EFInA and GIZ will facilitate financing for MSMEs through a virtual hackathon

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In continuation of its efforts to bridge the huge financial gap and access to funds for Micro, Medium and Small Enterprises (MSMEs) in Nigeria, Enhancing Financial Innovation and Access in partnership with GIZ is organizing an Innovative Virtual Hackathon Challenge labeled : ‘MSME Financing…Breaking Down the Barriers’. In Nigeria, access to finance remains a priority area of ​​assistance for SMEs (67.9%) and micro enterprises (90.5%) even though the MSME sector contributed 46.31% to national GDP and accounted for 6.21% of gross exports according to the 2017 SMEDAN/NBS survey.

The registration portal: https://bit.ly/MSMEFINANCE_BREAKINGBARRIERS open for participation in the hackathon, from Friday July 8, 2022 to August 1, 2022. The hackathon will be preceded by four

(4) webinars hosted by industry thought leaders between July 28 and August 1, 2022.

According to the organizers, the hackathon is open to people who are at least 18 years old and members of the Financial Service Innovators Association of Nigeria (FSIAN). Candidates shortlisted for the hackathon will participate either in teams of two or a maximum of five people.

Applicants will be challenged to develop creative and innovative ideas, and MVPs that meet at least one of the general microenterprise objectives such as financial management skills development, digitized loan and appraisal system. Credit, the MSME Product Design Toolkit and Alternative Guarantee Options.

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In a press release issued in Lagos during the week, EFInA Managing Director, Mr. Owolabi Isaiah said, “We are delighted to present the virtual hackathon challenge titled: ‘MSME Finance…Breaking Barriers’. Despite the proliferation of credit providers in Nigeria, both regulated and unregulated, the financing gap for MSMEs has widened due to several issues such as inability to meet 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, etc. guarantee requirements in order to stimulate the economy, reduce poverty levels and provide employment opportunities. He further explained that the teams would develop technology applications that solve real problems in suburban communities.

Entrants must pitch their innovative ideas virtually to a panel of judges on August 31, 2022. Judging criteria for entries include product design (30%), innovation (30%), scalability (30%) and presentation (10%). The winner of the challenge will go home with N3million; 1st finalist, N2million and 2n/a runner-up, N1million,” Owolabi revealed.

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EFInA and GIZ are working closely with Financial Services Innovators (FSI) to ensure that the challenge objectives are met.

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