Rabat – The Arab Financial Inclusion Innovation Prize (AFIIP) is back this year to reward innovations that can improve financial inclusion in the Arab World. In a press release, the organization called for Arab innovators to apply for the AFIIP 2021.
In 2018 and 2019, the entity awarded the prizes to top Arab innovators, including Moroccans who had an idea, product, or service that could improve financial inclusion in the Arab world.
Due to the impact environmental issues may have on the financial sector and sustainable development, AFIIP 2021 is supporting financial innovations that can improve the access and affordability of financial services while generating green outcomes.
Winning applicants will receive up to $60,000 cash prize, consulting services, and equipment to promote financial inclusion.
The organization welcomes individual applicants, small businesses, FMIs, NGOs, students, cooperatives, commercial banks, local development banks, leasing firms, insurance companies, and fintech enterprises.
The proposed innovations will be implemented in one of the Arab League member states.
A panel of world-class experts will judge the proposals based on six criteria: The team, innovation, impact on financial inclusion, marketability, implementation, and quality of proposal and funding.
The call for applications will run until June 25, 2021.
In 2018, the Moroccan start-up Ciwa won the second prize for developing a mobile app that provides a secure and comprehensive tool to create, organize, and manage rotative savings and credit communities. The first prize went to Bahrain’s FinTech company, Islamic Finance Initiation Network (IFIN).
The prize will grow each year and has the potential to impact, promote, and support innovation in the Arab World.
The AFIIP is an organization that seeks to provide talented and promising innovators with the funding and support they need to realize their potential to further financial inclusion in the Arab world.