World Bank launches blockchain Funds Chains system in Nigeria
The World Bank has introduced a blockchain platform called Funds Chains to enhance transparency in development financing, with Nigeria’s federal accounting office implementing corresponding management reforms for donor-supported initiatives. Accountant General Shamseldeen Babatunde Ogunjimi told financial officers gathered in Abuja that his agency produced a manual establishing standardized procedures for executing transactions under project agreements while restricting personnel changes within six months of program completion.
Collaborative efforts between Nigerian authorities and the lending institution reduced outstanding expired disbursements from $18 million to $7 million, representing a 61 percent decline, while undocumented cash transfers decreased by 15 percent. Ogunjimi emphasized that project coordinators must prioritize refunding lapsed allocations and maintaining proper documentation to sustain favorable institutional assessments. The blockchain system launches with six pilot programs as the global lender transitions toward digital monitoring of funded interventions.
