Nigerian Tech company Gets $100 Million Grant from Facebook
A Nigerian tech company named EscrowLock has won a $100 Million global business grant (N41 billion) from Giant Tech Company Facebook Inc.
The Anambra-based firm made the final list of the 100 start-ups that were selected in a grant that was announced sometime in 2020.
Escrowlock is a service platform and a trusted third-party that receives and “locks” transaction payments from buyers and only releases payment to the intended seller when the seller has delivered the necessary goods or services in the agreed condition.
The middleman service helps to protect both buyers and sellers from online fraud, thereby boosting eCommerce activities and helping more people earn a decent livelihood.
While reacting to EscrowLock’s recent feat during a training session held in Anambra, Director and Principal Partner of Escrowlock, Mr. Elochukwu Eze expressed gratitude to Facebook and promised that the grant will be used in strengthening the firm’s system in order to bring about improved services to Nigerians.
He said: “I would like to use this avenue to express our deepest appreciation to Facebook for the support. We will use the grant to strengthen our systems in order to provide enhanced service to Nigerians both during and after the COVID-19 period, where sales are mostly done online.”
The company also revealed their intention to give micro-grants to online businesses.
The com[any’s Strategy Lead, Ms. Sandra Iheanaetu, said the company would soon provide micro-grants and visibility to small businesses run by online individuals across the 36 states of Nigeria and the FCT. The challenge is designed to hold, at least, every quarter of the year.
A Senior Executive of the firm, Mr. Deji Akinbode, also revealed that the firm will by next month begin to accept applications from Nigerians who are interested in working as online affiliates for its marketplace.
