Finance Competitions: EFinA Fintech Challenge 2018

EFInA is pleased to 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.

EFInA recently launched a new Challenge Fund that will be used to pilot and support the development of innovative financial products & services through the use of digital technology. In addition, this Challenge Fund which comprises of the Fintech Challenge Grant will fund projects that help strengthen financial resilience in Nigeria by aligning innovation and modern technology with the needs of the target audience.


The objectives of the EFInA Fintech Challenge Fund are 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. In addition, the major purpose of this fund is to target FinTechs with innovative and cost-effective solutions to overcome the challenges or obstacles hampering financial inclusion in Nigeria.



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



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


How to Apply

All applicants must complete the EFInA Fintech Challenge Grant Application Form. For further information on the application and submission process, please visit


All completed grant application forms, templates and required documentation should be submitted by 5 pm on Friday, November 16, 2018. Shortlisted applicants will be notified of the outcome of their applications by Friday, November 23, 2018. Shortlisted applicants will need to complete the second round application forms and required documentation by Friday, December 7, 2018.




Visit the Official Website of the EFInA Fintech Challenge Fund 2018 for more information.


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