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LAGOS, Nigeria Enhancing Financial Innovation & Access (EFInA) launched a £2 million COVID Fund to support solutions that can mitigate the far-reaching impact of COVID-19 on low-income individuals/households and MSMEs in Nigeria. The fund will support financial service-enabled solutions that enable access to liquidity, healthcare, and food. This grant is funded by the UK Governmentâs Foreign, Commonwealth & Development Office (FCDO).
Announced during a webinar on December 8
th, the initiative recognizes how COVID-19 has affected businesses globally, torn down existing systems and supply chains, inhibited access to capital or markets due to restrictions, and left families struggling to make ends meet. Research conducted by EFInA and partners in Nigeria has found that many households are experiencing food insecurity, reduced income, and challenges accessing required health services; however, the widespread use of digital financial services can