Innovation Grants - Summary


Product

Innovation Grants

Purpose

Launching and implementing innovative financial products, services or delivery mechanisms that aim to reach and ensure access for the unbanked and under-banked segments of the population in Nigeria

Size of grant 

$250,000-$ 2,000,000

Eligible Expenditure

EFInA funds can be used to cover the costs of:

  • Launching, rolling-out and implementing a new product, service or delivery mechanism, including:
    • Systems upgrades/adjustments
    • Training of non-bank agents
    • Technical assistance/consultancy fees
    • Marketing and advertising expenses specifically to improve financial capability and ensure that targeted (low income) customers understand the product 

Non Eligible Expenditure

EFInA funds CANNOT be used for:

  • Subsidizing the organization’s general operations & staff related costs
  • Loan capital for on-lending or cash/non-cash portfolio guarantees
  • Office relocation, branch infrastructure, general fixed assets
  • Advertising and marketing expenses not associated with financial capability/literacy
  • Obtaining a business operations license
  • Acquiring an equity stake in a new or existing business
  • Purchasing phones, tablets or POS devices

Maximum term of the project 

24 months from receipt of the grant

Funding conditions

Quarterly advance draw downs linked to performance against agreed milestones

Monitoring and Evaluation

  • Quarterly progress reporting is required
  • Quarterly monitoring visits/meetings will be conducted and a final end of project evaluation will take place to generate lessons learned
  • Grants may be subject to audits 

Applicant Contribution

 

Yes: all applicants will  be expected to contribute at least 100% of the grant awarded by EFInA. The match may include the acquisition of fixed assets or the funding of staff at a disclosed rate and on a basis acceptable to EFInA for the purpose of the project. EFInA would also consider other forms of grantee contributions (especially for start up companies)

Process

Awarded through formally announced RFP rounds. Proposals are assessed on a competitive basis by the EFInA Innovation Fund Committee