng applies an ultra-low escrow fee (1.5% - 2.5% depending on merchant tier). Escrow fees are deducted at the point of seller payout release.
4. Dispute Arbitration & Resolution
In the event of a dispute between buyer and seller:
- Mene.ng Dispute Officers will examine the original listing description, chat logs, courier tracking proof, and item condition evidence provided by both parties.
- If the seller supplied non-functional or counterfeit goods, the buyer receives a 100% refund upon verified return delivery to the seller.
- If the buyer made fraudulent claims or damaged the item after delivery, funds are awarded to the seller.
5. Prohibited Items
Mene.ng Escrow cannot be used for illegal narcotics, firearms, stolen property, forged government documents, or Ponzi schemes. Transactions involving prohibited goods will be frozen and reported to Nigerian law enforcement authorities (EFCC/Police).