Enhancing Financial Innovation & Access (EFInA) is a financial sector development organization that promotes financial inclusion in Nigeria. Established in late 2007, our vision is to be the leader in facilitating the emergence of an all-inclusive and growth-promoting financial system. EFInA is funded by the UK Government Department for International Development (DFID) and The Bill & Melinda Gates Foundation.
EFInA’s Approach:
Market Making: EFInA aims to promote financial access through market development by catalysing the provision of appropriate services at an affordable price to those who are currently excluded.
Holistic Approach: EFInA seeks to impact the market at three levels: micro (the level of service providers, such as deposit money banks, microfinance banks/institutions, non-bank financial institutions, technology providers, mobile telecommunications operators, and payment services providers); meso (the financial infrastructure required for the functioning of service providers, such as credit bureaux, technology platforms, auditors, payment systems and connectivity) and macro (the enabling environment that encompasses legislation, regulation and supervision).
Mutually Reinforcing Core Activities: EFInA’s activities are designed to form a mutually reinforcing “virtuous circle”, where one activity feeds into another to change the way that the market operates.
EFInA’s holistic approach to expanding access to financial services for all, especially for low income households is based on the following three pillars:
Research: The provision of credible market information on the Nigerian financial sector.
Innovation: Through our Innovation Fund, we catalyze the development of innovative inclusive financial services for the unbanked and under-banked population in Nigeria.
Advocacy: We advocate for the development and implementation of policies that create an enabling environment for financial inclusion.