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Home Contests EFInA Fintech Difficulty 2018 for start-up and development phase Fintech Business in Nigeria ($500,000 grant)

EFInA Fintech Difficulty 2018 for start-up and development phase Fintech Business in Nigeria ($500,000 grant)

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EFInA Fintech Difficulty 2018 for start-up and development phase Fintech Business in Nigeria ($500,000 grant)

Application Due Date: 5 pm on Friday, November 16, 2018

EFInA is happy to reveal its ninth ask for propositions (RFP 9) for the Fintech Difficulty Grant which concentrates on supporting brand-new principles to boost the uptake and use of monetary services by the low-income population in Nigeria through leveraging on monetary innovation shipment channels supplied by the FinTechs.

EFInA just recently introduced a brand-new Difficulty Fund that will be utilized to pilot and support the advancement of ingenious monetary items & services through using digital innovation. In addition, this Difficulty Fund which consists of the Fintech Difficulty Grant will money jobs that assist reinforce monetary strength in Nigeria by lining up development and modern-day innovation with the requirements of the target market.

The goals of the EFInA Fintech Difficulty Fund are to offer monetary services that are available to everybody specifically the low-income section, enhance consumer experience, boost the openness of monetary services and increase the adoption of monetary services with reputable and budget friendly items. In addition, the significant function of this fund is to target FinTechs with ingenious and affordable services to get rid of the difficulties or barriers obstructing monetary addition in Nigeria.

Eligibility Requirements:

  • Qualified organisations are start-up and development phase Fintech Business in Nigeria using ingenious monetary services services that promote monetary addition
  • Candidate need to be lawfully integrated within Nigeria
  • Have the capability to carry out the proposed task for the used financing and proof that business is feasible
  • Candidate need to have 2 Guarantors to offer an official guarantee, specifically that all task conditions concurred by EFInA and Candidate will be satisfied
  • The EFInA Fintech Difficulty Fund is open to propositions around 2 thematic difficulties and an unique focus location. Private jobs might concentrate on one or several thematic locations. A plainly recognized requirement or issue and an useful application of the proposed development will be necessary for an effective proposition
  • All propositions require to show a brand-new or various method which needs financing from the difficulty fund to get off the ground, and the proposition needs to show why this might not be supported from the Applicant?s moneying sources. Make sure that all techniques are scalable
  • All items and outputs need to reveal a clear course to eventually be operationalized on-the-ground

Reward:

The financing details for the Fintech Difficulty Grant are as follows:

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

$200,000– $500,000
for Development phase FinTechs– Fintech Difficulty 2 Grant

How to Use:

  • All candidates should finish the EFInA Fintech Difficulty Grant Application. For additional details on the application and submission procedure, please see ( http://www.efina.org.ng/fintechchallengeRFP).
  • All finished grant application, design templates and needed paperwork needs to be sent by 5 pm on Friday, November 16,2018 Shortlisted candidates will be alerted of the result of their applications by Friday, November 23,2018 Shortlisted candidates will require to finish the 2nd round application and needed paperwork by Friday, December 7, 2018.

To Learn More:

Check Out the Authorities Web Page of the EFInA Fintech Difficulty Fund 2018