Innovation Grants - Grant Recipients

Organisation Diamond Bank PLC
Project Diamond BETA 2.0: a safe, simple and convenient approach to saving through multiple channels including Bank branches, ATMs and direct sales agents who are equipped with mobile devices for acquiring and registering customers, selling the product, and processing transactions (deposits and withdrawals). All of these services are provided at the door step of businesses, stalls and shops of the target customers.
Project Focus Areas Digital Financial Services for women
Grant Amount US$1,500,000 (One Million Five Hundred Thousand Dollars only)
Date Awarded January 2016
Project Duration 24 months
Organisation First City Monument Bank
Project Group Lending and Agency Banking project: a two-fold approach to promote access to credit and usage of digital financial services by women. The FCMB Group Lending Project is a group lending digitised savings solution that will facilitate instant account opening with debit card issuance for online real time transactions that will be driven by a solution deployed on Point of Sale (POS) machines and mobile phones. FCMB will also develop an agency banking network to increase the reach of its microcredit product to rural areas as well as increase the range of services available to microcredit customers and the financially excluded population. The project will be extended to prospective customers in twelve states – Bauchi, Kaduna, Sokoto, Niger, Kwara, Lagos, Oyo, Ogun, Akwa Ibom, Rivers, Cross River and Abia States.
Project Focus Areas Group Lending & Agency Banking
Grant Amount U$2,000,000 (Two Million Dollars)
Date Awarded December 2015
Project Duration 24 months
Organisation Diamond Bank PLC
Project Diamond Y’ello - Winning the North: a mobile based savings account which was launched by Diamond Bank in partnership with MTN in August 2014 to promote the uptake and usage of digital financial services nationwide including the North with a conscious focus on women, without excluding men. The target states for Diamond Yello are; Kano, Kaduna, Katsina, Kogi, Kwara, Borno and FCT.
Project Focus Areas Digital Financial Services for Northern Nigeria
Grant Amount US$1,500,000 (One Million Five Hundred Thousand Dollars only)
Date Awarded December 2015
Project Duration 24 months
Organisation Fortis Mobile Money
Project Mobile Micro Finance: Providing a mobile money platform to improve micro credit disbursement and repayment, create and promote a savings culture, purchase micro health insurance, encourage remittances and transfer money amongst rural women. The product is targeted at the unbanked and under-banked to foster financial inclusion and increase the uptake and usage of mobile money among rural and semi-urban dwellers in Abuja (FCT), Ogun and Rivers States.
Project Focus Areas Electronic Payments
Grant Amount US $1,500,000
Date Awarded March 2014
Project Duration 24 months
Organisation Pagatech Limited
Project Transforming Lives Initiative: Providing high quality and affordable financial services such as basic savings account that includes credit and insurance features to the under-banked and unbanked population across Nigeria. The products will be delivered via non-bank channels including Paga’s agent network and electronic platform
Project Focus Areas Branchless banking using mobile phones and agents
Grant Amount US$ 2,000,000
Date Awarded January 2012
Project Duration 24 months
Organisation Afripay Limited
Project U-mo Savings Scheme: Using mobile phones and agents to promote savings culture, targeting the unbanked and under-banked customer segment in Nigeria
Project Focus Areas Savings and Branchless Banking
Grant Amount US$ 1,206,800
Date Awarded January 2012
Project Duration 24 months
Organisation Hasal Microfinance Bank Limited
Project Hasusu Savings Product: Providing the low-income rural population with a mechanism for saving through a daily collection process similar to the traditional savings association model, leveraging non-bank agents using Point of Collection (POC) devices. The product is targeted at the unbanked and under-banked population within the Abuja area, focusing on traders
Project Focus Areas Savings
Grant Amount US$ 500,000
Date Awarded January 2012
Project Duration 24 months
Organisation Stanbic IBTC Bank
Project Esusu: Alternative Branchless Banking Platform to extend financial services to the unbanked using Point of Collection (POC) devices & agents
Project Focus Areas Savings & Branchless Banking
Grant Amount US$ 1,500,000
Date Awarded December 2009
Project Duration 24 months