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1

FSI & FutMinna Innovation Challenge - Round 1

Starts On

Sat, Mar 12, 2022 11:40 AM

Ends On

Sun, Apr 3, 2022 11:58 PM

IDEAL:

MSMEs should be able to access financial services irrespective of their location, literacy level, size of business, level of sophistication, etc. Given the level of growth and development of the digital economy in Nigeria, the barriers MSMEs have in accessing financial services and transacting in the same digitally should be reduced to the barest minimum. Hence, Financial Services providers should begin to deploy innovative solutions adaptable to the peculiarities of this customer segment.

 

REALITY:

The Cable in July 2021 reported on the World MSME day that there are officially 41.5 million MSMEs in Nigeria, comprising of at least 41.4 million micro-enterprises; and 73,081 small and medium enterprises. They also stated that this segment contributes about 50 percent of GDP and has created 59.6million jobs, which represent 86.3 percent of the national workforce. According to a report by SMEDAN in 2015, Northern Nigeria had over 15 million micro-enterprises.

 

CONSEQUENCES:

  • Many of these businesses are digitally and financially excluded. They transact daily in cash. Some of the existing solutions in the market are either too sophisticated for them or there is a huge barrier to access them. According to a report from EFInA in 2021, there are more financially excluded people in northern Nigeria than in the southern part. The MSMEs, especially the micro sector potential for expansion are under-exploited given the financing gap as many of them raise funds through informal means.

  • The drawbacks include the concern for safety, access to funds when required, and the cost of financial services.

  • The MSMEs, especially the micro sector potential for expansion are underexploited given the financing gap as many of them raise funds through informal means.

 

PROPOSAL:

A social, friendly, and secure financial inclusion solution for MSMEs in the north that would enable them to do any 2 of the following:

  • Save and invest money

  • Access insurance services

  • Access finance to fund working capital

  • Detect fraudulent transactions.

  • Receive monies and make payments digitally thereby lowering barriers to access

2

FSI & FutMinna Innovation Challenge - Round 2

Starts On

Wed, Mar 23, 2022 12:00 AM

Ends On

Tue, Apr 12, 2022 11:59 PM

IDEAL:

MSMEs should be able to access financial services irrespective of their location, literacy level, size of business, level of sophistication, etc. Given the level of growth and development of the digital economy in Nigeria, the barriers MSMEs have in accessing financial services and transacting in the same digitally should be reduced to the barest minimum. Hence, Financial Services providers should begin to deploy innovative solutions adaptable to the peculiarities of this customer segment.

 

REALITY:

The Cable in July 2021 reported on the World MSME day that there are officially 41.5 million MSMEs in Nigeria, comprising of at least 41.4 million micro-enterprises; and 73,081 small and medium enterprises. They also stated that this segment contributes about 50 percent of GDP and has created 59.6million jobs, which represent 86.3 percent of the national workforce. According to a report by SMEDAN in 2015, Northern Nigeria had over 15 million micro-enterprises.

 

CONSEQUENCES:

  • Many of these businesses are digitally and financially excluded. They transact daily in cash. Some of the existing solutions in the market are either too sophisticated for them or there is a huge barrier to access them. According to a report from EFInA in 2021, there are more financially excluded people in northern Nigeria than in the southern part. The MSMEs, especially the micro sector potential for expansion are under-exploited given the financing gap as many of them raise funds through informal means.

  • The drawbacks include the concern for safety, access to funds when required, and the cost of financial services.

  • The MSMEs, especially the micro sector potential for expansion are underexploited given the financing gap as many of them raise funds through informal means.

 

PROPOSAL:

A social, friendly, and secure financial inclusion solution for MSMEs in the north that would enable them to do any 2 of the following:

  • Save and invest money

  • Access insurance services

  • Access finance to fund working capital

  • Detect fraudulent transactions.

  • Receive monies and make payments digitally thereby lowering barriers to access