An Opportunity to Participate in The Arab Financial Inclusion Innovation Prize 2019

The Arab Financial Inclusion Innovation Prize (AFIIP) announces the launch of its 2019 award to reward promising innovators with the funding and support they need to realize 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. 

Prize

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 conference.

Criteria

1. The Team: their backgrounds, capability and cohesiveness.
2. Innovation: proving that the proposal offers a new, creative solution to existing problems and make processes more efficient.
3. Impact on financial inclusion: increasing outreach, reducing costs and better serving end-clients. Preference was given to innovations with a direct measurable impact on the end clients.
4. 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.
5. Implementation: demonstrating how the proposal can be effectively implemented in the Arab world within a defined timeframe.
6. Quality of proposal and funding: providing a clear proposal with an outline of relevant funding and budget expectations.

Eligibility

• The competition is open to all applicants, including individuals, small businesses, MFIs, NGOs, students, cooperatives, commercial banks, local development banks, leasing firms, insurance companies, and fintech enterprises.
• Innovative proposals at all stages of development are welcomed.
• 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.
• 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.

About organization

The Arab Financial Inclusion Innovation Prize (AFIIP) aims to create a synergy between financial inclusion and innovation to strengthen and diversify both sectors and harness the new and adaptive technologies defining our world. The award provides the winners technical support which will allow them to receive technical support to help develop their innovation, through networking opportunities and professional advice and guidance. Since 2009, Village Capital has supported more than 1,000 early-stage entrepreneurs through their investment readiness programs.  

See more available competition and awards on For9a

See more available grants on For9a

See more available events and conferences on For9a