Home News Deals and Investment COVID-19: Techpreneurs Use BVN to Disburse Finds to Nigerians

COVID-19: Techpreneurs Use BVN to Disburse Finds to Nigerians

  • A group of techpreneurs, under the auspices of Better Angels, have started disbursing funds to needy Nigerians using the unique Bank Verification Number (BVN) amid the Coronavirus outbreak.
  • The disbursement began over the weekend, and has hundreds of Nigerians taking their twitter handles to applaud the innovation and thank them for their timely support.
  • Reaffirming the safety of the process, the group stated assured that the use of BVN does not leave participants open to fraud and ensures that the funds are evenly distributed.

A group of tech entrepreneurs, under the auspices of Better Angels, began disbursing funds to needy Nigerians using the unique Bank Verification Number (BVN).

The disbursement, which began over the weekend, saw hundreds of Nigerians taking their twitter handles to applaud the innovation and thank them for their timely support.

The group of tech entrepreneurs and innovators are from Paystack, Hygeia HMO, Zedvance, Accounteer, Future Africa, Hotels.ng, Zrosk, and Bento, launched WeAreTogether, a crowdfunded COVID-19 relief fund, over the weekend.

According to the note from the organisers on the website, the group leveraged its network to crowdsource fiscal stimulus for Nigerians.

“We are tech entrepreneurs who cannot sit by and do nothing while the world falls apart,” the group said on its site, stressing that the fund will run till December 2020 and disburse funds to Nigerians every working day. The list of hundreds of Nigerians who have already benefited over the past few days can be found on the website.

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The aid fund collects contributions from around the world and disburses all the money collected on the same day, according to a tweet on its @wearetogetherhq handle. The BetterAngels actually ask Nigerians to apply for the funds on their website, using their specific bank identification numbers and their account numbers.

The organizers determine with this information whether the person falls within the category of needy Nigerians and disburses the funds accordingly.

“We have a formula for determining who needs it the most and we disburse based on that formula. We are constantly tweaking it as realities change and we get more data.

“You need a BVN and an account number to apply, decisions are made in seconds and disbursements in seconds. If deemed ineligible, please feel free to apply later, ” it said.

Following a number of donations from individuals and corporate organisations to the CBN-led CACOVID relief fund, Nigerians called for the disbursement of funds using the bank identification number and account numbers for a more transparent process.

The launch of the WeareTogether fund has drawn the attention of Nigerians in the diaspora who see it as a more credible way of ensuring that monies are made available to them.

Showing concern over the worry regarding the release of sensitive data, the group stated “BVN allows us to make sure it cannot be abused (multiple requests). You are in safe hands, your data is safe. But this is absolutely mandatory data to access funds, without it we cannot establish who you are and prevent abuse.”

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