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BACKGROUND |
About EFInA
Enhancing Financial Innovation and Access (EFInA) is an independent, professional and non -profit organisation
funded by DFID and the Bill & Melinda Gates Foundation. EFInA was set up in late 2007 and its purpose is to promote Financial Sector Development and Financial Inclusion in Nigeria.
Financial Inclusion
Access to a range of affordable, safe and reliable financial product and services – such as savings accounts, credit, insurance, and transfer services – provide the necessary lubricant for economic growth. Increased financial service access will contribute to reducing poverty in Nigeria. Credit plays a vital role in supporting growth of businesses at all scales and in all sectors. Access to affordable savings products enables the poor to plan for life’s uncertainties. EFInA believes that access to savings and credit goes hand in hand.
Our Approach
EFInA’s aim is to become an innovation centre targeting catalytic change across Nigeria’s financial sector, to make markets work for those currently excluded from formal financial services. EFInA will work at three levels of the financial market to build its overall architecture. These include:
- The institutional infrastructure of the market the policies, laws, regulations and norms that govern market conduct, including working with selected CBN departments and innovators among financial service providers
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- The delivery organisations to facilitate innovation, capacity development and competition
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- The support level, with an emphasis on information
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