Firm launches £2m COVID-19 fund

Enhancing Financial Innovation & Access (EFInA) has launched a £2 million COVID fund to support solutions that can mitigate the impact of COVID-19 on low-income individuals/households in Nigeria.

The EFInA’s Chief Executive Officer, Ashley Immanuel, made the announcement during a recent webinar.

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She said there is a need to address existing inequality that may be exacerbated by the pandemic.

“Our scenario analysis shows that innovative digital financial services can strengthen recovery and resilience. The three most pressing needs that we aim to solve with the COVID-19 Fund are access to Liquidity, Healthcare and Food,” said.

Immanuel said Nigeria needed innovative solutions that will provide access to credit, enable income-earning opportunities, facilitate electronic payments and help people get money more quickly.

“EFInA seeks to fund solutions that enable access for vulnerable and excluded groups including women and those in rural and northern areas,” she said.

The grant is funded by the UK Government’s Foreign, Commonwealth and Development Office (FCDO).

The British Deputy High Commissioner, Ben Llewellyn-Jones, said: “The pandemic has affected Nigeria in many ways as evidenced through job losses, increases in prices, and access to liquidity. This is the time to promote innovative digital solutions, and the £2 million COVID Fund represents another response in enabling citizens to access financial services.”