Enhancing Financial Innovation and Access (EFInA) has partnered with the German international agency, GIZ to bridge the huge Micro, Small and Medium Enterprises (MSMEs) financing gap in Nigeria.
This is coming through a virtual hackathon challenge themed: MSME Finance…Breaking Barriers.
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Both parties noted the potential of the MSME sector is yet to be maximized because of several challenges some of which this Hackathon is expected to address.
The hackathon challenge aims at addressing at least one of the thematic areas including Financial Management Skills Development, Digitised Credit Appraisal and Lending System, MSME Product Design Toolkit, and Alternative Collateral Options.
They are also expected to pitch their innovative ideas virtually to a panel of judges on August 31, 2022.
Speaking on the hackathon, the Chief Executive Officer, EFInA, Mr Owolabi Isaiah, said despite the proliferation of credit providers in Nigeria – both regulated and non-regulated, the financing gap for MSMEs has widened due to several issues like the inability to fulfill requirements (financial records, collateral), manual/rigid credit reporting system, high default rate, manual KYC verification process, lack of financial management skills, and lack of market linkages.”
He said it has become imperative to facilitate an inclusive financial system that seamlessly avails credit to MSMEs irrespective of their size of operations, category and availability of traditional collateral requirements to boost the economy, reduce poverty levels, and provide job opportunities.
The hackathon competition will kick off with four webinars commencing from July 28 to August 1, 2022, and will be facilitated by industry experts.
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