Nigerian Tech Start-up Gets N41 Billion Grant from Facebook
- A fast-growing Nigerian firm has recently won a whopping sum of N41 billion from Facebook
- The Anambra-based tech start-up made the final 100 organizations cut that were selected by the social platform giant
- The firm has revealed its plans to give grants to online enterprises
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A Nigerian tech organization is one of the recipients of the N41 billion grant ($100m) by global social media giants, Facebook Inc.
Celebrating the success of the tech firm named EscrowLock, Onitsha Metropolitan Connect on Twitter said 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.
Source: Twitter
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.
They also revealed their intention to give micro-grants to online businesses.
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 COVID-19 period, where sales are mostly done online.”
EscrowLock, according to ThisDayLive, is a trusted third-party that receives and ‘locks’ transaction payments from online buyers and only releases the funds when the buyer has delivered the goods or services as agreed.
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Meanwhile, Legit.ng previously reported that FlutterWave founder has stated his willingness to help women-owned businesses through fundraising.
The co-founder of Flutterwave, Iyinoluwa Aboyeji said he wants to throw his capital weight behind such a company due to the low financial capacity of female entrepreneurs.
For years, women have had less access to financial opportunities to fund their entrepreneurial activities. While commercial banks and private equity firms pledge gender-equal capital support, businessmen get the upper hand.
He hinted that if the loan company allows, other individuals who care about women-led businesses will also contribute to fundraising. Aboyeji said he has three startups headed by women, which he plans to back.
Source: Legit.ng
