Deadline: October 27, 2024
Applications are open for the CAF Financial Inclusion Lab 2024. CAF – the development bank of Latin America and the Caribbean, is organizing the sixth edition of the Financial Inclusion Laboratory (LIF 2024): Digital Solutions for Financial Inclusion Based on Artificial Intelligence.
The aim is to promote the creation and development of technological solutions that leverage the potential of artificial intelligence to improve access, usage, and quality of financial services for populations traditionally underserved or unserved by the traditional financial system, such as low-income individuals, women, youth, the elderly, rural populations, Afro-descendants, Indigenous peoples, people with disabilities, migrants, entrepreneurs, and micro, small, and medium-sized enterprises (MSMEs) in the region, with the goal of enhancing their financial well-being.
The objectives include:
- Promote innovative technological solutions that contribute to improving the financial inclusion of vulnerable groups and MSMEs in Latin America and the Caribbean.
- Scale and replicate solutions focused on financial inclusion of vulnerable groups and MSMEs to other countries in the region.
- Promote the generation of investment agreements with the private sector to strengthen the selected ventures.
- Strengthen the Fintech entrepreneurial ecosystem with a focus on inclusion and financial education in the region.
Categories
- AI Services for financial institutions – Fintech as a Service (cybersecurity, credit scoring, risk management, etc.).
- Design of AI-based financial products focused on the needs of different vulnerable segments and MSMEs.
- Digital and financial education, training, advice and consulting.
- AI-based solutions with govtech, regtech and/or suptech focus.
Benefits
- The selected startups will have the exceptional opportunity to present their innovative initiatives at our virtual Pitch Day on December 11, 2024. This event offers unmatched visibility and the opportunity to present and network with key decision makers from allied organizations.
- To the 8 winning startups of LIF, Google will give them USD $25,000 in credits for Google Cloud, as well as technical support for the implementation of their solution. This is part of the Google for Startups program.
- The 8 winning proposals will access prestigious acceleration and preparation programs for investment and matchmaking, as well as support in impact measurement.
- The 20 finalist proposals will receive support in identifying the theory of change and key impact indicators of their ventures. Likewise, they will be able to participate in a virtual workshop on the importance of measuring, as well as define the first steps to begin carrying out an impact measurement, with the aim of it serving as a driving force for raising funds.
Eligibility
- Early-Stage with Revenue: Proposed solutions must be in the pre-seed or seed stage, with active operations and revenue, showing product/market fit.
- Legally Established in CAF Countries: Participants must be legally constituted in a CAF member country.
- Focus on Financial Inclusion based in AI: Projects should be tech-based, focusing on financial inclusion and education, review the 4 categories of the current LIF call for applications.
Application
For more information, visit LifCAF.
