Innovation Grants

Launching and implementing innovative financial products, services or delivery mechanisms that aim to reach and ensure access for the unbanked and under-banked segments of the population in Nigeria

$250,000-$ 2,000,000

EFInA funds can be used to cover the costs of:

• Launching, rolling-out and implementing a new product, service or delivery mechanism, including:
  • Systems upgrades/adjustments
  • Training of non-bank agents
  • Technical assistance/consultancy fees
  • Marketing and advertising expenses specifically to improve financial capability and ensure that targeted (low income) customers understand the product 

EFInA funds CANNOT be used for:

• Subsidizing the organization’s general operations & staff related costs
• Loan capital for on-lending or cash/non-cash portfolio guarantees
• Office relocation, branch infrastructure, general fixed assets
• Advertising and marketing expenses not associated with financial capability/literacy

24 months from receipt of the grant

Quarterly advance draw downs linked to performance against agreed milestones

• Quarterly progress reporting is required
• Quarterly monitoring visits/meetings will be conducted and a final end of project evaluation will take place to generate lessons learned
• Grants may be subject to audits 

Yes: all applicants will be expected to fund at least 50% of the project cost. The match may include the acquisition of fixed assets or the funding of staff at a disclosed rate and on a basis acceptable to EFInA for the purpose of the project. EFInA would also consider other forms of grantee contributions (especially for start up companies)

Awarded through formally announced RFP rounds. Proposals are assessed on a competitive basis by the EFInA Innovation Fund Committee