Applications for Technical Assistance Grants and Innovation Grants will be evaluated according to the criteria listed below: 

Innovation

• Does the project fit into at least one of the Innovation Fund’s Focus Sectors?
• Does it propose something innovative within Nigeria?
• Will the initiative create added value for the underprivileged, for both women and men? 
• Will the project contribute to the financial inclusion learning agenda? 
• Is an EFInA grant really needed? Will it leverage additional investments? 
• Does the proposal ensure that EFInA maintains a diverse pool of grants and grantees?

Viable Project Idea (Business Case)

• Are the targets realistic?
• Is the technology & business model aligned?
• What is the impact in relation to attaining EFInA outreach target?
• Can the project be rolled out natinally?
• Is the project viable i.e. breakeven point?
• What is the cost per client (cost of customer acquisition)?
• Does the concept seem achievable? Is it supported with credible evidence? Is the proposed scale attainable?  (i.e. are assumptions realistic and based on market data?)
• Has the applicant identified the risks associated with the project and proposed effective mitigation strategies?
• Will the project be sustainable after the EFInA grant has been utilised?

Developmental Impact

• Does the application consider the needs, preferences and characteristics of the target market, including:
  • Banking status – banked, unbanked, under-banked
  • Gender
  • Geography – urban/rural
  • Average transaction size
  • Daily/monthly savings targets
• Does the innovation have the potential to serve a large number of people? i.e. total number of customers to be acquired

 Capacity

• Does the applicant have the capacity to execute the project (years in business, audited accounts, licensed as required by regulators, existing business  portfolio, capacity statement demonstrating relevant experience of the company or companies involved including partners, technical assistance/business development services (TA/BDS) providers, CAC documents - certificate of incorporation, MEMART, CAC7, CAC10, CAC2)?
• Has the applicant established relevant partnerships including financial service  providers/technical partners?
• Has the applicant shown an appropriate level of detail and clarity in completing the application (does the applicant have matching funds, how will relevant KPIs be tracked)?
•  in the case of a consortium, why was the consortium created? Have the consortium partners worked together before? If yes, state which project

Consumer Protection & Financial Capability/Education

• What is the potential impact of the intervention, in terms of increased financial capability of the customer target segment?
• Disclosure of fees: How will the applicant ensure that clients are aware of all fees, interest rate calculations, terms and understand the value in the product in such a way that they will seek to actively use those products?
• What is the marketing strategy?
• How will customers provide feedback?
• What customer redress mechanisms will be implemented? 

Weighting of Evaluation Criteria