In recognition of its noteworthy contribution to the MSME sector in Nigeria, Enhancing Financial Innovation & Access (EFInA), a member of the Financial Sector Deepening Network was recently awarded at the 2024 MSME Finance Awards presented by Nairametrics Financial Advocates and Economic Forum Media.
Its unwavering efforts to advance financial inclusion for priority groups, such as MSMEs, have greatly changed the MSME environment and served as a beacon of hope. Its significant work has been recognised at the award ceremony, and this gives optimism for a more inclusive financial future.
EFInA’s steadfast dedication to promoting an inclusive financial market is seen in its proactive strategy to tackle the significant obstacles excluded groups, such as MSMEs, encounter when attempting to get formal financial services. Over the years, EFInA has established a reputation for advocating for the development of an inclusive financial system. This includes organising Ideathons and Hackathons that generate creative ideas and solutions to overcome obstacles affecting access to financing, as well as providing reliable market information on a variety of hot topics regarding the Nigerian financial services sector, including how to better serve the MSME market specifically.
Speaking about the well-earned honour for spearheading transformation in the MSME scene in Nigeria, Dr. Oluwatomi Eromosele, General Manager & Research Lead at EFInA, stated: “Our research-led and evidence-based approach to addressing the most pressing financial exclusion issues across priority segments ensures that we can facilitate real impact towards achieving our vision. More importantly, as we look to the future and are guided by our Access to Financial Services in Nigeria (A2F) findings, one of our strategic priorities is to enable the creation of an environment that provides access to credit for all levels of businesses, from nano-sized enterprises in the informal sector to medium-sized companies that still face limited access to credit.”
According to the A2F 2023 Survey, nano- and micro businesses employ the majority of Nigerians in non-formal (agricultural and non-agric) jobs. Due to a lack of operating and expansion capital, the majority of these enterprises are unable to realise their full potential. Their ability to engage in the digital economy will be facilitated by formalised access to financing.
Giving insight into the hackathon projects that the organisation had supported, EFInA’s Program Manager, Norah Igwe, said: “Between 2020 and 2023, EFInA facilitated several Ideathons and hackathons to champion the development of innovative solutions that addressed some of the pertinent challenges MSMEs face, especially around accessing finance from formal financial services providers. Some of the winning Minimum Viable Products have been launched in the market and are gaining traction and doing well. An example is the ESUSU product developed by ESUSU Africa. Leveraging a data-driven algorithm, this digital app allows MSMEs to build their creditworthiness through regular savings patterns, after which credit can be availed. The platform enables a seamless repayment method driven by a daily thrift savings scheme”.
“We are truly delighted to have received this award, as it serves as a testament to the great work of the team that led those hackathons for innovative change in the MSME market. Moreso, it is a reminder of the work ahead of us, to fulfill one of our strategic priorities to facilitate an enabling policy and financial market environment that will help the nano to medium scale enterprises thrive and unlock their potential,” stated, Chinasa Collins-Ogbuo, Lead for Advocacy and Communications at EFInA, accepting the award on the group’s behalf.
BrandSpur news stories report that through its research, advocacy, and instruments for enhancing systems of facilitation, EFInA continues to promote cooperative efforts with pertinent players to make meaningful progress in financial inclusion. We are dedicated to promoting income production, expanding financial inclusion, and enhancing the general economic well-being of the most marginalised groups.
You can view the results of the A2F 2023 poll at https://www.a2f.ng/ to gain insight into the state of financial inclusion in Nigeria.
