Key details
- Host: Women’s World Bank
- Open to: All nationalities
- Target: Women
- Deadline: 11th June, 2021
Applications for the Making Finance Work For Women Fintech Innovation Challenge 2021 are currently ongoing.
About the Making Finance Work For Women Fintech Innovation Challenge
Making Finance Work For Women Fintech Innovation Challenge, now in its third year, gives a global platform to Fintech ideas that help unbanked and underserved women establish security and wealth in the face of global disparities.
Despite years of improvement, approximately 1 billion women around the world are still excluded from formal financial services, and there is a persistent 9% gender gap in emerging countries. Furthermore, COVID-19’s economic impact has been disproportionately felt by women, exposing their vulnerability to global shocks.
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While the pandemic has hastened the digitization of financial services, low-income women are still at risk of being left behind because of the unique challenges to adoption and use of digital financial services that they confront. When you add in greater disadvantages for women like increased unemployment, differences in access to healthcare, and the consequences of climate change, it’s clear that gender equality is more important than ever.
Eligibility Criteria
- Startup Fintechs based anywhere that are leveraging technology to provide financial services for unbanked and underserved women in emerging markets. Solutions do not need to be exclusively for unbanked and underserved women but must show deliberate intent to be inclusive of reaching the segment.
- Fintechs should also demonstrate a commitment to developing women leaders through the presence of women in their senior management team and Board Directors.
- Solutions should focus on building women’s security or prosperity, particularly in supporting resilience and recovery from global economic shocks.
- Applicants can be pre-revenue but must demonstrate a viable value proposition to reach unbanked and underserved women.
Benefit
Finalist of the Making Finance Work For Women Fintech Innovation Challenge will receive the following:
- Invitation to present at Women’s World Banking’s virtual Fintech Innovation Challenge in October 2021, part of the new Making Finance Work for Women Thought Leadership Series.
- A virtual experience of Visa Inc’s Dubai Innovation Center, where you will be able to be part of an immersive experience in the future of payments furnished by Visa Inc.
- One-year complimentary membership into Women’s World Banking’s Global Network.
- Receive priority access to our Gender Assessment Methodology, Women’s World Banking’s proprietary approach to helping institutions become a brand and employer of choice for women. The approach involves your institution completing an online questionnaire followed by a consultation call with our team to discuss opportunity areas to advance women talent in your organization and better serve women customers.
- Complimentary tickets to the Making Finance Work for Women 2022 Summit.
while the winners will receive:
- The Fintech Fueler Package:
- Customized UX design guidance session furnished by Visa Inc.
- Exclusive pitch meeting and feedback session with Women’s World Banking Asset Management Team.
- Four 1:1 leadership coaching and feedback sessions with one of Women’s World Banking’s executive coaches.
- A guaranteed spot as a featured speaker at a Making Finance Work for Women 2022 event.
Selection Criteria
Empowerment
- What is the desired long-term impact of this solution? Is there a vision to drive towards women’s economic empowerment?
- How will the long-term impact be measured?
Relevance & Reach
- How many unbanked and underserved women does the solution reach?
- What strategies are being deploying to reach unbanked and underserved women?
Innovation
- How does the solution address systemic barriers for unbanked and underserved women in a unique and differentiated way from your competitors?
Sustainability
- Does the business model demonstrate a path to financial sustainability?
Scalability
- What is the strategy for growth, and how this solution will scale across markets?
Gender Diversity
- How is the institution promoting gender diversity and inclusive leadership within the organization?
Responsibility
- Does the solution focus on employing best practices in consumer protection and transparency?
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Application Procedure
Interested candidates who wish to apply can click on the button below:
For more information visit the official website of Making Finance Work For Women Fintech Innovation Challenge