The Malawi Fintech Challenge, a key project spearheaded by the United Nations Capital Development Fund (UNCDF) in partnership with the Reserve Bank of Malawi (RBM), and backed by the European Union (EU) and the Organization of African, Caribbean, and Pacific States (OACPS), seeks to enhance financial inclusion in Malawi.
Through this Challenge, the goal is to stimulate the creation of creative digital financial services and facilitate the extension of financial access and utilization in marginalized areas, particularly among small-scale farmers, women, young individuals, and disadvantaged populations in low-income regions of the nation.
The Malawi Fintech Challenge goes beyond being merely a contest; it serves as a hub for interdisciplinary partnership, encouraging various players from the financial sector to come together to advance economic growth, enhanced quality of life, innovation, and inclusiveness.
Benefits
Approved applicants will be granted:
- Funding for piloting and implementing solutions
- Technical guidance for solution development and testing
- Mentorship and support from industry specialists
- Connections to markets and other important collaborators
Eligibility Requirements
- The RFA targets FinTechs, technology firms, payment service providers, and financial technology service providers, both local and international, with ready-to-deploy solutions to tackle the challenges identified by implementing partners in Malawi.
- Supported solutions will include:
- A Loan Management Solution enabling unsecured loans and providing a platform for MSMEs and smallholder farmers to develop their credit history gradually.
- An innovative digital solution utilizing FADC’s key data points to enhance service delivery and improve financial services accessibility.
- A Digital scorecard and scoring engine platform using existing VSLA data to aid TNM in expanding its financial services offerings, particularly access to credit.
How To Apply
To be a part of this opportunity, you need to access the online application form and fill it out.
For More Information visit the Official Webpage of the UNCDF Malawi Fintech Challenge
Application Deadline
March 18, 2024.
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