The call for Applications is now Open for the Malawi Fintech Challenge 2024. This Challenge is a flagship project supported by the Organisation of African, Caribbean, and Pacific States (OACPS) and the European Union (EU) and run by the United Nations Capital Development Fund (UNCDF) in partnership with the Reserve Bank of Malawi (RBM). It aims to increase financial inclusion in Malawi.
Through this challenge, the United Nations Capital Development Fund (UNCDF) seeks to spur the creation of cutting-edge digital financial solutions and assist in increasing underprivileged communities’ access to and use of financial services, particularly for women, young people, small-holder farmers, and other vulnerable populations within the nation’s low-income populations.
The Malawi Fintech Challenge – Details
More than just a competition, the Malawi Fintech Challenge serves as a forum for cross-sector cooperation, bringing together a variety of financial ecosystem participants to advance inclusivity, innovation, enhanced livelihoods, and economic development.
This project is being advanced in large part by UNCDF implementing partners, such as Centenary Bank, Telekom Networks Malawi plc (TNM), and the Food and Agribusiness Development Company (FADC).
Benefits of the Malawi Fintech Challenge
All the successfully Selected applications will receive the following benefits:
- Successful Applicants receive grant funding to help implement solutions
- Technical assistance to develop and test your solution
- Mentorship and incubation support from industry experts
- They will also have market Linkages with partners and other key stakeholders
Who Should Apply for Malawi Fintech Challenge?
Call for applications for the Malawi Fintech Challenge targets:
- Fintechs
- Technology companies
- Payment service providers, and
- Financial technology service providers, both local and international, with market-ready solutions that are aimed at addressing the problem statements of pre-selected implementing partners in Malawi.
Solutions to be supported
- A loan management solution that makes uncollateralized loans easier to get and gives smallholder farmers and MSMEs a way to progressively establish their credit histories.
- Utilizing FADC’s vital data points, an inventive digital solution optimizes service delivery and expands access to financial services.
- TNM can increase its financial services offerings—specifically, credit access—with the use of a digital scorecard and a scoring engine platform that leverages the VSLA data that is already in place.
Application
Submit your application now through the United Nations Capital Development Fund (UNCDF) webpage at https://www.uncdf.org/article/8667/malawi-fintech-challenge
Malawi Fintech Challenge Timeline
- Launch of Fintech Challenge: Feb 2024
- 14 March 2024: Information Sessions. Register at https://docs.google.com/forms/d/1y3n452mC6d0Yjugf_2l17p7jta1xGIQ7eULsF-WMfRI/edit?ts=65e027bd
- Deadline for Queries: 17 March 2024
- Deadline for Submission: 18 March 2024
- Evaluation: April 2024
- Bootcamp: May 2024
- Selection of FinTech’s: May 2024
- Project Design and Contract Negotiation: June 2024
- Project Implementation: August 2024
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