The following eligibility criteria are applicable for the Innovation Fund:

Innovation
For EFInA funding, Innovation should involve one or more of the following:

• Developing financial products or services that are currently not available in Nigeria
• Finding new channels (including technology) to deliver financial products or services to groups that do not currently enjoy access to such products or services
• Adapting existing products or services to meet the specific needs of a target market
• Developing new approaches and methodologies to offer financial products or service to groups that do not currently have access

Eligible Projects
Grant proposals must include one or more of project focus sectors with the potential to expand access to financial services for the unbanked and under-banked. Projects eligible for EFInA funding:

• Involve providing access to financial services for the unbanked and under-banked low income customers
• Have an innovative process, product or business model new to Nigeria
• Have the potential to deliver financial services on a large scale, even though such scale may not be achieved at the outset
• Are commercially viable at the end of the grant period, either because it is self-sustaining or because additional funding is available to continue the operations
• Cannot readily obtain commercial finance or other sources of finance, i.e., the project would not have proceeded without granting funding 

Eligible Grantees
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 EFInA grants include:

• Deposit Money Banks
• Microfinance Banks
• Microfinance Institutions
• Non-Bank Financial Institutions
• Technology Providers
• Mobile Telecommunications Operators
• Payment Services Providers
• Policy and Regulatory Agencies

In addition, the applicant (or the lead applicant in a consortium) must meet the following eligibility criteria:

• Be a legally incorporated entity
• Be a registered business based in Nigeria with a minimum trading history of three (3) years
• Have at least two (2) years of audited financial statements. However, new entities or joint ventures may present the audited statements of their main sponsor or shareholders
• Have the capacity to implement the proposed project for the applied funding
• If the applicant offers or plans to offer financial services of a type which requires it to be licensed or regulated in Nigeria, then the entity must provide proof of having obtained the license before starting to offer any such product
• Where an applicant proposes to use in its project intellectual property that is protected by law in Nigeria, it must demonstrate proof that it has obtained permission to use such intellectual property prior to commencing with a project funded by the Innovation Fund

An applicant may partner with other entities to form a consortium who jointly apply for a grant. However, the Fund will contract only with the lead party who shall be responsible for the implementation of the entire project