Now Open for Applications: Arab Financial Inclusion Innovation Prize

The Arab Financial Inclusion Innovation Prize (AFIIP) champions a dynamic vision for financial inclusion. By capitalizing on the fast-moving digital world, innovation can facilitate a forward-looking and efficient sector.

AFIIP is created to reward such innovations which can increase the outreach and reduce the costs of financial services to better serve low-income businesses and individuals. In collaboration with Sanabel, winning applicants will receive up to $50,000 in prizes, including a cash grant, consulting services and the chance to present their idea at the 2018 Sanabel conference in Amman, Jordan.

Criteria for Winning:

  • Impact:
    • Proposals will be evaluated on their potential impact on AFIIP’s three core objectives to further financial inclusion: increasing outreach, reducing costs and better serving end-clients. A preference will be given to innovations that have a direct measurable impact on the end clients.
  • Innovation: 
    • The prize is looking for new and more efficient ways to maximize financial inclusion. Winning proposals must therefore be innovative. AFIIP has a broad definition of innovation, which can be found below. Winning proposals should consider these fields during their application.
  • Implementation:
    • Winning proposals must be feasible. Successful applicants will demonstrate how their innovation can be effectively implemented in the Arab world within a defined timeframe.
  • Market:
    • Winning proposals must have a significant probability of finding a market in the Arab world.