Seed grants are given at an early stage to provide support for projects in design, pilot or development which are to be implemented within six months. Grants are given for up to 50% of the project cost with the matching funds supplied by the applicant.
Successful grant applications will propose technical, methodological, and/or organisational innovation(s) to the delivery of financial services to the underserved population in Nigeria. Successful projects will manifest in increased numbers of people benefiting from access to financial services within six months of project completion.
Summary
Product |
Seed grants |
Purpose |
Small, early stage support for projects in design or development targeted at the unbanked |
Average size of grant |
$75,000 |
Grant Eligible Expenditure |
EFInA funds can be used to cover a portion of the costs of:
· pilot/ proof of concept projects
· technical assistance
· market surveys
· business case development
· research
· marketing and advertising expenses aimed at improving financial capability and understanding of the product for low income consumers |
Non Eligible Expenditure |
EFInA funds CANNOT be used for:
· subsidizing the organization’s general operations
· acquiring fixed assets
· loan capital or guarantee funds
· advertising and marketing expenses not associated with financial capability/literacy initiatives
· providing loans to applicant's customers (on-lending)
· office relocation |
Maximum term of the project |
6 months from receipt of the grant |
Funding conditions |
One draw down possible |
Monitoring and Evaluation |
Monitoring and Evaluation will be conducted on a quarterly basis and at the end of the project. All grants will be subject to annual audits
|
Funding match required by applicant |
Yes: all applicants will be expected to fund at least 50% of the project cost
|
Process |
Applications are welcome year round and there is no closing date |
Potential organisations that EFInA would be looking to fund include microfinance banks, commercial banks looking to downscale, technology providers, telecommunications operators and payment services providers.
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