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EFInA Innovation Grand 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.EFInA Innovation Grant Round 2 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.
Background: EFInA is an independent, professional, non-profit organization funded by the UK's Department for International Development (DFID) and the Bill & Melinda Gates Foundation. One of the EFInA's key objectives is to become an innovation centre targeting catalytic change across Nigeri's financial sector, to make markets work for those currently excluded from formal financial services.
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 specific innovations that should be 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 referes 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 for 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 low income segments that encourages them to save.
Consumer Protection: Consumer protection must ensure fair and transparent financial services and shoudl 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 that EFInA would be looking to fund include Microfinance Banks, Commercial Banks, Payment Service Providers, Technology Providers, Mobile Network Operators.
- Applicants must have the capacity to implement the proposed project
What is the application process?
- For further information on our eligibility and evaluation criteria, our application and submission process, please go to: http://www.efina.org.ng/innovation_grants.htm
- All completed grant application forms along with the required documentation should be submitted to the Programme Manager at innovation@efina.org.ng
- The deadline for submission is 6pm on June 4th, 2010
- 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
EFInA
www.efina.org.ng
innovation@efina.org.ng
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