Nigeria has introduced the World Bank’s blockchain-powered FundsChain system to modernise how donor-funded projects are monitored, audited, and executed across the country. The initiative represents one of the most significant financial governance upgrades in recent years, targeting the closure of leakages, improvement of reporting discipline, and ensuring that international development funds are tracked with precision.
The announcement was confirmed by the Federal Government in a statement issued by Bawa Mokwa, Director of Press at the Office of the Accountant-General of the Federation (OAGF), following a high-level workshop in Abuja.
According to the Accountant-General of the Federation (AGF), Dr Shamseldeen Babatunde Ogunjimi, FundsChain will serve as a fully digital, blockchain-secured layer for recording, tracing, and validating financial activities tied to World Bank-supported projects. Ogunjimi described the rollout as a “new era in public financial management,” adding that the platform is designed to enhance transparency, accountability, and operational efficiency.
What the FundsChain System Will Improve
FundsChain leverages blockchain’s decentralised verification architecture to ensure every transaction, from fund disbursement to project execution, is recorded on a tamper-proof ledger. This eliminates manual bottlenecks, drastically reduces the risk of manipulation, and strengthens Nigeria’s credibility in handling international development inflows.
In its first phase, six World Bank-funded programmes will be onboarded, giving development teams, auditors, and financial management units a unified system for real-time reporting.
Capacity Building and Reporting Reform
The OAGF workshop brought together project coordinators, accountants, and Financial Management Units to align on new reporting standards required under the blockchain system. Sessions focused on reducing wastage, improving audit trails, and elevating Nigeria’s compliance standing with global donor institutions.
Ogunjimi stressed that transparency and accountability remain the backbone of Nigeria’s project-finance reforms, noting that FundsChain will help rebuild donor confidence and secure long-term development support.
New Financial Management Manual to Guide Implementation
The AGF also revealed that a newly developed Financial Management Manual (FMM) will now serve as the standardised framework for all financial transactions under World Bank-supported programmes. The manual outlines controls and operational expectations for project accountants and coordinators, including guidelines meant to minimise infractions, improve performance, and sustain favourable ratings with the World Bank.
Ogunjimi encouraged stakeholders to adopt the manual fully, noting that consistent compliance is essential if Nigeria intends to strengthen its reputation in donor project execution.
The launch of FundsChain positions Nigeria among the early adopters of blockchain for public-sector financial governance, setting a benchmark for other African governments exploring digital tools to curb leakages. For a country managing dozens of donor-funded initiatives annually, the platform offers a structured, technology-backed path toward cleaner records, stronger controls, and measurable development outcomes.
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