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.

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.

AmericanQuarter:


https://allafrica.com/stories/202105180381.html

LegendHero:
Nice one.

But I think the Nigeria media need some schooling in their reporting.

The $100m Facebook grant will be shared among multiple business and infact there are over 30,000 business or so that can qualify when Facebook announced the grant last year.

So these EscrowLock guys will get the cash & ad grant not even up to $10k at maximum but this report make it look like it’s $100m for a single company.

Imagine giving $100m each to 30,000 small businesses, how much is even Zuckerberg worth to start with?

In the USA here I think the grant is $4000 for small businesses ($2500 in cash and $1500 in optional ad credits). I don’t know the actual amount for Africa.

LegendHero:
Nice one.

But I think the Nigeria media need some schooling in their reporting.

The $100m Facebook grant will be shared among multiple business and infact there are over 30,000 business or so that can qualify when Facebook announced the grant last year.

So these EscrowLock guys will get the cash & ad grant not even up to $10k at maximum but this report make it look like it’s $100m for a single company.

Imagine giving $100m each to 30,000 small businesses, how much is even Zuckerberg worth to start with?

In the USA here I think the grant is $4000 for small businesses ($2500 in cash and $1500 in optional ad credits). I don’t know the actual amount for Africa.