EFInA

What EFInA does

EFInA (Enhancing Financial Inclusion and Advancement) is a Nigerian non-profit financial sector deepening organization established in 2007. It operates as a market facilitator and research institution focused on driving financial inclusion across Nigeria, with primary emphasis on women, MSMEs, smallholder farmers, and rural/excluded populations. Its core product is the Access to Financial Services (A2F) Survey, a biennial nationwide study conducted since 2008 that covers over 20,000 consumers across all 36 Nigerian states and tracks formal and informal financial inclusion metrics. Supplementary products include the Gender Centre of Excellence (capacity-building for financial institutions on gender-responsive product design), the Inclusion for All (I4All) grassroots advocacy initiative, the Research Fellowship Programme, the Innovation Fund and Catalytic Scale-Up Grant Facility, and the EFInA Podcast.

The organization's revenue model is grant-funded and non-commercial, relying on donor and development partner funding, technical assistance grants, and grant management operations including the Innovation Fund, Technical Assistance Grants, and Catalytic Scale-Up Grant Facility (with a disclosed $60,000 total pool for up to two grants). Its go-to-market combines community-led grassroots engagement (I4All community champions), event-driven policy convenings (Ask the Regulator Townhalls, MSME Financing Roundtables), and channel partnerships with banks (FCMB, Ecobank, Parallex Bank, Bank of Agriculture) for capacity-building delivery. EFInA's distribution is single-country (Nigeria) and built on relationships with regulators (CBN, FCCPC, SMEDAN), development partners (British Council, SANEF, CARE Nigeria), and impact investors (IIF, AVPA). The organization is governed by CEO Foyinsolami Akinjayeju and a lean team of 11-50 staff operating from a virtual Lagos headquarters with an Abuja convening office.

EFInA's strategic positioning rests on three defensible assets: the longitudinal A2F dataset (the most comprehensive financial inclusion time series in Nigeria), formal government advisory roles (Impact Advisory Group on MSME Financing, Federal Steering Committee of the Nigeria for Women Programme), and a multi-stakeholder convening platform that spans regulators, financial institutions, community organizations, and development partners. Recent activity indicates expansion into agricultural finance (March 2026 MoU with Bank of Agriculture), northern Nigeria (Katsina grassroots program), and forcibly displaced persons research, while deepening its gender-inclusion mandate through additional bank partnerships.

Name

EFInA

Legal name

Enhancing Financial Inclusion and Advancement (EFInA)

Website

https://efina.org.ng

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

EFInA is a Nigerian non-profit financial sector deepening organization that conducts biennial A2F Surveys, drives gender-responsive capacity building, and convenes regulators, banks, and communities to advance financial inclusion for women, MSMEs, and rural populations across Nigeria.

Ownership category

akta.pro rank

Product category

Financial Inclusion Research and Sector Development

akta.pro primary industry

Microfinance, Financial Inclusion & Inclusive Markets (BPAGABAM)

akta.pro secondary industries

SME, Microfinance & Financial Inclusion Facilities (BPADACAI), Private Sector & Blended Finance Arms (IFC-type) (BPADACAJ)

Keywords

• Financial inclusion research
• Financial sector deepening
• Gender-responsive finance
• MSME financing advisory
• Consumer protection advocacy

Headquarters

HQ city

Ikoyi

HQ country

Nigeria

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Donor and Development Partner Funding: EFInA operates as a non-profit organization funded primarily through grants and technical assistance programs from development partners. The organization manages Innovation Grants, Technical Assistance Grants, and Catalytic Scale-Up Grant Facilities to support financial inclusion initiatives.
2. Research Fellowship Program Grants: EFInA provides N4 million research grants to fellows conducting financial inclusion research aligned with Nigeria's National Financial Inclusion Strategy 2024–2027.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

EFInA is a non-profit financial sector deepening organization that generates research, advocates for policy reform, and delivers capacity-building programs to advance financial inclusion in Nigeria. Its core offerings are the biennial Access to Financial Services (A2F) Survey tracking inclusion across all 36 states, the Gender Centre of Excellence providing gender-responsive training to financial institutions, the Inclusion for All (I4All) grassroots advocacy initiative, and grant/technical-advisory programs (Innovation Fund, Technical Advisory and Scaling Support Fund, Research Fellowship) targeting MSMEs, women, and rural populations.

Product overview

EFInA (Enhancing Financial Inclusion and Advancement) is Nigeria's leading financial sector deepening organization that operates as a research and advocacy institution rather than a product company. Its portfolio consists of research programs (Access to Finance Survey), advocacy initiatives (Inclusion for All, Gender Centre of Excellence), media content (EFInA Podcast), and capacity building programs (Research Fellowship, Technical Advisory, Innovation Fund). The organization focuses on generating data-driven insights to shape policies, guide financial service providers, and drive innovative solutions for underserved communities across Nigeria's 36 states.

Differentiator

Problem solved

Functional benefit

Products and services

• Access to Finance (A2F) Survey Comprehensive biennial survey covering over 20,000 Nigerian consumers across all 36 states, tracking formal and informal financial inclusion metrics for researchers, policymakers, and financial service providers.
• Inclusion for All (I4All) Initiative A grassroots initiative removing barriers to financial inclusion for marginalised Nigerian communities through community engagement, consumer protection advocacy, and awareness dialogues on financial health and resilience.
• Gender Centre of Excellence (GCE) Strategic resource centre providing capacity building and technical support to Nigerian financial institutions on gender-responsive strategies and women's economic empowerment.
• Systems Strengthening Services Capacity building and technical advisory services delivered to ecosystem stakeholders including policymakers, regulators, and financial service providers, covering needs assessment, strategic planning, knowledge transfer sessions, and M&E frameworks.
• Innovation Fund and Innovation Fora EFInA's innovation platform implemented through the Innovation Fund and innovation fora, supporting co-creation and implementation of financial products that increase access for the un(der)banked.
• Technical Advisory and Scaling Support Fund (Catalytic Scale-Up Grant Facility) Catalytic grant facility providing funding and structured technical assistance to help partners scale financial products, targeting non-bank providers with innovative approaches to financial inclusion barriers; total pool of $60,000 distributed across up to 2 grants, with grant duration not to exceed 12 months.
• Research Fellowship Programme Eight-month research fellowship generating rigorous evidence on financial inclusion policies and products, providing N4 million research grants and mentorship from senior researchers and policymakers, spanning financial health, household resilience, MSME growth, and women's economic empowerment.
• The EFInA Podcast Podcast channel using data evidence and human stories to inform and educate the public on financial and economic inclusion in Nigeria through focused dialogues with relevant stakeholders; covers credit literacy, consumer protection, agent banking, gender-responsive design, and open banking.

Quantifiable outcome

• Financial inclusion in Nigeria increased from 68% (2020) to 74% (2023)
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

15 partnerships are on record, tiered core and secondary.

• Bank of Agriculture (BOA)coreStrategic or Co-development Partner · 25 March 2026EFInA and BOA signed an MoU to advance financial inclusion in Nigeria's agricultural sector. EFInA will support BOA in identifying priority segments, value chains, and geographies for targeted interventions while strengthening institutional capacity to design and deliver inclusive agricultural financial products at scale.
• ProsharesecondaryGTM or Marketing Partner · 25 March 2026Proshare partnered with EFInA and SANEF to convene the Ask the Regulator II Townhall on Consumer Protection, creating a platform for direct dialogue between regulators, industry leaders, and financial consumers on digital lending and consumer protection issues.
• SANEF (Shared Agent Network Expansion Facilities)coreStrategic or Co-development Partner · 19 February 2026SANEF partnered with EFInA on the Grassroots Voices Network Project in Katsina State, supporting community engagement sessions and the activation of 92 community champions to deepen financial inclusion through community-driven approaches.
• CARE NigeriacoreStrategic or Co-development Partner · 19 February 2026CARE Nigeria partnered with EFInA on the Grassroots Voices Network Project, contributing to community engagement sessions in Katsina State that brought together community groups, informal sector clusters, and EFInA project teams for structured conversations on financial inclusion.
• First City Monument Bank (FCMB)coreStrategic or Co-development Partner · 11 February 2026FCMB partnered with EFInA's Gender Centre of Excellence for immersive workshops on gender-responsive strategies. The capacity-building initiative helps FCMB translate gender inclusion commitments into measurable business practices targeting the addressable market of underserved women.
• EcobankcoreStrategic or Co-development Partner · 11 February 2026Ecobank partnered with EFInA's Gender Centre of Excellence to build institutional capacity for gender-responsive financial product design and implementation, addressing findings that about 21 million adult women remain excluded or underserved by formal financial systems.
• Parallex BankcoreStrategic or Co-development Partner · 11 February 2026Parallex Bank partnered with EFInA's Gender Centre of Excellence to participate in capacity-building workshops on gender-responsive strategies targeting women entrepreneurs and closing the gender gap in access to finance.
• SMEDAN (Small and Medium Enterprises Development Agency of Nigeria)coreStrategic or Co-development Partner · 23 October 2025EFInA was inaugurated as a member of the Impact Advisory Group (IAG) on MSME Financing, a multi-stakeholder technical support mechanism providing advisory support to SMEDAN in delivering its priorities around inclusive MSME development, policy reform, and access to finance.
• British CouncilcoreStrategic or Co-development Partner · 23 October 2025The British Council, through its Investment Climate Reform (ICR) Facility, jointly inaugurated the IAG with SMEDAN. EFInA participates as a member organization to sustain ICR outcomes and continue technical assistance for MSME reforms.
• Octoville Development CompanysecondaryOthers · 23 October 2025Octoville Development Company serves as the Secretariat Host for the Impact Advisory Group (IAG), coordinating activities and ensuring alignment with SMEDAN's priorities while managing the governance structure of the multi-stakeholder platform.
• Sterling One FoundationsecondaryStrategic or Co-development Partner · 23 October 2025Sterling One Foundation is a member of the Impact Advisory Group (IAG), contributing expertise in financial inclusion and impact investing to support SMEDAN's mandate of promoting inclusive MSME development across Nigeria.
• Impact Investors Foundation (IIF)secondaryStrategic or Co-development Partner · 23 October 2025Impact Investors Foundation is a member of the Impact Advisory Group (IAG), bringing expertise in impact investing and financial inclusion to support evidence-based MSME policy development and implementation.
• FATE FoundationsecondaryStrategic or Co-development Partner · 23 October 2025FATE Foundation is a member of the Impact Advisory Group (IAG), contributing expertise in entrepreneurship development and financial inclusion to support MSME competitiveness and policy reform in Nigeria.
• Africa Venture Philanthropy Alliance (AVPA)secondaryStrategic or Co-development Partner · 23 October 2025AVPA is a member of the Impact Advisory Group (IAG), providing expertise in venture philanthropy and social innovation to advance inclusive MSME development and financial inclusion across Nigeria.
• National Bureau of Statistics (NBS)coreStrategic or Co-development PartnerEFInA collaborates with NBS for survey methodology and data collection. The International Remittance Recipients Survey will use stratified multi-stage cluster sampling in collaboration with NBS for nationally representative data across all six geopolitical zones.

Scale indicators10 records

Recent moves5 records

Expansion highlights6 records

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key highlights6 records

Customer concentration

• Xx.com/efina_nigeria
• YouTubeyoutube.com/@EFInANigeria
• Facebookfacebook.com/efinanigeria
• LinkedInlinkedin.com/company/efina
• Instagraminstagram.com/efina_nigeria

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about EFInA