Innovation Grant Request for Proposals - Round 1
The deadline for the RFP is 6:00 pm on July 10, 2009

Request for Proposals

The Competition is now open for the EFInA Innovation Grants, which will be provided to organisations that are seeking to expand financial access for the unbanked and low income population in Nigeria. All completed grant application forms along with the required documentation should be submitted no later than 10th July 2009.

 Fund Purpose

The Innovation Fund is a special facility within EFInA which seeks to promote innovation in the development and deployment of financial services and thus expand financial access to the underserved and low income population in Nigeria.  Innovation Grants will be provided to organisations on a matching funds basis.  Eligible expenditure includes technical assistance, market surveys, consultancy fees, business case development, research or any other expenses incurred during design, pilot or rollout phases.  All applicants will be expected to fund up to 50% of the total project cost.

 Focus sectors

We are interested in proposals targeted at the low income segments, in the following sectors:

  • Savings: Effective savings related products in terms of convenience, flexibility and cost
  • Branchless Banking: Defined as the delivery of financial services outside conventional bank branches, often using non bank retail agents and relying on information and communications technologies to transmit transaction details ‚Äď typically card-reading point-of-sale (POS) terminals or mobile phones
  • Payments Services: Electronic payments infrastructure that provides the platform on which all financial services can be delivered

Potential organisations that can apply include Deposit Money banks looking to downscale, microfinance banks, technology providers, telecommunications operators and payment services providers.

 EFInA will notify all applicants of the outcome of their applications by 9th October 2009.

Reasons for Application Rejection