‘Nigeria’s Blockchain Firms Promote Donor Trust, Financial Transparency’

In the last eight years, Nigeria, a hub for digital companies has birthed six technology companies with a market capitalisation of $1billion.

This has led to a boost in investors’ confidence as well as promoted aid donors’ trust and financial transparency.

Addressing stakeholders at a round table discussion on Financial Transparency and Donor Trust event in Abuja, with the theme: “Revolutionising Humanitarian Aid Distribution: The CHATS Platform,” the chief operating officer officer (COO), Convexity Technologies Limited, Adedeji Owonibi, said the programme was aimed at showcasing CHATS as a tool for increased funding from donors and responsible accounting for impact projects.

He further highlighted unseen benefits CHATS provided such as scalability issues as impact
projects can be scaled with a good pool of data-driven insights.

The Convexity boss added that resources will not be wasted as CHATS makes it possible to reduce overhead costs and save resources tremendously during humanitarian projects.

Head of investments and partnerships at Convexity Technology Limited, Uyoyo Ogedegbe, said CHATS makes it possible to have tamper-proof data from projects as well as serves as a badge of trust in carrying out humanitarian efforts.

He said, “Data gotten through CHATS is verifiable and can be a source of truth and credibility to donors and partners. It also makes it possible to have measurable progress.”

According to Charles Okafor Mbah, Convexity’s commitment to innovation in humanitarian aid is important to financial transparency as well as the role of CHATS in transforming aid distribution.

One of the participants Ganiyu Efundipo, said a successful project goes beyond
implementation to include finance.

“Donors judge a campaign to be failed when there is financial non-compliance,” he said.

On his part, Adedeji Owonibi, said donors are moving towards sustainable projects, hence,
the need for humanitarian institutions to switch their views.

“Convexity is an enabler helping NGOs and donors become more technologically- aligned.

“CBDCs will be the new way we transact, NGOs have to prepare themselves for crypto-related
donations, and at the same time, accountants in these organisations must learn to account for this “new money,” he added.