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Nigerian Startup, EscrowLock Wins $100m Facebook Grant

Nigeria’s escrow company, EscrowLock has won a $100 million global business grant from the world’s largest social media company, Facebook Incorporated.

The local escrow platform based in Anambra State is 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.

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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 a decent livelihood.

According to the Director of EscrowLock, Elochukwu Eze, the information was contained in a statement issued by Facebook and made available to EscrowLock’s office in Agbiligba Nanka, Anambra State.

He also said escrowlock Marketplace engages over 1,000 Nigerians as affiliates.

A Senior Executive of the firm, Mr Deji Akinbode, 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.

EsrowLock’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.

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Written by PH

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