The Arab Financial Inclusion Innovation Prize (AFIIP) 2021 is well underway and scouting for solutions that can improve access to and usage of financial services for the low-income and MSMEs in the Arab world. The winning innovators will receive prizes of up to $60K in cash in addition to technical support.

This year a second stream of the prize will provide additional resources for financial innovations that can generate green outcomes.

AFIIP [www.afiip.org] is also providing additional resources to innovations that can generate green outcomes. There is a second stream to the prize looking for financial solutions that can help mitigate the risks of climate change, increase environmental resilience for the low-income and MSMEs, provide sustainable opportunities to the underserved and enhance the green finance ecosystem of the Arab world.

AFIIP 2021 is supported by SANAD Technical Assistance Facility, FSD Africa funded by UK Aid from the UK government and Spectrum Digital Holdings.

Who can apply?

• Solutions must be for implementation in the Arab world.

• At least one member of the applying team must hold Arab nationality as defined by the Arab league

• AFIIP accepts applications at all stages of development, startups to incumbents, and from across the financial sector.

• AFIIP accepts applications that are B2C and B2B.

• Previous winners have operated in KYC, Payment Solutions, Mobile wallets, Group Savings, Client Geolocation, Islamic Lending and Financial Literacy, to name but a few.

What’s the timeline?

• 9 July: Deadline for both streams via short application form: https://www.afiip.org/en/afiip-2021

• 18th July: Shortlisted applicants chosen and asked to send a detailed pitch and short video.

• 8th August: Deadline for shortlisted applicants to send their detailed pitches.

• Late August: Winners announced!

What are the judging criteria?

A panel of world-class experts will evaluate the applications based on the following criteria:

• Impact on financial inclusion.

• Innovation.

• Ability to implement.

• Market understanding and potential.

• Team strength.

For the green stream there are two additional criteria:

• Tangible green outcomes or high potential for green outcomes.

• Ability to measure impact of green outcomes.

 

Apply below to either stream before 9 July.  For more information please email innovate@afiip.org