PUTTING FINANCIAL INCLUSION AT THE CENTRE OF INNOVATION IN THE ARAB WORLD

YOU CAN WIN UP TO $60,000 IN CASH PRIZES, TECHNICAL ASSISTANCE AND MULTI-YEAR SUPPORT

AFIIP 2021

WE ARE BACK AND READY TO IDENTIFY AND SUPPORT THE NEW TRAILBLAZERS IN FINANCIAL INCLUSION.

If you have a solution that can innovate financial services to better serve the low-income and MSMEs, then we want YOU.

Depending on your solution, this year there are two ways to apply.

Innovation for financial inclusion-2.png

AFIIP IS BACK TO IDENTIFY AND SUPPORT FINANCIALLY INCLUSIVE SOLUTIONS.

Do you have an idea that can:

Increase the outreach of financial services
Reduce the costs of financial services
Build financial resilience and economic opportunities
Enhance the financial ecosystem of the Arab world

Then we are ready to support you and take your solution to the next level. Whether you are a start-up or an incumbent financial institution, operating across the financial sector from payments to insurance, savings to education to back-office solutions, apply now to join the network of financially inclusive innovation.

Innovating Financial Inclusion? APPLY NOW

Financial innovation for environmental outcomes-4.png

THIS YEAR WE ARE ALSO SCOUTING FOR SUSTAINABILITY.

Do you have financial innovation that can:

Mitigate the risks of climate change
Increase environmental resilience for the low-income and MSMEs
Provide sustainable opportunities to the underserved
Enhance the green finance ecosystem of the Arab world

We will support solutions that can improve the access and affordability of financial services while generating green outcomes, such as cleaner energy, reduced greenhouse gases, increased resilience to environmental shocks, and greater biodiversity in the Arab region. You can read more here.

Finance going green? FIND OUT MORE

Innovation can come from all actors in the financial services value chain. We accept innovations from across the institutional space.

Judging 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 - 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.

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.

Apply Now!

Eligibility

Geography

Eligible proposals must be for implementation in 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.

Stage of Development

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.

Team

We 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.

Apply Now!