Enhancing Financial Innovation & Access (EFInA) awards $500,000 Innovation Grant to HASAL Microfinance Bank Limited
06 March 2012

EFInA provides funding to promote branchless banking through the ‘Hasusu’ Savings Product

Lagos, March 6th 2012: EFInA announced that it awarded HASAL Microfinance Bank Limited an Innovation Grant of $500,000.

HASAL Microfinance Bank Limited commenced operations in 2008.  They have 14 business offices in the Federal Capital Territory (FCT) covering Abuja Municipal and Bwari Area Councils.  HASAL focuses on providing creative solutions to the business problems of Micro, Small and Medium Enterprises. From inception to date, HASAL has disbursed N7.7 billion in loans.

HASAL intends to deploy Point of Collection (POC) devices to mobilise savings and disburse loans, to customers, thereby enhancing financial inclusion. This initiative was piloted in 2011 and full implementation commenced in March 2012 in 6 Area Councils of the FCT. HASAL is embracing ‘Cash-less Nigeria’ through the use of electronic channels, and will reach out to more people who ordinarily would have been excluded from formal financial services without necessarily having to open new branches in these locations.

The results of the EFInA Access to Financial Services in Nigeria 2010 survey showed that 23.8 million adults save at home, which has a negative impact on the country’s economic growth and development.  The design and implementation of a range of affordable, convenient and accessible formal savings products for low value savers is critical to successful savings mobilization.

In awarding the grant, Chief Executive Officer of EFInA, Ms. Modupe Ladipo stated that, “One of the key mechanisms for enhancing access to financial services is to create a strong, vibrant and well regulated microfinance sub-sector. The Central Bank of Nigeria launched its Microfinance Policy and Framework in December 2005 and since then there has been a proliferation of microfinance banks. The challenge is to ensure that these microfinance banks are delivering value to the low income population through innovative products such as the Hasusu Savings Product”.

To find out more about how to apply for our Innovation Fund please click here.