‘How $2m fintech challenge will boost financial inclusion’
Enhancing Financial Innovation & Access (EFInA) has introduced a new challenge focusing on financial technology (fintech) companies to enhance financial services for Nigeria’s low-income population.
At a business forum organised by the British High Commissioner to Nigeria, Paul Arkwright, EFInA’s board chair, Segun Akerele, introduced the company as a financial sector development organisation that promotes financial inclusion.
The firm’s mission, Akerele explained, is to make the financial sector work better for the poor. The Department for International Development (DFID) and Bill and Melinda Gates Foundation fund its activities.
According to Mrs. Bunmi Lawson, a board member of EFInA, with the launch of a new $2 million fund for start-up and growth stage, the poor will have more access to financial products and services.
“Following our recent request for information at our Fintech Outreach Forum, it gives me great pleasure to announce the launch of a new $2 million fund for start-up and growth stage fintech firms looking to increase access to financial products and services for the poor as well as reduce the rate of financial exclusion in the country.
“The aim of the fund is to stimulate and catalyse the financial technology delivery channels provided by the fintechs. The fund, to be known as ‘The Fintech Challenge Fund’, will be used to pilot and support the development of innovative financial products and services using digital technology. In addition, the new fund will support projects that help strengthen financial resilience in Nigeria by aligning innovation and modern technology with the needs of the target audience,” she said.
According to Lawson, the grants will cover $50,000 to $200,000 for ‘Fintech Challenge 1’ and $200,000 to $500,000 for Fintech Challenge 2.
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