Technical Assistance Grants - Summary


Product

Technical Assistance Grants

Purpose

Design, development, piloting , testing and rolling-out of innovative financial products, services or delivery mechanisms that aim to increase access for the unbanked and under-banked segments of the population in Nigeria 

Size of grant 

Up to $250,000

Eligible Expenditure

EFInA funds can be used to cover the costs of:

  • Technical assistance/specialist consultancy to:
    • Develop the business case
    • Conduct market research
    • Product development including design and develop the concept/product features, cost and price the product
    • Train non-bank agents
  • Pilot/test and ensure proof of concept for the project proposed
  • Marketing and advertising specifically to improve financial capability and to ensure that targeted (low income) customers will understand the product

Non Eligible Expenditure

EFInA funds CANNOT be used for:

  • Subsidizing the organization‚Äôs 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

Maximum term of the project 

12 months from receipt of the grant

Funding conditions

Payable in a maximum of quarterly tranches linked to performance against agreed milestones

Monitoring and Evaluation

  • Quarterly progress reporting is required
  • Quarterly monitoring visits/meetings may 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 fund at least 25% of the project cost. 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

Applications are welcome year round and there is no closing date