Innovation Grant Request for Proposals - Round 2
The deadline for the RFP is 6:00 pm on June 04, 2010

EFInA Innovation Grant Round 1 was completed in October 2009. We received and assessed 44 bids out of which one project was successful and received a grant of $1,500,000.

 Request for Proposals

EFInA is pleased to announce that the Competition is now open for the EFInA Innovation Grant Round 2. Our grant will support new ideas and approaches to expand financial access to the unbanked and under-banked population in Nigeria. The deadline for submission of proposals is 6pm on June 4th, 2010.

 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. EFInA funds can be used to test and launch the specific innovations that are targeted at the unbanked. All applicants will be expected to fund at least 50% of the total project cost.

 What are we looking for?

We are seeking innovative proposals which have scalable and sustainable business models. Products/services to be offered should be profitable, affordable, and promote financial inclusion in Nigeria. Grant proposals must include one or more of the following key sectors with the potential to expand access to financial services for the unbanked and under-banked:

Branchless banking: Branchless banking refers to the delivery of financial services outside conventional bank branches, often using non bank retail agents and relying on information and communications technologies such as card-reading point-of-sale (POS) terminals or mobile phones for real time transaction processing.

Payments services: Electronic payments infrastructure provides a platform on which all formal financial services can be delivered and promotes financial inclusion.

Savings: Development of effective savings related products in terms of convenience, flexibility and cost, targeted at the lower income segments that encourages them to save.

Consumer Protection: Consumer protection must ensure fair and transparent financial services and should address data privacy and security, disclosure of information, redress and effective consumer education. Innovative consumer protection policies are tailored to the realities of inexperienced, low literacy consumers.

Financial Capability/Education: Financial capability seeks to improve the knowledge of financial management for low income consumers and in turn increase the quality and quantity of their use of financial services.

 Who can apply?

  • Potential organisations include Microfinance Banks, NGO-Microfinance Institutions, Commercial Banks, Payment Service Providers, Technology Providers, Mobile Network Operators, Regulators and Policy Makers
  • Applicants must have the capacity to implement the proposed project within 24 months

 EFInA will notify all applicants of the outcome of their applications by September 3rd, 2010.

 For further information contact the Programme Manager at innovation@efina.org.ng

Reasons for Application Rejection