Individuals as well as organizations from Arab countries are invited to apply for the Arab Financial Inclusion Innovation Prize (AFIIP), which includes a cash grant of up to USD 50,000, technical support for developing the idea, and the chance to secure additional funding of USD 50,000 through Village Capital, a venture capital firm based in the US city of Atlanta, Georgia. Winners also gain access to opportunities for mentorship and networking through Village Capital’s Finance Forward Bootcamp and Sanabel, a network of 90 microfinance institutions in the Middle East and North Africa.
Applicants must submit a proposal outlining their idea to increase financial inclusion within the Arab world, including the plan for funding, implementing and measuring the impact of the service. While the organizers have not announced the number of prizes they will award this year, three institutions shared USD 55,000 in prizes from the 2018 AFIIP. The application deadline for the 2019 AFIIP is Sunday, August 25.
AFIIP was launched in 2018 and is sponsored by the technical assistance facility of the Luxembourg-domiciled Sanad Fund for MSME (Micro-, Small and Medium-Sized Enterprise); the US-based NGO CGAP (Consultative Group to Assist the Poor); Spectrum Digital, a holding company with interests in financial technology, artificial intelligence and health services; and Tamer Amr, a managing partner at real estate firm REInvest Capital.
By Anna Gravois, Research Associate
Sources and Additional Resources
AFIIP homepage
https://www.afiip.org
Village Capital homepage
https://vilcap.com
Sanabel homepage
https://www.sanabelnetwork.org
Sanad homepage
https://www.sanad.lu
CGAP homepage
https://www.cgap.org
Spectrum Digital homepage
https://www.spectrumdigitalholding.com
REInvest Capital homepage
http://www.reinvestcap.com
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
Similar Posts:
- MICROFINANCE PAPER WRAP-UP: “Driving Digital Financial Services in Africa Through Merchant Acceptance of Digital Payments,” published by Alliance for Financial Inclusion (AFI)
- MICROCAPITAL BRIEF: Remitly Acquires Remittance Fintech Rewire
- MICROCAPITAL BRIEF: Fintech Robos, General Arab Insurance Federation (GAIF) Partner on Events Promoting Financial Literacy, Savings, Social Insurance, Pensions
- MICROCAPITAL BRIEF: Arab Women Authority, National Bonds Partner on Financial Inclusion for Women in MENA
- MICROFINANCE EVENT: Sanabel’s 16th Annual Conference; November 21-22, 2023; Dead Sea, Jordan – POSTPONED
