EFInA REQUEST FOR PROPOSALS ROUND 9

EFInA Fintech Challenge Grant Request for Proposals: Supporting new concepts to enhance the uptake and usage of financial services by the low-income population in Nigeria through leveraging on financial technology delivery channels provided by the FinTechs.

EFInA is pleased to announce its ninth request for proposals (RFP 9) for the Fintech Challenge Grant which focuses on supporting new concepts to enhance the uptake and usage of financial services by the low-income population in Nigeria through leveraging on financial technology delivery channels provided by the FinTechs.

EFInA recently launched a new Challenge Fund that will be used to pilot and support the development of innovative financial products & services through the use of digital technology. In addition, this Challenge Fund which comprises of the Fintech Challenge Grant will fund projects that help strengthen financial resilience in Nigeria by aligning innovation and modern technology with the needs of the target audience. The objectives of the EFInA Fintech Challenge Fund are to provide financial services that are accessible to everyone especially the low-income segment, improve customer experience, enhance the transparency of financial services and increase the adoption of financial services with reliable and affordable products. In addition, the major purpose of this fund is to target FinTechs with innovative and cost-effective solutions to overcome the challenges or obstacles hampering financial inclusion in Nigeria.

The funding information for the Fintech Challenge Grant are as follows:

 

$50,000 – $200,000
for Start-up FinTechs – Fintech Challenge 1 Grant

 

$200,000 – $500,000
for Growth stage FinTechs – Fintech Challenge 2 Grant

 

The impact of the financial technology wave is becoming broader with emerging innovations. FinTechs would, therefore, need to leverage on the opportunities in the Digital Financial Services space. Digital Financial Services can be accessed via innovative technologies like mobile-phone enabled solutions, electronic channels and digital payment platforms.