EFInA honoured for advocating financial inclusion in MSME sector

Enhancing Financial Innovation & Access (EFInA), a member of the Financial Sector Deepening Network has been recognised by Nairametrics Financial Advocates and Economic Forum Media for its efforts in promoting financial inclusion for priority segments such as MSMEs.

According to a statement, EFInA’s commitment to fostering an inclusive financial market is evident in its proactive approach to addressing the critical challenges excluded segments, including MSMEs, face with access to formal financial services.

“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,” said Oluwatomi Eromosele, EFInA’s general manager and research lead.

She added, “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.”

The A2F 2023 Survey showed that most of Nigeria’s non-formal (agricultural and non-agric) jobs are in nano and micro-businesses.

The statement noted that “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.”

It noted the services provided by the EFInA, from providing credible market information on various pressing themes about the Nigerian financial services sector, including how to better serve the MSME market specifically, to organising Ideathons and Hackathons that lead to the development of innovative ideas and solutions that address barriers affecting access to finance

“Some of the winning minimum viable products have been launched in the market and are gaining traction and doing well,” said Norah Igwe, programme manager at EFInA.

Chinasa Collins-Ogbuo, advocacy and communications lead at EFInA, said: “We are delighted to receive this award, which highlights the team’s work on hackathons driving innovation in the MSME market. It also reminds us of the work ahead to create a policy and financial environment that helps nano to medium-sized enterprises thrive and reach their potential.”