Request for Proposals: EFInA Fintech Challenge Grant 2018-2019

Deadline: 16 November 2018

EFInA has announce its ninth request for proposals (RFP 9) for the Fintech Challenge Grant which 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.

Focus Area

FinTech projects proposed should cover most financial services, in particular savings, investment (commitment savings), payments, lending and insurance, but also enabling technologies.

Funding Information

The funding information for the Fintech Challenge Grant are as follows:

  • $50,000 – $200,000: for Start-up FinTechs – Fintech Challenge 1 Grant
  • $200,000 – $500,000: for Growth stage FinTechs – Fintech Challenge 2 Grant

Thematic Areas:

the thematic areas cut across the four stages of the Fintech Innovation Life Cycle: Garage (Idea formulation Phase), Innovation Hub (Developing initiatives Phase), Accelerator/Business Building Phase and Market Building. This includes FinTechs offering valuableservices to support any of the thematic areas.

  • Thematic Area 1 (Fintech Challenge 1 Grant): Development of Initiatives aided by the formation of clusters and refining ideas to bring about innovation (i.e. Garage and Innovation Hub). Designing Financing and Risk Mechanisms to manage challenges with product and technology development.
  • Thematic Area 2 (Fintech Challenge 2 Grant): Creating platforms that facilitate savings, electronic payments, loan disbursements and collections, etc. with products market ready for pilot and roll out.

Eligibility Criteria

  • Eligible organisations are start-up and growth stage Fintech Companies in Nigeria offering innovative financial services solutions that promote financial inclusion
  • Applicant should be legally incorporated within Nigeria
  • Have the capacity to implement the proposed project for the applied funding and evidence that the business is viable
  • Applicant should have 2 Guarantors to provide a formal assurance, especially that all project conditions agreed by EFInA and Applicant will be fulfilled
  • The EFInA Fintech Challenge Fund is open to proposals around two thematic challenges and a special focus area. Individual projects may focus on one or multiple thematic areas. A clearly identified need or problem and a practical application of the proposed innovation will be important for a successful proposal
  • All proposals need to demonstrate a new or different approach which requires funding from the challenge fund to get off the ground, and the proposal should demonstrate why this could not be supported from the Applicant’s funding sources. Ensure that all approaches are scalable
  • All products and outputs should show a clear path to ultimately be operationalized on-the-ground

How to Apply

All applicants must complete the EFInA Fintech Challenge Grant Application Form via given website.

For more information, please visit

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