EFInA hosted the Workshop for its Fintech Challenge Grant Request for Proposals Round 9 (RFP 9). The RFP 9 has only one window:
- Window One will consider proposals focused on supporting new concepts to enhance the uptake and usage of financial services by the low income population in Nigeria through leveraging on financial technology delivery channels provided by the Fintechs.
The Workshop provided insights from the EFInA Access to Financial Services in Nigeria 2016 survey that highlighted the trends, challenges and opportunities for providing fintech services to low income population in Nigeria. The Grants Manager of EFInA, Mrs. Suzanne Adeoye, stated that the EFInA Access to Financial Services in Nigeria 2016 survey revealed that there is a significant opportunity for Fintechs in Nigeria as 71% underserved adults indicated that they are interested in adopting new financial technology. This highlights the fact that over 20 million adults are open to the idea of using financial technology to manage their finances. Fintech services are positively disrupting a variety of industries because of its focus on leveraging technology to improve the delivery of financial services and make them more accessible to the general public. FinTech projects proposed should cover most financial services, in particular savings, investment (commitment savings), payments, lending and insurance, but also enabling technologies. In addition, she shared information on the EFInA Innovation Fund with a focus on the newly launched Fintech Challenge Grant and highlighted key aspects that make for a successful proposal for the RFP round 9.
Furthermore, EFInA had three prominent speakers that facilitated the workshop to provide capacity building to stakeholders on developing compelling and robust business cases for providing fintech services to the low income segment in Nigeria.
Mr. Salami Abolore, the Chief Executive Officer of RIBY, a finance technology company that provides a simple and smart finance management platform. Their solution provides cooperatives, company groups, employees, individuals, associations, and financial development institutions with features to manage their financial activities. He shared insights on how to develop credible business cases for promoting the adoption of fintech services by the low income population.
Similarly, Associate Director, Technology Advisory & Digital Transformation, KPMG, Mr. Ladi Asuni, gave a presentation on understanding the Value Proposition for Fintech in Nigeria and deepening fintech services to enhance financial inclusion.
Pelumi Bamgbala of the Boston Consulting Group, a prestigious management consulting firm provided global best practices in providing fintech services to the low income population. The event was wrapped up with closing remarks from Mrs. Funmi Adesida, the Chief Operating Officer of EFInA. Participants at the Workshop included Fintechs, Regulators, Mobile Money Operators, Mobile Network Operators, and other financial services providers.