The World Bank has launched FundsChain, a blockchain-driven platform designed to improve transparency, accountability, and traceability in the management of development funds across Nigeria.
Unveiled as part of global efforts to modernize public finance systems, FundsChain uses blockchain technology to provide real-time visibility into how funds are allocated, disbursed, and utilized across government ministries, donor-funded projects, and implementing agencies.
According to the World Bank, the innovation is expected to significantly reduce financial leakages, curb corruption, and strengthen oversight in Nigeria’s development financing ecosystem. By ensuring that every transaction is digitally recorded and immutable, FundsChain creates an auditable trail that can be accessed by approved stakeholders.
World Bank officials say the platform will also help development partners and citizens track project progress and spending with greater confidence, thereby promoting trust in Nigeria’s public institutions and donor relationships.
Experts believe the system will be particularly useful for large-scale infrastructure, education, health, and social investment programmes where transparency and accountability are crucial.
With Nigeria facing persistent challenges in public fund management, the introduction of FundsChain represents a major step toward strengthening governance and ensuring that resources reach the communities and sectors they are intended to serve.
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