EFInA is pleased to announce its tenth request for proposals (RFP 10) for the COVID Grant.
This grant will focus on supporting solutions that can mitigate the far-reaching impact of COVID-19 on low-income individuals/households (defined as those earning N50,000 or less per month) and MSMEs in Nigeria.
The objective of the EFInA COVID Grant is to support the scale of financial service-enabled solutions that enable immediate access to liquidity, healthcare and food, and EFInA will dedicate a fund size of £2 million to achieve this.
The COVID-19 pandemic has largely had a detrimental effect on households and businesses across Nigeria.
However, the pandemic did come with some positives; NIBSS’ June 2020 transaction data reflected a 400% Year on Year growth in digital transactions during the COVID lockdown, as people were forced to observe social distancing.
EFInA is exploring ways to leverage this digital adoption trend to solve some of the most pressing needs of low-income households and individuals (particularly women and children) and MSMEs.
What is EFInA looking for?
Financial service-enabled solutions that extend immediate access to liquidity, healthcare and food to low-income households/individuals and MSMEs.
These solutions need to have the potential to be scaled out to multiple regions of Nigeria.
The duration of the COVID Grant is a minimum of 6 months and a maximum of 2 years
Applicants must have, or partner with an organisation that has, a track record of success for providing digital financial services
Applicants must provide a strong business case that demonstrates how the proposed solutions meet the immediate needs of the low-income population (defined as those earning N50,000 or less per month) and/or MSMEs
Applicants must demonstrate the gender inclusivity of their product design and customer acquisition plans
Applicants must indicate that they have the capacity to implement the proposed project and demonstrate impact within 6 months
In addition to immediate impact, proposed solutions must have potential for long term impact and sustainability
Who can apply?
- Eligible organisations are companies in Nigeria offering innovative financial service solutions (primary applicant or partner applicant)
- Applicants must be legally incorporated within Nigeria
- Applicants must have the capacity to implement the proposed project for the applied funding and evidence that the business is viable
- All proposals need to demonstrate a clear path between EFInA grant funding and the proposed impact. All solutions proposed must be scalable.
- All solutions proposed should show a clear path to sustainability following the completion of the grant project
N.B: Applicants may be requested to provide guarantors to provide a formal assurance that all project conditions agreed by EFInA and the applicant will be fulfilled
How to apply?
All applicants must complete and submit the COVID Grant application form and financial work plan.
The completed grant application form and workplan, along with all required documentation, should be submitted to the EFInA Grants Team at [email protected] by 5pm on Wednesday, January 6, 2021.
EFInA will notify all applicants of the outcome of their applications by Monday, March 1, 2021
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