Request for Proposals: Window One- Building Pervasive Agent Networks at Enhancing Financial Innovation & Access (EFInA)
Enhancing Financial Innovation & Access (EFInA)
Request for Proposals: Window One
EFInA Innovation Grant Round 6
Window 1: Building Pervasive Agent Networks
All applicants can apply for Window 1 or Window 2 or both, if applicable.
EFInA is pleased to announce its sixth request for proposals (RFP 6) for the Innovation Grant. RFP 6 has two windows. Window One will only consider proposals that aim to build pervasive agent networks in rural areas, in order to enhance financial access points and thereby significantly increase the uptake and usage of formal financial products/services by the low income population.
- Background information: building agent networks
According to the EFInA Access to Financial Services in Nigeria 2014 survey, 59.8 million adults (63.9% of the adult population) live in rural areas. Of these, 28.6 million adults (47.8% of the rural population) are financially excluded. This compares with 8.4 million adults (24.8% of the urban population) living in urban areas.
Proximity to financial access points continues to be a barrier to accessing formal financial services. The FSP Geospatial Interactive Map 2012 revealed that there are 16,746 financial services locations in Nigeria, of which only 3,275 (20.0% of total access points) are mobile money agents. Of the total mobile money agents, only 952 (29.1% of mobile money agents) are located in rural areas. Furthermore, according to the EFInA Access to Financial Services in Nigeria 2014 survey, 57.1 million adults have never had a deposit money bank account. Of these, 9.5 million adults (16.7% of adults without a deposit money bank account) cite “banks being too far from where they live or work” as a reason for not having a deposit money bank account. 89.0 million Adults have never had a microfinance account. Of these, 8.6 million adults (9.7% of adults without a microfinance bank account) also cite “banks being too far from where they live or work” as a reason for not having a microfinance bank account
In addition, 68.6 million adults (73.4% of the adult population) are not aware of bank agents. In order to ensure that customers conduct financial transactions at agents locations, providers will need to develop and implement effective awareness campaigns.
Most respondents are aware of the location of the nearest provision shop and pharmacy to their homes. Therefore, these two outlets provide the greatest potential for offering financial services. All adults living in the rural areas are aware of the nearest provision shop; 78.3% live within 10 minutes of a provision shop. On the other hand, 62.2% of adults living in rural areas are aware of the nearest pharmacy; of those that are aware, 67.9% live within 10 minutes of a pharmacy.
As a result of these findings, EFInA is seeking to increase the establishment of pervasive agent networks in rural areas. Applicants should provide a compelling proposition for expanding and scaling agent banking services in rural areas in order to increase access to formal financial products/services for the low income population. Applications must include a viable and sustainable agent proposition that will encourage the uptake and usage of formal financial products.
- What is EFInA looking for?
Window 1: Building Agent Networks
(i.) Applicants must have a track record of success for building viable agent networks
(ii.) Applicants must ensure that the agents are active and have the tools to effectively monitor their activities
(iii.) Applicants should be able to demonstrate that they have experience with strategic partnerships that have led to successful implementation of projects
(iv.) Applicants will be encouraged to work with diverse institutions to develop and roll-out shared agent networks, especially in rural areas
(v.) Applicants should have the capacity to implement the proposed project and demonstrate sustainable impact within 24 months
(vi.) Applicants must provide compelling agent value propositions
(v.) Applicants must provide effective strategies for increasing the uptake and usage of formal financial services by the low income population
(vi.) Applicants must develop effective customer awareness campaigns that demonstrate the benefits of the products/services offered and provide information on agent locations
(vii.) Applicants must provide evidence that they have the resources to match 50% of EFInA’s grant funding
- Who can apply?
Window 1: Building Agent Networks
(i.) Licensed Financial Institutions (e.g., Deposit Money Banks, Microfinance Banks, Insurance Providers, etc.)
(ii.) Licensed Mobile Money Operators
(iii.) Mobile Network Operators
(iv.) Super Agents
Partnerships with relevant organisations are encouraged
|Criteria||Building Agent Networks||Weighting|
|A. Viable Business Case||
|B. Geographic Reach||
|C. Developmental Impact||
|D. Capacity to Implement||
|E. Consumer Protection, Awareness and Education||
- How to apply
All applicants must complete the Innovation Grant Application Form and Templates. For further information on the application and submission process, please visit: http://www.efina.org.ng/innovationRFP
All completed grant application forms, templates and required documentation should be submitted to the EFInA Grants Team at email@example.com by 6:00pm on Monday May 11th, 2015. EFInA will notify all applicants of the outcome of their applications by Friday, August 14, 2015.