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Enhancing Financial Innovation & Access Limited
Enhancing Financial Innovation & Access, a member of the Financial Sector Deepening Network, has been honoured for its Micro, Small and Medium Enterprises’ Digital Financial Inclusion Programmes and Policy Initiatives by Nairametrics Financial Advocates and Economic Forum Media; for its significant contribution to the development of MSME in the country.
According to a statement, the EFInA’s relentless efforts in promoting financial inclusion for priority segments, such as MSMEs, have been a beacon of hope and significantly transformed the MSME landscape.
The organisation noted that the recognition at the 2024 MSME Finance awards ceremony was a testament to its impactful work and inspired hope for a more inclusive financial future.
It stated that EFInA’s commitment to an inclusive financial market was shown through its efforts to address challenges faced by excluded groups, particularly MSMEs, by providing market insights and hosting innovation-driven events like Ideathons and Hackathons, EFInA had built a strong reputation in promoting financial inclusion.
Commenting on the recognition, EFInA’s General Manager and Research Lead, Dr Oluwatomi Eromosele, said, “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 Eromosele, the A2F 2023 survey showed that most of Nigeria’s non-formal (agricultural and non-agric) jobs are in nano- and micro-businesses.
“Most of these businesses lack access to working and growth capital and cannot achieve their full potential. Formalised access to finance will enable them to participate in the digital economy,” he declared.
Also, the Programme Manager at EFInA, Norah Igwe, stated, “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.
The Advocacy & Communications Lead at EFInA, Chinasa Collins-Ogbuo, added, “We are honoured by this award, recognising our team’s innovative work through hackathons for the MSME market. It also reinforces our commitment to creating a supportive environment where nano- to medium-sized enterprises can thrive and reach their potential.”
