Project: Financial Literacy for Young Adults in Nigeria
State of development: Current
Stage of development: Early stage
Type of instrument — Impact Bond: No; Outcomes Fund: No; Social Impact Incentives (SIINC): No; Social Impact Guarantee: No; Payment-by-results (no pre-financing): No; Technical Assistance and Market-building program: Yes; Other: 
Rationale for using outcome-based finance: The program distinguishes itself with a hybrid approach, melding traditional in-person workshops with interactive digital tools to engage university undergraduates in Nigeria. A key innovation is our utilization of gamified financial modules, ensuring higher engagement and retention levels among the digitally-native audience. For scalability, we plan to form partnerships with universities across different Nigerian states, leveraging their existing infrastructures to reach a broader audience. A subscription model, where universities or corporate sponsors invest in the program, is being considered for financial sustainability. Additionally, aligning with tech firms will drive down the digital tool development costs, ensuring cost-effectiveness. Our plan also includes evaluating success stories from our pilot phase, refining them, and incorporating those strategies into broader rollouts, thus maintaining a balance between innovation and scalability.
Key challenges to launch: The primary challenge obstructing our project's advancement is resource constraints. The initiative, while recognized as necessary, faces hurdles in securing consistent funding. Being outcome-centric, it requires initial capital to initiate processes, anticipating further funding upon achieving set results.

Another significant obstacle is an expertise gap. Our team, though passionate and grounded in the domain, lacks specific expertise in areas like outcomes-based funding instrument design and stakeholder engagement. This knowledge void could hinder the effective rollout of our project.

Lastly, our project's potential expansion is stymied by limited networking avenues. To make a broad impact, forging partnerships with pertinent institutions and potential funders is vital. The Accelerator's support can alleviate these challenges, offering financial backing, specialized knowledge, and access to an invaluable network of stakeholders.
Social/developmental challenge: The most glaring issue is information asymmetry. Many young adults lack essential financial knowledge, hindering them from making informed decisions about their finances, careers, or potential entrepreneurial pursuits. This lack of understanding not only stifles their personal growth but also deprives the economy of an empowered workforce and entrepreneurial potential.

Furthermore, the inability to navigate financial intricacies can create barriers to entry for budding entrepreneurs. These barriers deter many from actualizing their business ideas, subsequently limiting economic dynamism and innovation. When young minds are deterred from entrepreneurial endeavours, the broader economy loses out on potential innovations.

Lastly, the ripple effect of individual financial mismanagement can lead to larger economic inefficiencies and further perpetuate income inequalities. Those equipped with financial skills can grow their wealth, while others remain stagnant, exacerbating socio-economic disparities. Addressing this literacy gap is essential for a more balanced and prosperous Nigeria.
Expected intervention model: Despite its abundant resources and talent, Nigeria trails behind many countries in terms of equality and social mobility, with the gap continuing to expand. This project targets this disparity by emphasizing financial literacy, especially for Nigeria's teeming young populace. 

Our project is designed specifically for university undergraduates in Nigeria, offering them tailored financial literacy and mentorship. We integrate tried-and-true methodologies such as workshops with newer, tech-savvy approaches, including gamified experiences, bite-sized video lessons, and interactive quizzes. This multifaceted strategy ensures we align with the dynamic learning preferences of today's students. The curriculum spotlights entrepreneurship, personal financial planning, and investment strategies.

Targeting university undergraduates in Nigeria is imperative. At this formative stage, sound financial literacy not only enhances their job prospects but also amplifies their entrepreneurial potential. By grounding them in robust financial principles now, we are positioning them to seize opportunities, drive economic growth, and catalyze innovative ventures in Nigeria's dynamic landscape.
Policy sectors — Employment and private sector development: Yes; Education: Yes; Social protection: No; Criminal justice: No; Health: No; Agriculture: No; Environment and climate change: No; Water, Sanitation and Hygiene: No; Energy: No; Humanitarian: No; Early Childhood Education: No; Other: 
Primary SDG goal: 4, 8
Country income classification of beneficiaries — Low-income: No; Lower-middle-income: Yes; Upper-middle-income: No; High-income: No
Notes: Data for this pipeline project was last updated in August 2024
Delivery location: Nigeria