EFInA REQUEST FOR PROPOSALS ROUND 9

The fintech challenge fund is open to early stage companies active in Fintech as well as startups providing technology driven solutions within the Financial Services sector. 

The Application deadline has been extended to 1pm on Thursday, November 22, 2018.

EFInA REQUEST FOR PROPOSALS ROUND 9

EFInA Fintech Challenge Grant Request for Proposals: Supporting new concepts to enhance the uptake and usage of financial services by the low-income population in Nigeria through leveraging on financial technology delivery channels provided by the FinTechs.


EFInA is pleased to announce its ninth request for proposals (RFP 9) for the Fintech Challenge Grant which focuses on supporting new concepts to enhance the uptake and usage of financial services by the low-income population in Nigeria through leveraging on financial technology delivery channels provided by the FinTechs.



EFInA recently launched a new Challenge Fund that will be used to pilot and support the development of innovative financial products & services through the use of digital technology. 

In addition, this Challenge Fund which comprises of the Fintech Challenge Grant will fund projects that help strengthen financial resilience in Nigeria by aligning innovation and modern technology with the needs of the target audience. 
 
The objectives of the EFInA Fintech Challenge Fund are to provide financial services that are accessible to everyone especially the low-income segment, improve customer experience, enhance the transparency of financial services and increase the adoption of financial services with reliable and affordable products. 


In addition, the major purpose of this fund is to target FinTechs with innovative and cost-effective solutions to overcome the challenges or obstacles hampering financial inclusion in Nigeria.
The funding information for the Fintech Challenge Grant are as follows:

$50,000 – $200,000
for Start-up FinTechs – Fintech Challenge 1 Grant

$200,000 – $500,000
for Growth stage FinTechs – Fintech Challenge 2 Grant

The impact of the financial technology wave is becoming broader with emerging innovations. FinTechs would, therefore, need to leverage on the opportunities in the Digital Financial Services space. Digital Financial Services can be accessed via innovative technologies like mobile-phone enabled solutions, electronic channels and digital payment platforms.


Apply here: https://www.surveymonkey.com/r/8YML9BZ
 

Who can apply?
Eligible organisations are start-up and growth stage Fintech Companies in Nigeria offering innovative financial services solutions that promote financial inclusion
Applicant should be legally incorporated within Nigeria

Have the capacity to implement the proposed project for the applied funding and evidence that the business is viable

Applicant should have 2 Guarantors to provide a formal assurance, especially that all project conditions agreed by EFInA and Applicant will be fulfilled

The EFInA Fintech Challenge Fund is open to proposals around two thematic challenges and a special focus area. Individual projects may focus on one or multiple thematic areas. A clearly identified need or problem and a practical application of the proposed innovation will be important for a successful proposal

All proposals need to demonstrate a new or different approach which requires funding from the challenge fund to get off the ground, and the proposal should demonstrate why this could not be supported from the Applicant?s funding sources. Ensure that all approaches are scalable

All products and outputs should show a clear path to ultimately be operationalized on-the-ground.

Apply here: https://www.surveymonkey.com/r/8YML9BZ