#1FinTech Landscape and Impact Assessment Study 2020 Report Executive Summary EFINA#2FinTech landscape in Nigeria Relative FinTech adoption scale No of FinTechs H 200+ No of FinTechs in Nigeria Funding LO $560mn FinTech funding in last 3 years Women in FinTech Long-term Economic impact¹ Top sectors by number of players O $3bn potential $1bn retail banking revenue increase 39% Payments 邊 investment 11% Savings 28% Lending 22% 48% Low High Of top 50 FinTechs have a female co-founder Of top 50 FinTechs have women in senior management + Development goal contributions Gender inclusion $50bn DFS GDP potential $ Financial inclusion Extending access to Education, Healthcare, Agriculture and Energy 5 imperatives for stakeholders Multiplier effect Unlock new business models Build a regulatory framework to spur innovation in the Create pull for digital identity Develop central credit infrastructure Accelerate digital infrastructure Grow the talent pipeline Fuel business digitization financial landscape Drive job creation SOURCE: MGI Digital Finance for all 2016, Literature review, customer survey n=215 2. Long-term defined as 5-10 years EFINA 2#3Executive summary Executive summary O 0000 品 The Nigerian FinTech landscape is attractive and growing, with a concentration in Lagos, focused on banked customers and providing payment and lending solutions. However, dynamics are changing - new pockets of growth are emerging driven by changes in consumer behavior, funding sources, and new business models Despite the increased activity in the FinTech sector in Nigeria and the positive multiplier effect, economic impact to date is low, with FinTech activity accounting for only ~1.25% of retail banking revenues in 2019. A concerted effort by all stakeholders to address structural challenges is required to capture a greater share of Nigeria's $50bn² Digital Financial Services opportunity, and mitigate emerging risks as the sector evolves There are a number of actions that could enhance Nigeria's Digital Financial Services landscape, however five of them, if well executed could yield the biggest impact and help drive financial inclusion- Innovation enablement, Digital ID, Credit infrastructure, Digital infrastructure and Technology talent pipeline 1. FinTech revenue as a percentage of total retail banking revenue 2. Assuming growth rate pre-COVID-19 Source: McKinsey Global Banking Pools, MGI Digital Finance for all 2016 EFINA 3#4FinTech definition: A technological innovation in the prevailing model of delivering financial services Could be any type of player... " Incumbents (e.g. Banks, Insurance companies etc.)1 Non-financial services providers (e.g. tech companies) Startups/New entrants. 1 Playing in any part of the value chain... B2B B2C C2C Infrastructure ◉ 2 3 Leveraging technology... ☐ Blockchain Data analytics APIs Cloud ...and delivering a wide range of financial services ■ Payments & Transactions Accounts Savings & Investments Lending & Financing " Life insurance Non-life insurance 4 1. Focus of this document will be in non-incumbent players that are typically startups and early stage companies 1833 EFINA#5Content 1 The Nigeria FinTech Landscape 2 FinTech impact assessment 3 Recommendations 5 EFINA#6The Nigeria FinTech Landscape The Nigerian FinTech market is undergoing dynamic development FinTech is a fast-growing market Traditional banks are reinventing themselves in response Description ■ Nigeria is home to 200+ FinTechs FinTech activities are primarily focused on payments with increased activities in the lending and savings space Some banks have launched fintech solutions, through inhouse innovations or collaboration opportunities with FinTechs " Key indicators Emergence of 200+ FinTechs addressing various consumer pain-points The scope of FinTech investment keeps growing Nigeria is becoming an entry point to Africa and a testing bed for innovation The regulator is pushing a digital agenda I FinTech investments in Nigeria grew 197% over the past 3 years, driven primarily by foreign investors, particularly Chinese investors Foreign-backed fintechs have a pan-Africa expansion strategy, with Nigeria as their entry point Nigerian fintechs are increasingly exporting their business models to other emerging markets The regulator has proactively launched initiatives to drive financial inclusion and push for a cashless economy ☐ First Bank's FirstMonie facilitated the deployment of 200,000+ agents across Nigeria GTB's Quickcredit provides access to loans up to N5 mn in 2 minutes ■ 2019 investments include OPay $170 mn and Interswitch $200 mn Migo scaled its business to Brazil ◉ Paga is expanding to Mexico. Creation of SANEF shared agent network Issuance of PSB licenses to drive rural penetration of financial services Recent reduction in electronic payment charges SOURCE: Market research, expert interviews, team analysis EFINA 6#7The Nigeria FinTech Landscape Consumers are facing challenges across the financial service value chain that are currently unmet by incumbents... NOT EXHAUSTIVE Customer pain-points across financial services Segment BOP and mass ■ Lack of limited access to financial services products Youth Affluent SME owner 2 Pricing of products is greatest barrier to adoption Lack of tailored, products to cater to needs of population (account benefits, saving) Unaffordable rates for financial services products (lending, insurance) Poor user experience on various platforms Limited availability of value added service such as advisory / estate planning Limited access to lending products at favourable rates. Limited access to POS terminals due to high volume requirements Fintech offerings to address customer pain points Fast, affordable payments Cash in, cash out Flexible savings & investments Quick loans Source: McKinsey Africa Retail Banking report, Team Analysis EFINA 7#8The Nigeria FinTech Landscape This has prompted FinTechs to develop innovative value propositions across the financial services value chain to address these unmet need Products Sub-category Wallets Payments Processors Remittances Savings Savings Wealth management Retail lending Core value proposition Easy to sign up, easy to use stored value wallets using mobile phones and incorporating key use cases for customers across transportation, food and digital services Simplified channels to allow MSMEs and corporates receive online payments from customers Easy, instant cross-border transfers at a fraction of cost and time of conventional players- often leveraging cryptocurrency Automated, disciplined and high return savings for middle class customers and millennials Offer customers investment options in diverse industries on online platform at attractive rates (significantly higher than banks savings accounts) Instant, unsecured, short term loans to retail customers leveraging alternative credit scoring algorithms and data Quick, unsecured working capital loans to MSMEs with minimal documentation Example players ρ OPay Paystack paga your cash, anywhere, anytime NOT EXHAUSTIVE cellulant life is mobile Flutterwave Interswitch etranzact Bit Pesa SureRemit CHIPPER CowryWise RISE piggyvest trove Investing, simplified. chaka Wealth.ng renmoney carbon ferratum money Lidya FairMoney schoolable MSME lending Lending Lending infrastructure Lending platform for banks and other lending players to simplify lending process and provide risk assessment migo Indicina Social Lender EFINA 8#955 40 The Nigeria FinTech Landscape ~ Increased FinTech activity is driving investor interest in Nigeria; $600+ mn has been invested in 16 Nigeria FinTechs over multiple rounds Cumulative equity funding of fintechs in Nigeria USD Mn, 2014-Jan 20202 Interswitch Ρ OPay Flutterwave palmpay Interswitch OPay (Operapay) Flutterwave Inc. PalmPay NON EXHAUSTIVE Investors for first 2 rounds 211 Adlevo Capital, Helios Investment Partners 200 Meituan-Dianping, IDG Capital paga yash, anywhere, ylime MINES.IO Paga 35 Mines.io 17 Carbon ՍՈՕ Carbon 16 Luno 14 paystack Paystack 12 I-SEC i.Sec 10 Lidya Lidya 8 SureRemit SureRemit 7 teamapt TeamApt 6 Kudi Kudi 5 kuda. Kuda 2 BuyCoins BuyCoins 1 CRE Venture Capital, VC FinTech Accelerator MediaTek, NetEase, TECNO Tim Draper, Omidyar Network, Capricorn .. XSeed Capital, Nyca Partners Net 1 UEPS Technologies, Inc. Naspers Y Combinator Synergy Capital Accion Venture Lab. Newid Capital Hashed Quantum Capital Partners Y Combinator, Eric Nadalin Haresh Aswani, Ragnar Meitern Microtraction, Y Combinator ~20-25 fintechs 4 Source: McKinsey Fintech Panorama, Efina, Crunchbase, Partech, Digest Africa, Press Research, EFINA#10The Nigeria FinTech Landscape - Evolution The FinTech landscape has evolved from focusing on B2B to a growing number of B2C-focused and ecosystem players 2000-2007 2007 - 2018 2019 - present Key players Core focus Key drivers Regulation Infrastructure FinTech 1.0 System Specs UP eTranzact»>> UNIFIED PAYMENTS avovations at work for you Interswitch ■ B2B services enabling banks. and other financial institutions mainly in payments Guidelines on transaction switching ■ ATM network Magstripe cards FinTech 2.0 paga cellulant Paystack your cash, anywhere, anytime FlutterwaveⓇ life is mobile piggyvest 10 CowryWise P carbon ■ B2C players focused on specific niches, leveraging enabling infrastructure (BVN, Instant payments, etc) Cashless policy, SANEF (Financial inclusion); BVN " EMV card issuance ■ POS terminals OPay FinTech 3.0 JUMIA palmpay ONE Ecosystem players offering array of financial and non- financial services e.g. ride- hailing, music ■ Payment Service Banks (PSB) NA ■NIBSS Instant Payment ■ MasterCard Gateway services EFINA 10#11Nigeria FinTech Landscape Nigerian FinTechs are primarily focused on payments and consumer lending across formal and informal segments. ESTIMATES McKinsey FinTech Landscape, No of FinTech as % of database Customer segments 11% 6% Consumer SME Corporate/ FSP 30% 18% 20% 4% 0% Share of total banking revenue pools FinTech <5% 5%-7.5% 7.5%-10% >10% x% % of FinTech in database (% adds up to 100%) Д Key insights Payments have served as the entry point for most FinTechs ~90% of customer touch points are in payments Lower barriers to entry in payments ~15% of revenue pools are in payments Lending has also seen growth in FinTech activity Large unmet demand Leverage of analytics on available customer data (e.g. phone data, payment data) to determine lending risk Reduced barrier to entry (players leveraging MFB and State Money Lender Licenses) Rising activity in wealth management: Unmet need for better return Payments disruption enabling increased customer control over their money Gaps still exist in "non-low hanging fruits" areas, specifically MSME lending and insurance 3% 2% 3% 0% 2% 000 1% Insurance 0% Payments 0% Lending Savings & $ Investments Accounts Products/ capabilities SOURCE: McKinsey FinTech database, Panorama Global Banking Pools EFINA 11#12The Nigeria FinTech Landscape - Adoption FinTech adoption is highest in Lagos and growing in the South, however, it remains nascent in the North Adoption across Nigeria Lagos Adoption Lack of adoption Adoption across segments Factors driving adoption Index relative to middle/affluent segment BOP 3 Adoption driven by close proximity to technologies, higher educational levels, better infrastructure and stronger economic power Mass 70 South High digital adoption across customer segments with individuals using USSD, agents and cards at entry level Youth 87 Middle 100 North 38% of mass and youth FinTech users use savings products, 62% of whom are females Adoption remains low due to lower education levels, income and limited access to financial services Across segments, lending products more commonly used by males but females focus on money transfer and wallet services Source: Customer interview and survey (n=215), Nigeria - 49% females and 51% males South Abia, North Abuja, Kano, Jos, Kaduna, Maiduguri Affluent SME Senior O 60 100 A Implementation of relevant use cases B Growing trust in FinTechs CIncreased referral programs EFINA 12#13The Nigeria FinTech Landscape - Evolution Looking forward, we expect all three fintech archetypes to co-exist in Nigeria..... B2B enablers (Fintech 1.0) Mid-sized niche players (Fintech 2.0) Ecosystem orchestrators (Fintech 3.0) Description FinTech focused on enabling traditional players/incumbents to improve their offering Could start out as B2B or have pivoted from a B2C model with a great product but limited traction and challenging economics, Most valuable B2B players will likely focus on providing infrastructure to market participants Global examples include Mbiz in in Indonesia and Red Carpet in India Longer tail of medium sized businesses who are focused on executing individual verticals in products (e.g. payments, savings) or geographies (e.g. Northern Nigeria) or segments (e.g. SMEs) • Experience in other markets suggest, these type of players thrive in their domain of expertise, solve distinctly local problems and are often acquisition targets for the larger players Global examples include Transferwise . Large, deeply funded players, operating as a platform/superapp that acts as a gateway for customers to a wide range of services beyond financial services (e.g. transportation) These type of players could also be 'TechFin'- technology companies with existing customer bases that offer financial services as an add-on offering Global examples include Alibaba and Tencent in China Nigerian examples eTranzact»>>> Interswitch cellulant life is mobile paga your cash, anywhere, anytime FlutterwaveⓇ CowryWise palmpay P piggyVest Bankly paystack carbon ρ OPay JUMIA OONE Source: Expert interviews, Web search EFINA 13#14The Nigeria FinTech Landscape - Evolution .....with FinTech innovation creating more opportunities than threats for incumbents Nigeria FinTechs have driven technology enabled innovation around four areas.... ... these themes can be leveraged by incumbents to drive adoption at scale Lending criteria Distribution (decoupling from branches) and ex- tension of access (24/7) Product development Customer experience SOURCE: McKinsey No مهما Threat Opportunity Fintechs are capable of disrupting current banking propositions and business models However, distribution reach is limited. Building distribution requires deep pockets and/or partnerships Leverage Fintech capabilities to rapidly launch new solutions and drive scale enabling access to finance for all Use Fintech collaboration as "innovation" engine (e.g. The Open Vault by OCBC in Singapore) For example, The Open Vault by OCBC in Singapore is redefining banking through co-innovation with fintech firms around the globe EFINA14#15The Nigeria FinTech Landscape - Evolution As the Nigerian financial services market evolves, banks are adopting new strategies to remain competitive ■ Build partnerships with FinTechs, opening up their infrastructure for FinTechs to integrate and drive innovation E.g. Ecobank hosts an annual fintech challenge; Access bank's Fintech Foundry funds and accelerates the growth of Fintech startups Ecobank Fintech Challenge AF AFRICA FINTECH FOUNDRY Sterling Bank Reinvent themselves leveraging digital technologies to change operating model and deliver new proposition to the market distinct from existing mode E.g. Wema Bank built ALAT, the first digital bank in Nigeria ΔΙ ALAT by WEMA A Build partnerships D Compete ■Compete with different FinTech. players as well as industry peers. with Fintech propositions E.g. First Bank's FirstMonie to drive agent banking and GTB's Quickcredit for loans in just 2 minutes Firstmonie Agent QuickCredit Strategic options for incumbents Reinvent yourself B Acquire C Acquire merge with FinTechs as a means to capture synergies and drive scale ...close and simple 15 EFINA#161 2 3 Content The Nigeria FinTech Landscape FinTech impact assessment Recommendations EFINA 16#17Impact Assessment In the long term (5-10 years), FinTechs can create impact on three broad dimensions - economic impact, development goals, and multiplier effect Unlock economic impact FinTech activity in Nigeria could impact the economy by: ☐ ☐ Expanding the revenue pools by ~18% in additional retail revenues Attracting up to $3bn in foreign direct investment from global investments in FinTech Contributing to the Digital Financial Services GDP uplift of $50bn by 2025 driven by increased productivity, increased capital and increased labor hours from digitization Enabling increased consumer consumption and MSME growth through innovation on new lending models Increase participation & accessibility across development goals Digital financial inclusion can positively impact the livelihood of Nigerians by: Providing financial service products to rural communities and unbanked populations. Enabling digital and financial inclusion of women which drives increased spending on education, healthcare and raised quality of human capital in the economy Leveraging technology to increase coverage extension through pay-per-use and lower cost solutions in education, healthcare, agriculture, etc. M Increased FinTech activity could indirectly impact the economy by: Unlocking new business models beyond financial services (e.g. logistics) Fueling the growth of e-commerce Source: MGI Digital Finance for all 2016, Literature review, team analysis Multiplier effect ■ Increasing job creation and STEM talent pipeline EFINA 17#18Nigeria FinTech Landscape - Impact Assessment FinTechs could add up to ~$3bn through investments into the economy and ~ $1bn in additional revenues to the financial services industry in the long term FinTech have accounted for ~10% of direct investment into Nigeria from 2017-2019 and can contribute pre-COVID-19 estimates of up to $3bn².... FinTech investment in Nigeria USD Mn High 2019 inflow driven by investment to Interswitch $200mn and OPay $170mn 459 ... + with potential impact to increase retail banking revenues by ~$1bn by 2025 Pre-COVID estimates 650 524 Retail banking revenues USD Mn 1,484 3,428 1,161 4,589 379 105 52 2017 2018 2019 2020F 2023F 2025F 1,944 2019 Banking revenue pools BAU growth 2025 Banking revenue pools Additional uplift from fintech 2025 total banking revenue pools potential Payments have the potential to financial survives revenues $1bn driven by FinTech activities While forward funding projections depend on the complex interplay between economic activity, investor sentiment and evolution of the COVID crisis, we expect to see a downward trend in Nigeria, similar to global trends 1. Payments, Savings, Lending (excludes wealth management) 2. Sum of $3bn includes projected figures on chart for years 2020, 2023 and 2025 and figures for 2021-$422mn, 2022- $470mn and 2024-$583mn Source: Nigeria Bureau of Statistics, McKinsey Global Banking Pools, team analysis, EFINA 18#19Impact Assessment FinTech penetration will boost human capital development Drive financial inclusion for the ~40% financially excluded population Increased talent development in tech education e.g. computer science, coding, programming etc. Foster female adoption of DFS to increase welfare and family productivity as women spend more on food, education and healthcare Provide access to healthcare and health services to individuals including micro-insurance Gender inclusion Public health Education Financial Inclusion Agriculture Social Impact પે Deep dive to follow Increased access to financing for agriculture 茶 66666 Source: MGI Digital Finance for all 2016, Literature review, team analysis 19 EFINA#20Nigeria FinTech Landscape - Impact Assessment Nigeria still faces a significant financial inclusion challenge Almost 40% of Nigerians are financially excluded... Size of banked and unbanked population in Nigeria Millions of people Financially excluded Formal other Banked ...and majority of the banked are also underbanked Share of services used by banked population % 2016 2018 Informal only 96.4 Remittances 99.6 Savings with a bank 36.6 40.1 Payments 12.1 14.6 9.4 8.9 Income receipt 8.4 10.0 36.9 39.5 Loans 2016 SOURCE: EfinA Access to Finance 2018 Report 1.3 24.2 22.4 27.7 21.0 1.3 9.7 Banking agents 2.6 3.3 2018 15.5 મી EFINA 20#21Nigeria FinTech Landscape - Impact Assessment પે There are 4 key levers through which FinTech are driving financial inclusion (1/2) Key Levers Access Pricing Description Financial products and services within easy reach of all segments of the population Financial affordability and ability of products to accommodate various income/economic groups FinTech Impact FinTech have increased access through new savings and lending models: Access to Savings Over 1 million customers saving on platforms like Piggyvest & Cowrywise with 60%-70% being first time savers Access to Lending Over 3 million customers with increased access to lending through FinTech such as Carbon and Migo Over N50 billion loans disbursed annually through FinTech such as Carbon and Migo FinTech have increased product affordability through reduced charges and cheaper transfer fees: FinTech tend to be 50%-80% cheaper than traditional players in transfers, bill payments and airtime purchase. - FinTech are offering 2-3X the interest rates on savings compared to traditional players SOURCE: Company Websites, Press Search EFINA 21#22Nigeria FinTech Landscape - Impact Assessment કોમ There are 4 key levers through which FinTech are driving financial inclusion (2/2) Key Levers Product design/ innovation i Description Design of financial products that cater to the needs of various segments of the population across culture, religion, gender, geography etc Education (perception) Education of consumers on the needs and benefits of financial products and services FinTech Impact ☐ FinTech have led innovation in 3 out of 5 product areas, spurring imitation from traditional players: Savings & Wealth Management: ☐ Disciplined savings models through FinTech like Cowrywise Digitization of Cooperative savings through FinTech like Riby Digitization of Esusu models through FinTech like Bankly Lending Aggregation of smartphone data points to disburse documentation and collateral free loans e.g. through Carbon Payments Online IVRs in various languages e.g. through Softcom Migration of customers to wallets via lifestyle use cases e.g. Opay A few FinTech are making modest efforts at consumer education, with significant room for improvement: Lending: Free credit reports (e.g. on Carbon) educating consumers on credit health Savings: Educating consumers on maintaining financial health e.g. Piggyvest's WAEC score enlightens users on their saving habits and how they can improve SOURCE: Company Websites, Press Search 22 EFINA#23Nigeria FinTech Landscape - Impact Assessment Female participation in FinTech remains low in Nigeria and adoption in concentrated in payments and wallet offerings Despite a low number of female-founded companies in Nigeria, 48% of FinTech have women in senior management positions Female founders 22% of top 50 FinTech2 have female co-founders મી FinTech adoption is lower for women 5 in Nigeria relative to men and concentrated in low sophisticated products Female adoption of FinTech for Rationale for low adoption mass and youth, % Accounts/ wallets 35% Women in senior management³ 48% out of top 50 FinTech have women in senior management position Payments Savings 4 (4%) FinTech funding >$1mn Only 2 companies with female co-founders have raised $1mn+ in 2018-2019 Lending 2% $ 59% 2. Determined based on Weetracker and Britter Bridges reported FinTech, team analysis 1. Based on interviews with various stakeholder and team analysis on top 50 FinTech 3. Senior management includes partners and executive positions 4. Publicly announced funding of FinTech in Nigeria 5. Based on 215 customer interviews across Nigeria 6. Use at least one FinTech product 7. Carbon SOURCE: Customer survey, company websites Only 17 out of the top 30 FinTech in Nigeria has designed a product specifically for women Companies do not create products to solve specific women's needs EFINA 23#24Impact Assessment Fintech solutions could create a multiplier effect on the economy across multiple sectors NOT EXHAUSTIVE Areas that could be impacted by increased DFS Twelve distinct ecosystems have been identified In Nigeria, FinTech impact is already observed across a few sectors Housing Digital content Mobility Education Healthcare Travel & Hospitality B2C Marketplace (e- commerce) B2B Marketplace economy Sharing & Social networ B2B services Public services Wealth and Protection Global Corporate Services Travel & Hospitality New online business models leveraging digital payment solutions (e.g. WAKAnow, Hotels.ng) Healthcare Offer businesses and individuals to spread costs of insurance premiums over regular installments (e.g. Reliance HMO) Housing Provide financing for annual fees for e.g. school, memberships or commercial services (e.g. Fibre) Education Create environment that generates more interest in STEM, thus increasing talent pool of computer scientists, developers etc. 1. Total revenue pool, integrated network economy SOURCE: McKinsey analysis, IHS World Industry Service, McKinsey Digital Finance for All report 24 EFINA#25Content 1 The Nigeria FinTech Landscape 2 FinTech impact assessment 3 Recommendations EFINA 25#26Recommendations There are 5 key imperatives for stakeholders in order to capture the potential opportunity in the Nigerian FinTech ecosystem Innovative 01 Regulatory Environment Foster regulations that support innovation Establish regulatory sandbox that allows FinTech test ideas in a controlled environment Set up helpdesk to help FinTechs navigate regulations Set up innovation office/team to update regulations based on sandbox outcomes Targeted efforts towards solving industry wide issues (e.g. "99 paint points Hackathon") Provide access to standardized APIs Key stakeholders CBN, NIBSS,SEC, NAICOM, PENCOM, NCC etc. 02 Digital ID 03 Credit Infrastructure 04 Digital Infrastructure Create pull for digital identity e.g. BVN, NIN, Voters ID etc. ■ Encourage digital ID registration as a prerequisite for receiving donor benefit (e.g. cash transfers, health, food programs etc.) Expand access to infrastructure required for enrollment Accelerate the harmonization of various digital ID systems (NIN, BVN, Voters ID etc.) into centralized system Key stakeholders Development organizations/ Foundations CBN, Partner agencies e.g. Ministries, SANEF, NIBSS, hospitals, schools, Develop central credit infrastructure Enforce reporting compliance to Credit Bureau for all Lenders Task central body to provide data for alternative credit scoring (e.g. payment transaction data) to stimulate MSME lending Key stakeholders Credit Bureaus, Commercial Banks, Lenders, NIBSS 1. Global Standing Instruction will allow lenders to collect default loan repayments from an individual's or company's from any bank across the country Some states have started reviewing the Row charges in the wake of COVID 19 2. Accelerate the deployment of digital infrastructure ■ Cost effective digital access to all customers (e.g. explore the modalities of inclusive pricing for USSD) Drive down cost of smart feature phones by developing partnerships to assemble low cost phones in free-trade zones Drive down cost of data by promoting transparency of regulatory fees around Right of Way (ROW) permits and reduce build-out cost by encouraging infrastructure sharing² Key stakeholders NCC, MOF, Local and State Governments, Telcos 05 Talent Pipeline Grow the talent pipeline Scale up developer training programs through standard curriculum and delivery partnerships with Universities or independent training centers situated close to University campuses Develop apprenticeship programs at scale by partnering with various stakeholders to absorb talent for internships from trained pool Build central talent database of trained developers and promote widely to connect demand with qualified supply Key stakeholders Development organizations/ Foundations, Federal, State and Local Governments, Industry players, Investors 26 EFINA#27EFINA