MicroCapital: Why was “Financial Inclusion that Works for Women” chosen as the topic of the 2022 Award?
Christoph Pausch (pictured below): Women ostensibly have been the focus of financial inclusion for decades. But the reality is that a focus on outreach – the number of women clients a financial provider serves – can obscure lack of progress in addressing the many barriers that women face. Increasingly, stakeholders in the sector realise that much more needs to be done, based on a comprehensive understanding of these barriers: including social norms as well as the diverse needs and aspirations of women clients, staff and partners of financial services providers. So, over the months leading up to the launch of this year’s Award, our team has worked with experts to design the guidelines, application forms and assessment criteria to capture what financial providers can do with a gender-focused strategy – not only to serve women clients with better products, but also to improve at an institutional level, such as by being a better employer to female staff.
MC: What type of initiatives are you expecting to see?
CP: Many previous Award topics have focused on a particular “product” or “challenge,” such as housing microfinance, climate change resilience, or access to education or savings. This year’s topic is different because it focuses on a client segment – but a segment which is in fact the majority of clients! However, this majority is not a monolith, and it has incredibly diverse needs. We expect, therefore, a range of applications that is unprecedentedly diverse too. There will be different types of organisations, of course, from rural MFIs and cooperatives up to big microfinance banks and fintechs, among others. And we expect what they are doing to be equally diverse, from digital literacy and insurance products designed to meet women’s needs, to internal processes and procedures that encourage flexible working schedules and facilitate career advancement – all in a workplace that is respectful, equitable and safe. But as always, we don’t yet know what applications the evaluation teams will receive, and this is always an exciting stage while we wait to see.
MC: What will the evaluation committees be looking for?
CP: The evaluation criteria used by the several committees involved in the Award process are rigorous – encompassing evidence of replicability, innovation, adaptation to challenges, and positive impact and outcomes. Naturally, there are both objective and subjective elements to this. Broadly, though, what we tell potential applicants in the guidelines is that the committees will be looking for four main components this year:
- A deep understanding of the specific social, cultural and economic barriers facing women, as well as the aspirations of women clients, staff and partners;
- A range of financial and/or non-financial products and services, designed and delivered with women’s specific needs and aspirations in mind;
- Strategies and policies that are conducive to women’s equitable participation and engagement within the organization – including staff, agents and partners; and
- Systems to monitor the effectiveness of these gender-focused strategies – covering both clients and staff – that are used to improve design and implementation.
MC: Who can apply for the Award this year?
CP: As I said earlier, we hope and expect to have a really diverse field of organisations. And the eligibility criteria are designed to be expansive and accommodating in this respect. To be eligible, an organisation has to be active in the financial inclusion sector, have been fully operational for at least two years, and be based and operate in a Least Developed Country, Low Income Country, Lower Middle Income Country or Upper Middle Income Country. More information on the topic, eligibility requirements, and application and evaluation processes can be found on the European Microfinance Award website.
MC: What are the benefits to potential applicants of taking part in the Award?
CP: As before, there is a significant financial prize (EUR 100,000 to the winner and EUR 10,000 to each of two other finalists) generously provided by the Luxembourg Ministry of Foreign and European Affairs. This is undoubtedly a substantial prize, especially for a small organisation, but we’ve seen over the many years we’ve been doing this that maybe as much benefit comes in the exposure that the 10 semi-finalists (including the three finalists and especially the winner) all get, via international and industry press coverage; e-MFP’s annual publication, which profiles the semi-finalists and extracts the key factors for success from their initiatives; and connections to e-MFP’s extensive network of stakeholders working all over the world as well as donors, investors and other potential partners who pay attention to the outcome of the Award. And on top of that, e-MFP organises various events throughout the year to further profile the initiatives recognised by the Award.
Christoph Pausch is Executive Secretary of e-MFP. The EUR 100,000 European Microfinance Award is jointly organised by the Luxembourg Ministry of Foreign and European Affairs, e-MFP and the Inclusive Finance Network Luxembourg. Applications for the first (short) round of the European Microfinance Award close on April 12. For more information and to apply, please visit https://www.european-microfinance-award.com.
This feature is part of a sponsored series on European Microfinance Week 2022, which will take place November 16 through November 18. The event is held annually by the European Microfinance Platform (e-MFP). MicroCapital has been engaged to promote and report on the conference each year since 2012.
Additional Resources
European Microfinance Award
https://www.european-microfinance-award.com
European Microfinance Week 2021
https://www.e-mfp.eu/european-microfinance-week-2021
MicroCapital coverage of European Microfinance Week since 2012, including the European Microfinance Award
https://www.microcapital.org/category/european-microfinance-week/
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