Deadline: March 18, 2024
Applications are open for the UNCDF Malawi Fintech Challenge 2024. The Malawi Fintech Challenge, a flagship initiative led by the United Nations Capital Development Fund (UNCDF) in collaboration with the Reserve Bank of Malawi (RBM) and supported by the European Union (EU) and the Organization of African, Caribbean, and Pacific States (OACPS), aims to further financial inclusion in Malawi.
With this Challenge, the mission is to catalyze the development of innovative digital financial solutions and help expand access to and usage of financial services in underserved communities, especially small-holder farmers, women, youth, and vulnerable groups within low-income populations in the country.
The Malawi Fintech Challenge is more than a competition; it’s a platform for cross-sector collaboration, inviting diverse stakeholders from the financial ecosystem to unite in promoting economic prosperity, improved livelihoods, innovation and inclusivity.
Benefits
Successful applications will receive:
- Access to grant funding to help pilot and implement solutions
- Technical assistance to develop and test your solution
- Mentorship and incubation support from industry experts
- Market Linkages with partners and other key stakeholders
Eligibility
- Open to Fintechs, technology companies, payment service providers, and financial technology service providers, both local and international, with market-ready solutions aimed at addressing the problem statements of pre-selected implementing partners in Malawi.
- Solutions to be supported include:
- Loan Management Solution that facilitates uncollateralized loans and provides a platform for MSMEs and smallholder farmers to gradually build their credit history.
- Innovative digital solution leveraging FADC’s critical data points to optimize service delivery and increase access to financial services.
- Digital scorecard and a scoring engine platform that utilizes existing VSLA data to support TNM in expanding their financial services offerings, specifically access to credit.
Application
For more information, visit UNCDF Malawi Fintech Challenge.
