Mobile Money Africa

Efina

Worldwide, Innovation drives developmental efforts which translates into National development and prosperity. Innovations increases National GDP growth by many points. In face of global economic recession, the answer remains, getting local solutions to local challenges.

Countries that had successful scaled the Innovation Challenge hurdle are better off for it with strong internal capacities and exportable potentials in terms of  products and services. In countries like India, Bangalore ICT innovation city, though government promoted, had clearly demonstrated that with focused and purposeful pursuit, Innovation can be a chief driver of National development.

Innovation funds helps countries to quickly scale up, small scale innovations to large scale offerings, aimed at the whole population and with possible export potentials. We had seen small Individually promoted Financial inclusion services aimed at Unbanked growing from small  firms to multinationals even in Africa, Wizzit of  South Africa is a classic an example. They are quickly moving into many parts of Africa now.

Innovation had never been focused on improving financial inclusion in Nigeria, though we had seen some government attempts in the past to promote innovations in some sectors like manufacturing and export sectors but it met with little or no measurable success. The Efina Innovation fund is private sector targeted and primarily aimed at deepening the financial inclusion for millions of financially excluded Nigerians which currently constitute more than 70 percent of the National population figures.

No country can achieve development with significant percentage of its population still keeping their money ‘under the Pillow’. The aim of Innovation is to promote tailor made solutions that will address their specific needs in their environment, using technologies that are available.

For the first time in the History of Nigeria, Innovators who had been left behind are now opportuned to tap into capital after meeting the criteria for assessing the funds. Innovators are not in short supply in Nigeria but they face significant hurdle in assessing funds that will take them to market faster and profitably. Average innovator in Nigeria spends average four years to get to the market since Banks hardly finance start ups or knowledge based Innovations.

Now the chances for success are more now with advisory services, Business plans and useful market data now available locally for use by fund seeking innovators.

Efina’s strong showing at the Aitec’s West Africa Banking and Payment event 2009, clearly points the way forward for potential Innovators and with purposeful leadership of  the CEO,Modupe Ladipo and the support of the DFID,CGAP and Bill and Melinda Gates foundation and other International donor partner groups, The good times are here.
Efina’s move has finally opened the frontiers for Research and development that has been a barrier to Innovations and hopefully, other private sector lead Innovation funds will emerge once Efina’s program’s proves that the only way, is upward movement for Nigerian Innovators.