EFInA hosted the Launch Event and Workshop for its Innovation Grant Request for Proposals Round 6 (RFP 6). The RFP 6 has two windows:
- Window One will consider proposals that aim to build pervasive agent networks in rural areas
- Window Two will consider proposals that aim to promote the uptake and usage of digital financial services by women
The Launch Event provided insights from the EFInA Access to Financial Services in Nigeria 2014 survey that highlighted the trends, challenges and opportunities for providing digital financial services to women and building agent networks in rural areas. Consult Hyperion, an international consulting firm, specialising in digital money for the mass-market and agent networks provided global best practices for developing profitable business models for agent networks and digital financial services.
The Chief Executive Officer of EFInA, Ms. Modupe Ladipo, stated that the EFInA Access to Financial Services in Nigeria 2014 survey revealed that there are 59.8 million adults who live in rural areas in Nigeria and they lead active financial lives. Yet 28.6 million adults (47.8% of the rural population) of them are financially excluded. Furthermore, there are 50.0 million adult women in Nigeria. Of which, 17.0 million of them can be encouraged to use mobile money. In addition, 58.0% of adult women own mobile phones.
In order to ensure that prospective applicants develop compelling and robust proposals for the RFP 6, Consult Hyperion facilitated a workshop with the objectives to:
- Provide insights on how investors evaluate proposals
- Design viable business propositions for customers and agents
- Use data to enhance their proposals in terms of setting realistic key performance indicators and adequately quantifying and mitigating risks
In addition, Ms. Serah Makka, Policy and Innovation Fund Manager, EFInA, shared information on the grant making cycle for successful applicants which includes the due diligence, monitoring and evaluation processes.