State Financial Inclusion Specialist (SFIS) at Federal Ministry of Agriculture & Rural Development

Main Responsibilities

• The State Financial Inclusion Specialist will be responsible for promoting financial inclusion among Project beneficiaries (Incubatees);
• Ensuring access to financial services, account opening, Savings, remittances, payment systems, Insurance, providing financial literacy education as well as Off-taker, and Pre-financier arrangements.
• The Specialist will work closely with the National Financial Inclusion Specialist at the National Project Coordinating Office (NPCO), and relevant stakeholders in implementing financial inclusion activities.

Specific Duties

• Facilitate access to credit through partnerships with financial institutions and non- bank institutions
• Encourage Savings and the use of digital savings platform, for the Incubatees
• Assist incubatees in opening bank accounts or other financial accounts.
• Promote and facilitate the use of mobile wallets for financial transactions.
• Develop and keep record of financial incluusion metrics of the incubatees, number of accounts opened, and transaction volume of Incubatees business.
• Provide financial literacy education and trainings to incubatees on topics such as entrepreneurship mindset, Insurance, budgeting, saving, digital literacy, financial goal setting, risk management strategies, right time to obtain loans, loan management, loans repayment procedures, calculation of interest rate on loans, investing, retirement plan etc.
• Develop financial education materials for literacy education.
• Offer one-on-one financial counseling to incubatees
• Promote and facilitate access to insurance products for incubatees by linkage to NAIC, and other private Insurance firms
• Facilitate access to remittance and payment systems for incubatees
• Ensure Incubatees understands and maintains accurate and proper record/book keeping
• Develop partnerships, support engagements and collaborate with public and private sector institutions involved in financial inclusion services to provide such to LIFE-ND beneficiaries-e.g NIRSAL PLC, NIRSAL MFB, NAIC, BOA, Bol, SMEDAN, Nicert, NEPC, NIPC, MFB's, Sterling Bank, Wema Bank, NDE, Federal Ministry Trade and Investment, Federal Ministry of Commerce and Industry, and FMAFS
• Prepare and submit monthly and quarterly reports on financial incluusion activities to the State Project Coordinator and the NFIS.
• Develop partnerships with off-takers and pre-financiers.
• Offer one-on-one financial counseling to incubatees
• Advocate for policies and regulations that promote financial inclusion.
• Develop Fl activities for the annual work plan and budget (AWPB).
• Offer one-on-one financial counseling to incubatees.
• Prepare an annual Fl action plan for FI implementation, enhancing Fl learning and knowledge-sharing.
• Conduct research on financial inclusion trends, challenges, and opportunities, ensuring innovative approaches, experiences and learnings are reported and shared constantly within the project, and relevant stakeholders to enhance Financial Inclusion.
• Monitor and evaluate the effectiveness of financial inclusion interventions and provide recommendations for improvement.
• Undertake other Fl tasks as required.

Qualification and Experience

• A minimum of a Bachelor's Degree in Finance, Economics, Business Administration, Agribusiness, or a related discipline.
• At least 3 years of experience in financial inclusion, banking, microfinance or other financial institutions, preferably in roles related to financial inclusion.
• Experience in promoting financial indusion among rural communities, smallholder farmers, or low-income households.
• Experience in managing projects related to financial inclusion, including financial action planning, implementation, and evaluation.
• Ability to analyze financial data, identify trends, and make recommendations.