2019 Arab Financial Inclusion Innovation Prize
Deadline: July 20, 2019.
The Arab Financial Inclusion Innovation Prize equips promising innovators with the funding and support they need to realise their potential to further financial inclusion in the Arab world. It rewards those who can increase access to financial services, reduce the costs of that access, and better serve end clients in the region.
1. Eligible proposals must be by Arabs for the Arab world. Residency in an Arab country is not required, but at least one member of the team must hold an Arab nationality. The proposed innovation must be for implementation in the Arab world, defined as the member countries of the Arab league.
2. Innovative proposals at all stages of development are welcome. Applicants must be able to show that their innovation can be successfully applied to the sector. Microfinance and financial inclusion are defined in their broadest sense to encompass a wide range of fields, including but not limited to: credit, savings, insurance, payment services, Islamic finance, fund transfers, responsible investment, collective banking, and business development services of micro-enterprises.
3. They welcome applicants of many types to apply for the prize, including individuals, small businesses, MFIs, NGOs, students, cooperatives, commercial banks, local development banks, leasing firms, insurance companies, and fintech enterprises.
Winners of this year’s prize will receive a cash grant and technical post-prize support. AFIIP 2019 finalists will also be invited to the attend Sanabel, the largest microfinance conference in the region, to provide them with networking opportunities and to support the development of their innovation.
The Team – their backgrounds, capability and cohesiveness.
Innovation – proving that the proposal offers a new, creative solution to existing problems and make processes more efficient.
Impact on financial inclusion – based on AFIIP’s three core objectives to further financial inclusion: increasing outreach, reducing costs and better serving end-clients. A preference was given to innovations with a direct measurable impact on the end clients.
Marketability – demonstrating a significant probability of finding a market in the Arab world, an understanding of the existing market, and evidencing potential for scalability and growth.
Implementation – demonstrating how the proposal can be effectively implemented in the Arab world within a defined timeframe.
Quality of proposal and funding – providing a clear proposal with an outline of relevant funding and budget expectations.