The EFInA Innovation Fund was launched in 2009. The Fund seeks to support new ideas and approaches to expand financial access to the unbanked and under-banked population in Nigeria.  As innovation involves taking risks, EFInA will share the risk of developing and implementing innovative products by providing grant subsidies for commercial and policy related initiatives.  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 refers 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 lower income segments that encourages them to save.

Consumer Protection
Consumer protection must ensure fair and transparent financial services and should address, data privacy and security; disclosure of information (comparability of rates and terms); redress (efficient and accessible dispute settlement) 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 consumers and in turn increase the quality and quantity of their use of financial services.

EFInA is aiming for a diverse portfolio of grantees in Nigeria. Priority will be given to products and services for which there is a significant demand yet insufficient supply. Organisations eligible for grants include: Commercial Banks, Microfinance Banks, Microfinance Institutions, Non-Bank Financial Institutions, Technology Providers, Mobile Telecommunications Operators, Payment Services Providers and Policy and Regulatory Agencies.

EFInA offers two types of grants:

Seed Grants: Seed grants are given at an early stage to provide support for projects in design, pilot or development as a stepping stone for larger initiatives. Projects are to be implemented within 6 months of the grant being awarded.
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Innovation Grants: Innovation grants provide larger long term funding and are  available for projects in sectors defined by our Request for Proposals. Proposals will be assessed on a competitive basis. Grants will be made available for implementation of projects that facilitate rapid and significant expansion. Successful projects will manifest in increased numbers of people benefiting from access to financial services within six months of project completion. read more >>