Enhancing Financial Innovation & Access (EFInA), a member of the Financial Sector Deepening Network, has recently garnered recognition for its impactful programs and policy initiatives aimed at promoting digital financial inclusion among Micro, Small, and Medium Enterprises (MSMEs). This accolade, awarded by Nairametrics Financial Advocates and the Economic Forum Media, highlights EFInA’s significant contributions to enhancing the development of MSMEs in Nigeria. The organization’s efforts have emerged as a catalyst for change, offering hope and a transformative impact within the MSME landscape, a segment that is crucial for Nigeria’s economic growth and development.
The award presented at the 2024 MSME Finance Awards acknowledges EFInA’s dedication to promoting financial inclusion specifically for priority groups such as MSMEs. The organization’s relentless focus on this segment underlines the importance of inclusivity in financial markets, as it works to address challenges that historically excluded groups have faced. EFInA has employed a variety of strategies to encourage the inclusion of these enterprises, including providing market insights and organizing innovative events like Ideathons and Hackathons that help generate new solutions for the financial struggles of MSMEs.
Dr. Oluwatomi Eromosele, EFInA’s General Manager and Research Lead, highlighted the importance of a research-led and evidence-based approach in tackling financial exclusion. He emphasized that these efforts are central to enabling meaningful impact towards their vision of an inclusive financial ecosystem. One of EFInA’s primary strategic objectives is to create an environment that promotes access to credit for all business scales, from nano-sized enterprises in the informal sector to larger medium-sized companies, which often still encounter barriers to funding sources.
Eromosele shared insights from the Access to Financial Services in Nigeria (A2F) survey conducted in 2023. The findings revealed that a significant portion of Nigeria’s non-formal jobs belongs to nano- and micro-businesses, which frequently struggle to secure both working and growth capital. This lack of access hampers their potential for growth. Eromosele stated that creating formal access to financial resources would be instrumental in helping these businesses integrate into the digital economy and ultimately flourish.
In addition to Dr. Eromosele, Norah Igwe, the Programme Manager at EFInA, underscored the impact of events like Ideathons and Hackathons in developing innovative solutions to the challenges MSMEs face, particularly concerning access to finance from formal financial institutions. These initiatives have been a central part of EFInA’s strategy from 2020 to 2023, aiming to foster a collaborative environment where new ideas and practical solutions can emerge to tackle financial exclusion effectively.
Lastly, Chinasa Collins-Ogbuo, EFInA’s Advocacy & Communications Lead, expressed gratitude for the recognition, stating that it also reflects the team’s commitment to nurturing an environment conducive to the growth of nano to medium-sized enterprises. By engaging with stakeholders and harnessing innovation through collaborative events, EFInA is continually striving to empower MSMEs, allowing them not only to survive but to thrive within the dynamic financial landscape. This award serves as both validation of their efforts and a motivation to continue working towards a more inclusive financial future for all market participants.
