News

EFInA Awards Innovation Grant to Fortis Mobile Money to Expand its 'Mobile-Microfinance' Project
16 February 2015

In March 2014, EFInA awarded Fortis Mobile Money an Innovation Grant of $1,500,000 to support the expansion of its ‘Mobile-Microfinance’ project for two years. The project provides enhanced microfinance services, i.e., microcredit, savings, micro health insurance, money transfer and remittances opportunities via mobile money. Fortis Mobile Money will target the economically active poor, unbanked and under-banked, particularly women engaged in small businesses in the Federal Capital Territory (FCT), Ogun and Rivers States.

Mr. Henry Nwawuba, MD of Fortis Mobile Money said, “Our journey towards financial inclusion has been a remarkable one. The Nigeria market is characterised by underdeveloped physical and financial infrastructure and low literacy levels which pose a challenge in implementing financial inclusion strategies. Through the EFInA Grant, Fortis Mobile Money will be able to provide improved financial services to women, as well as reduce the cost of providing financial services such as microcredit. We will create employment through an incentive-based agency network, whilst increasing awareness of mobile money and services available on our mobile money platform.”

In awarding the Grant, the Chief Executive Officer of EFInA, Ms. Modupe Ladipo stated that, “The EFInA Access to Financial Services in Nigeria 2014 survey revealed that only 2.6 million adults (2.8% of the adult population) have a microfinance bank account and one of the top barriers to accessing microfinance is proximity to a bank. Conversely, 58.7 million adults (62.8% of the adult population) own a mobile phone. Through this project, microfinance services will become more accessible, and the uptake and usage of mobile money will increase, thereby deepening financial inclusion in Nigeria.”