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A start-up tech firm, EscrowLock, has emerged among winners of the $100 million global business grant from the world’s largest social media company, Facebook Inc.
Facebook Inc. had late last year announced a $100 million grant for 30,000 start-up tech companies globally to help them advance the use of technology in easing societal difficulties.
Director and Principal Partner of Escrowlock, Mr. Elochukwu Eze, disclosed this recently at Nanka, Anambra State, during a session held to induct trainees and affiliate members of the company.
Eze said: ‘May I disclose that Escrowlock has just been announced among the global winners of Facebook’s $100million grant for start-up tech companies.
‘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.’
Eze added that EscrowLock is Nigeria’s escrow platform which serves as a trusted third-party that receives and ‘locks’ transaction payments from internet buyers, and only releases the payment to the intended seller when the buyer has delivered the goods or services and certifies them to be in agreed condition.
Eze said his application has helped lots of people who buy goods from internet shops from being scammed of their money.
“The middleman service we offer helps to protect both buyers and sellers from online fraud, thereby boosting e-Commerce activities and helping more people earn decent livelihood.
‘If you are someone who wants to buy something online but aren’t so sure of the seller’s integrity, you should definitely use EscrowLock when paying the seller.
‘That way, your money can be returned to you if the seller does anything shady. With us, you completely avoid the situation where a seller runs away with your money, as the seller cannot have access to the payment until they deliver the exact goods or services agreed with you.
‘EscrowLock is a safe way for buyers to make payments to sellers found on Facebook, Instagram, WhatsApp, Jiji.ng, and other online and offline platforms.’
Senior Executive of EscrowLock, Mr Deji Akinbode and EsrowLock’s Strategy Lead, Ms. Sandra Iheanaetu, who addressed trainees said the company will soon commence disbursement of micro grant to online businesses.
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