Call for Applications: Arab Financial Inclusion Innovation Prize
The Arab Financial Inclusion Innovation prize (AFIIP) is calling out for applicants for its first edition. Innovators from all sectors, who have creative and practical ideas to increase access to financial services in the Arab region, are invited to apply for the chance of winning up to $50,000 in prizes.
In collaboration with Sanabel, the prizes include a cash grant, consulting services and the chance to present their idea at the 2018 Sanabel conference in Amman where the winners will be announced.
The AFIIP was created to reward innovations that can increase the outreach and reduce the costs of financial services in hope of better serving low-income businesses and individuals.
This prize aims at creating a synergy between financial inclusion and innovation. The ideas that arise through the prize will strengthen and diversify both sectors and harness the new and adaptive technologies defining our world.
To be eligible to apply, applying teams must include at least one Arab member and have a proposal for implementation in the Arab world.
The call for applications has already begun and will run until August 15. Teams can apply for the prize through their website. A panel of experts will judge the teams’ proposals according to the following 4 criteria:
- 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. 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.
- Marketability: Winning proposals must have a significant probability of finding a market in the Arab world.