EFInA is now launching its Innovation Grants
that will be provided to organizations that are seeking to expand
financial access for the unbanked and low income population in Nigeria.
Request for Proposals
for the Innovation Fund
The Competition is now open for the EFInA Innovation Grants. All
completed grant application forms along with the required documentation
should be submitted electronically no later than 6pm on 10th July
2009.
.
BACKGROUND:
EFInA is an independent, professional, non-profit organization conceived
and funded by the UK's Department for International Development (DFID)
and Ford Foundation. One of EFInA's key objectives is to become an
innovation centre targeting catalytic change across Nigeria's financial
sector, to make markets work for those currently excluded from financial
services.
FUND
PURPOSE:
The Innovation Fund is a special facility within EFInA which seeks to
promote innovation in the development and deployment of financial
services and thus expand financial access to the underserved and low
income population in Nigeria. Innovation Grants will be provided to
organizations on a matching fund basis (1:1).
Eligible expenditure
includes technical assistance, market surveys, consultancy fees,
business case development, research or any other expenses incurred
during design, pilot or rollout phases. All applicants will be expected
to fund at least 50% of the total project cost.
FOCUS
SECTORS:
EFInA is interested in proposals targeted at the lower income segments
in Nigeria, in the following sectors:
* Savings: Effective savings related products in terms of convenience,
flexibility and cost.
* Branchless Banking: Defined as the delivery of financial services
outside conventional bank branches, often using non bank retail agents
and relying on information and communication technologies to transmit
transaction details - typically card-reading point-of-sale (POS)
terminals or mobile phones.
* Payment Services: Electronic payments infrastructure that provides the
platform on which all financial services can be delivered.
Potential organizations that EFInA would be looking to fund include
microfinance banks, commercial banks looking to downscale, technology
providers, telecommunications operators and payment services providers.
METHOD OF APPLICATION
For further information on our eligibility and evaluation criteria,
EFInA's application and submission process, please go to:
www.efina.org.ng/innovation_grants.htm
EFInA will notify all
applicants of the outcome of their applications by 9th October 2009.
EFInA, First Mutual Plaza, 2nd Floor
Raufu Taylor Close
Victoria Island, Lagos
Tel: 01-4628686; 01-8990736
Deadline for
submission:
no later than 6pm on 10th July 2009
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