Advocacy
EFInA uses advocacy as a tool for facilitating the emergence of an all-inclusive and growth-promoting financial system in Nigeria.
At EFInA, we adopt an evidence-based engagement approach to fulfill our advocacy objectives as we amplify and address the multifaceted barriers that impede inclusion across priority segments while facilitating an effective and efficient enabling environment that works for all.
Our advocacy tool is anchored on four pillars:
Awareness deepening
Constantly drive awareness and understanding of evidence-based issues through human stories and coalition building, to amplify the voices of the most excluded groups, ensuring relevant stakeholders cannot ignore them.
Policy & regulatory influence
We provide evidence-based recommendations and technical advisory to policy makers and regulators based on campaign issues to optimize the relevant policy and regulatory environment.
Supply-side innovation enhancement
We enhance pro-poor product innovation by using data-evidence to build Financial Service Providers’ knowledge of product innovation opportunities, with a goal for solutions to be designed with poorest in mind.
Demand-side behavioral stimulation
We support demand generation by leveraging data evidence to understand the behavioral barriers to inclusion and facilitate intervention designs to solve for them.
Our Initiatives
We are a financial sector development organisation that promotes inclusive finance
in Nigeria.
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Mobile Payments
- EFInA hosted the dissemination workshop for the Central Bank of Nigeria’s Mobile Payments Services Regulatory Framework, inviting regulators from Bangladesh, Kenya and Ghana to present the relevant regulations from their markets.
- EFInA is a member of the Central Bank’s P2P Working Group which reviews issues pertaining to the development of mobile payments in Nigeria.
- EFInA co-funded a workshop for the Central Bank to inform stakeholders of the requirements for applying for a Mobile Payments Licence.
- EFInA sponsored independent auditors to conduct the Central Bank’s Mobile Payments Services pilot audit, which involved evaluating the performance of the scheme operators during the pilot.
Financial Inclusion
- EFInA is working closely with the Central Bank in the development of a national financial inclusion strategy
Non-interest (Islamic) Finance
- EFInA established a multi-stakeholder working group called the Nigerian Islamic Finance Working Group to address issues pertaining to the implementation and actualization of Non-interest (Islamic) finance in Nigeria. The group advocated for regulations, which resulted in the Non-Interest Banking Framework being issued by the Central Bank in January 2011
Microfinance
- EFInA is a member of the Central Bank’s Microfinance Advisory Board and provides input into policy related issues
Branchless Banking
- EFInA organised a study tour to Colombia for the Central Bank and EFInA’s Innovation Fund Committee members. The objective of the trip was to gain firsthand experience of increasing financial inclusion through agent banking
Consumer Protection
- EFInA sponsored a consumer protection workshop in conjunction with the Consumer Protection Council (CPC) to mark World Consumers Rights Day in 2010. EFInA developed consumer education brochures on ‘A Guide To Basic Banking Transactions’ and ‘You and Your ATM Card’ for participants
