April 2015

INTRODUCTION
Enhancing Financial Innovation & Access (EFInA) is seeking to appoint a Head of Innovation
Funding to assist the CEO in developing EFInA’s financial inclusion agenda. S/he will be an essential member of the executive leadership team, and will drive EFInA’s strategic objectives through the initiation, management and monitoring of grants to the low income segments of the population.
This specification should be read in conjunction with information available on the Enhancing
Financial Innovation & Access (EFInA) website at: http://www.efina.org.ng/
Enhancing Financial Innovation & Access (EFInA)
EFInA is a leading financial sector development organisation working to promote financial inclusion in Nigeria. Established in late 2007, EFInA’s mission is simple: to make the Nigerian financial system work better, especially for the poor.
Since its inception, EFInA has pursued actively its vision of being the leader in facilitating the emergence of an all-inclusive and growth-promoting financial system. Today, EFInA is well renowned within Nigeria’s financial sector for providing thought leadership in financial inclusion and championing the unbanked. Through funding and catalysing innovation, providing cutting-edge research, advocating for enabling inclusive policies and building capacity, EFInA has built a reputation as an “honest broker” amongst both the private and public sectors. Data from the EFInA
Access to Financial Services in Nigeria surveys was a key source of information in the development of the Central Bank of Nigeria’s National Financial Inclusion Strategy and is also widely used by a diverse range of stakeholders, including regulators, as a benchmark for financial inclusion in Nigeria.
Furthermore, financial services providers use EFInA’s research to develop a range of relevant financial products through gaining insights and understanding of consumers’ needs.
EFInA’s Strategy and Approach
EFInA views financial inclusion as the provision of a broad range of high quality financial products that are relevant, appropriate, accessible, and affordable for the entire population. As a result,
EFInA’s strategy is underpinned by a focus on the key dimensions of financial inclusion, namely access, usage, and quality.
Specifically, EFInA’s work focuses currently on three Strategic Areas (STARs) and three Cross-
Cutting Themes (CROSSes). The Strategic Areas are: 1) Agent Banking; 2) Electronic Payment
Systems; and 3) Inclusive Products and Services. The Cross-Cutting Themes are: 1) Women; 2)
Northern Nigeria; and 3) Financial Literacy.
Structure and Governance
EFInA is constituted as an independent company limited by guarantee and registered under Nigerian law and is headquartered in Lagos.
The Board of Directors is the principal oversight body of EFInA. Representatives of DFID and the
Bill & Melinda Gates Foundation maintain observer status on the Board. EFInA’s Board is expanding, and they will recruit several additional Directors within the next few months.
As the first and current Executive Director/Chief Executive Officer of EFInA, Ms. Ladipo is credited with having relentlessly built EFInA’s strength and excellent reputation. After more than seven years of outstanding service, she will be stepping down in 2015. She is taking an active role in the recruitment of her successor and the str engthening of EFInA’s executive leadership team. As part

of this initiative, EFInA will also recruit a Chief Operating Officer and Head of Innovation Funding.
Ms. Ladipo will stay on as a non-executive director for a transitional period to ensure continuity and to provide guidance to the new executive leadership team.
Innovation Fund
In 2009, EFInA launched their Innovation Fund to encourage financial service providers to develop and launch novel products and services targeting the un(der)banked low income segment. As innovation involves taking risks, EFInA shares the risk of developing and implementing innovative products by providing grant subsidies for commercial and policy related initiatives.
The Innovation Fund focuses on novel ways of providing access to financial services in Nigeria, rather than replicating existing approaches. Working across EFInA’s Strategic Areas and Crosscutting Themes, it aims to:

Generate and pilot new ideas and business models that increase access to financial services for low income customers that are unbanked and under-banked;

Support projects that extend the provision of inclusive financial services; and
 Maximise the impact of EFInA’s Innovation Fund by supporting innovative projects that have good potential for replication.
The Innovation Fund offers two types of grants:
1. Technical Assistance Grants
Technical Assistance Grants are given at an early stage to provide support for projects in design, pilot or development as a stepping stone for larger initiatives. Projects are to be implemented within
12 months of the grant being awarded. The maximum grant amount is USD$250,000.
2. Innovation Grants
Innovation Grants provide larger long term funding and are available for projects in sectors defined by their Request for Proposals (RFP). Innovation Grants can range in size from USD$250,000 to
USD$2,000,000 for up to 24 months.
For further information on EFInA’s Innovation Fund, please go to; http://www.efina.org.ng/ourwork/innovation/innovation-fund/

THE ROLE
The Head of Innovation Funding will assist the CEO in developing EFInA’s financial inclusion agenda by initiating, managing and monitoring grants designed to increase the financial options available to the low income segments of the population. By stimulating product innovation and increasing the number of grants awarded, the Head of Innovation Funding will play a central part in achieving
EFInA’s strategic objectives. Through these activities, he/she will maximise the impact of the
Innovation Fund, by increasing the pipeline of fundable projects and showcasing the demonstration effect of the projects funded.
With strong leadership and fund management skills and experience, the Head of Innovation Funding will convene and manage existing grantees. He or she will also ensure a strong pipeline and diversity of applicants for the Fund. This is a market making role which requires a highly numerate and analytical individual who demonstrates a high degree of maturity and integrity. He/she will have a strong strategic focus, be results driven, and committed to high standards of performance. He/she will proactively identify institutions with the capacity to deliver new projects that are both innovative and inclusive.
The Head of Innovation Funding’s responsibilities include (but are not limited to):
Innovation Fund Management

Prepare the Requests for Proposals for Innovation Grants, for approval by the CEO;

S/he will also identify the need for, establish and implement new funding mechanisms aimed at taking EFInA’s targeted financial inclusion initiatives to scale;

S/he will manage existing grantees to ensure a strong pipeline and diversity of applicants for the Fund;
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S/he will evaluate proposals (including budgets, assumptions and milestones); lead the setup, implementation and improvement of grant monitoring systems; provide oversight of the Innovation Grants process; and conduct due diligence of potential grantees;
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S/he will review and finalise the quarterly project monitoring reports and the project completion rep orts prepared by the Grants team for the CEO’s approval;
 Upon completion of the grantee’s project s/he will commission an impact assessment and provide information to support EFInA’s research agenda, and ensure that the lessons learned from grantees are disseminated;

Develop the pipeline for Technical Assistance Grants and extensively review the viability of submitted applications for the CEO and the Innovation Fund Committee’s approval; and
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S/he will be responsible for marketing the Innovation Fund to key external stakeholders, to build a strong pipeline by using a variety of channels including events, workshops and engaging in institutional dialogue. This includes developing and executing a marketing strategy that increases the awareness and understanding of the Innovation Fund.

S/he will cultivate and manage relationships with key stakeholders such as financial services providers, regulators (especially the CBN, SEC, NAICOM and NDIC), Ministry of Finance, and industry associations and trigger interest in, and gain commitment to the uptake of
EFInA’s grants to deliver innovative projects;


The successful candidate will possess the gravitas and credibility to build and maintain a network by proactively developing relationships with key stakeholders across the Nigerian financial sector;
 By representing and marketing EFInA’s Innovation Fund at events, conducting workshops and engaging in institutional dialogue, s/he will trigger interest in, and gain commitment to supporting financial innovation, and provide the funding for developing relevant business models;
Strategic Contributions
 In conjunction with the CEO, s/he will promote EFInA’s vision, mission and strategic goals;
 S/he will support the CEO in expanding EFInA’s funding activities in line with the organisation’s Five-year strategy. This will include ensuring that projects funded reach scale;

This is a market-making role in which the successful candidate will proactively identify new areas for strategic focus and institutions with the capacity to deliver new projects that are both innovative and inclusive;
 S/he will be responsible for ensuring that EFInA’s research is used to stimulate product innovation to deepen Nigeria’s financial sector; and

S/he will leverage other DFID related projects/programmes, as required.
Leading the Grants Team

S/he will conduct annual performance appraisals for the Grants team and also ensure that annual job plans are completed;
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The successful candidate will lead, coach and mentor the Grants team to ensure customer focus and high standards of delivery;

S/he will develop a learning culture by sharing best practices and successes between the
Innovation Funding Department and different departments of the organisation;

S/he will be responsible for monitoring, managing and reporting on the performance of the
Grants team, including setting monthly performance objectives and timelines, as reflected in their annual job plan and conducting monthly reviews; and

S/he will ensure that Total Quality Management is embedded across all activities undertaken in the Grants Department, to create an environment in which all team members are committed to maintaining high standards of work in every aspect of EFInA’s operations.

CANDIDATE PROFILE
KNOWLEDGE AND EXPERIENCE
Candidates for the role will bring:
Essential

Master's degree in Business Administration, Finance, Statistics, Economics, International
Development, Public Policy or related field, from a reputable institution;

Minimum of ten years' financial sector experience;
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Proven track record in evaluating and funding projects;

Good understanding of the Nigerian financial sector;
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Experience in one or more of EFInA's strategic areas such as electronic payments, agent banking, microinsurance, micropensions, microfinance, mobile money, etc.;

Demonstrated experience in a complex or pioneering environment;
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Ability to process and interpret large amounts of data;
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Active participation in conducting due diligence on relevant investees/grantees;
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Monitoring and evaluation experience of funded projects;

Experience working in Africa.
Desired

Experience of grant-making in financial sector development

Experience in financial modelling and analysis; and
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Advanced level competency in Microsoft Word, Excel, Project and PowerPoint.
COMPETENCIES
The Head of Innovation Funding will possess the following:
Business Acumen

A strong analytical mind and ability to grasp the nature and direction of the EFInA strategy quickly;

Deep appreciation for and knowledge of financial inclusion and the Nigerian financial sector;

Creative problem solving skills to shape and operate within an evolving organisational architecture; and
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Knowledge of grant making processes and procedures; for example, both reporting to donors and managing clients who are unfamiliar with grant funding requirements.
Fund Management Skills
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Commercial sensibility to source, negotiate and manage deals; experience with private equity or venture capital would be advantageous;
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Demonstrated market making skills and ability to interpret and analyse large amounts of data; and
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Proven ability to produce concise, well-structured, and very high quality reports and presentations.
Driving for Results


Strong strategic focus, results orientation and proactive approach; s/he will demonstrate the commitment and confidence to take ownership and responsibility to ensure high standards of performance;
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Ability to drive continuous improvement in processes and systems, naturally assuming a leadership role in a demanding environment;
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Energy and resilience to pursue excellence and ask challenging questions;
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Strong verbal and written communication skills, as well as a high level of attention to detail and accuracy; and
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Ability to operate effectively in a fast-paced, dynamic and entrepreneurial environment.
Leading Teams
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Strong leadership and management skills; s/he will inspire and lead teams to achieve results and high standards of excellence;
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Ability to impart knowledge of financial inclusion to educate and develop team members;
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The propensity to work collaboratively to achieve results; and
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Organisation building mindset with the ability to influence and motivate people.
Building Relationships and Using Influence
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Effective influencing and relationship building skills; s/he will be able to negotiate change, take responsibility and make complex strategic and operational decisions;
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Highly adaptable, creative, and used to delivering results in a dynamic and fluid working environment;
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Excellent presentation and communication skills; demonstrating the requisite executive presence and confidence to interface with and represent EFInA’s Innovation Fund to both internal and external stakeholders; and

Gravitas, credibility and ability to initiate and develop strategic partnerships and alliances.
Personal Attributes
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Commitment to the Nigerian financial inclusion agenda; s/he will be a positive, energetic leader with a strong vision and passionate commitment for EFInA’s strategic objectives;

Highly professional, organised and efficient; able to multi-task effectively and prioritise work based on minimal direction and multiple competing priorities, with the ability to work well under pressure, demonstrating confidence and resilience;
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Innovative and enterprising approach that is quick to search out alternative solutions to needs or problems; and
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Discreet and respectful of confidentiality, with a high degree of maturity and integrity.
Languages
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Impeccable verbal and written communication skills in English are essential; fluency in or knowledge of other languages desirable
Location


The Head of Innovation Funding will be expected to reside and work in Lagos, Nigeria.

HOW TO APPLY
To apply, please send a full CV together with a Cover Letter, briefly highlighting your experience and skills against the requirements of the role, to Victoria Cox at responses@russellreynolds.com
including the reference number 1503-036L and job role in the subject title. All applications will be acknowledged.
CONTACT
Victoria Cox
Russell Reynolds Associates
Almack House, 28 King Street
London
SW1Y 6QW
United Kingdom
Tel: +44-20-7839-7788
Direct: +44-207 343 3647
Mobile: +44-7789 767610
Fax: +44-20-7198-1850 victoria.cox@russellreynolds.com
Simon Kingston
Russell Reynolds Associates
Almack House, 28 King Street
London
SW1Y 6QW
United Kingdom
Tel: +44-20-7839-7788
Direct: +44 (20) 7830 8089 responses@russellreynolds.com