Arab Financial Inclusion Innovation Prize 2018 (Up to $50,000 in prizes)
Deadline: August 15, 2018
The 2018 call for proposals for the Arab Financial Inclusion Innovation Prize 2018 is now open. The Arab Financial Inclusion Innovation Prize champions a dynamic vision for financial inclusion. By capitalizing on the fast-moving digital world, innovation can facilitate a forward-looking and efficient sector.
AFIIP is created to reward such innovations which can increase the outreach and reduce the costs of financial services to better serve low-income businesses and individuals. In collaboration with Sanabel, winning applicants will receive up to 50,000 USD in prizes, including a cash grant, consulting services and the chance to present their idea at the 2018 Sanabel conference in Amman, Jordan.
Up to 50,000 USD in prizes and the chance to present your idea at the 2018 Sanabel conference in Amman, Jordan
- Eligible innovations 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.
- 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.
- 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.
- Impact: Proposals will be evaluated on their potential impact on AFIIP’s three core objectives to further financial inclusion: increasing outreach, reducing costs and better serving end-clients. A preference will be given to innovations that have a direct measurable impact on the end clients.
- Innovation: The prize is looking for new and more efficient ways to maximize financial inclusion. Winning proposals must therefore be innovative. AFIIP has a broad definition of innovation, which can be found below. Winning proposals should consider these fields during their application.
- Implementation: Winning proposals must be feasible. Successful applicants will demonstrate how their innovation can be effectively implemented in the Arab world within a defined timeframe.
- Market: Winning proposals must have a significant probability of finding a market in the Arab world.