To further promote financial inclusion in Nigeria, Enhancing Financial Innovation and Access (EFInA) a financial development organization funded by DFID and Bill and Melinda Gates Foundation is pleased to announce its ninth request for proposals (RFP 9) for the Fintech Challenge Grant.
This round of grant 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. Interested participants can apply on this link .
Companies who already collaborate with commercial banks to pilot and scale solutions in areas such as electronic payments, e-KYC (Know Your Customer), open APIs, blockchain and peer-to-peer lending can also enter for the challenge. The objectives of the EFInA Fintech Challenge Fund is 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.
The funding information for the Fintech Challenge grant are as follows.
Start-up FinTechs – Fintech Challenge 1 Grant $50,000 – $200,000
Growth stage FinTechs – Fintech Challenge 2 Grant $200,000 – $500,000
EFInA will be hosting a question and answer forum on the fintech challenge funds on Wednesday, November 21, 2018, to discuss the following;
- Fintech Challenge Fund, other EFinA grants & insights from EFInA Access to Finance in Nigeria 2016 Survey.
- Global Best Practices in Providing Financial Technology Services to the Low-income Population
- Understanding the Value Proposition for Fintech in Nigeria and deepening fintech services to enhance financial inclusion
- How to develop credible business cases for promoting the adoption of financial technology (fintech) services by the low income population
- Q & A session
Participants interested in attending this session should please fill the form in this link to indicate interest and request for an invite.
Submission for all completed grant application forms, templates and required documentation has been extended to 1pm on Friday, November 23, 2018. Shortlisted applicants will be notified of the outcome of their applications by Monday, November 26, 2018. The shortlisted applicants will need to complete the second round application forms and required documentation by Friday, December 7, 2018.
Nigerian startups raised $17.6m in Q1 2019, 8.5% higher than they did in Q1 2018. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.