The inaugural Arab Financial Inclusion Innovation Prize (AFIIP) 2018, for a total of $ 55,000, was announced at the closing ceremony of the Sanabel Microfinance Conference in Amman on November 7, 2018.
Three entities were awarded prizes among the eight finalists who presented their ideas at the conference. The finalists were chosen according to the AFIIP criteria of innovation, impact on the financial inclusion, feasibility of implementation, and marketability in the Arab World.
AFIIP 2018 received nearly 100 proposals to increase financial inclusion, from 16 countries across the Arab World. A panel of 11 judges, all experts in their fields, evaluated the proposals in a rigorous two-stage process according to various criteria. One of the judges, Jenny Atout Ahlzen, from Silicon Badia, remarked how encouraging it was “to see the diversity of ideas submitted to AFIIP, both from startups and existing MFIs, with several of them having a golden opportunity to really move the needle on financial inclusion in the Arab world.”
The first prize of $30,000 went to IFIN Services, for their innovative approach to facilitating Islamic finance. By reducing transactional costs and operational delays, they have solved a key obstacle in the sector and demonstrated a clear executable plan going forwards.
The second prize of $15,000 went to the Moroccan start-up, CIWA, for their development of a mobile app that provides a secured and comprehensive tool to create, organise and manage rotative savings and credit communities.
The third prize of $10,000 went to the Lebanese micro-finance institution Al Majmoua, for their innovative use of geographical data and location services to reach new clients, increase efficiency, and improve client relations.
AFIIP provided all its finalists with the opportunity to establish connections within the micro-finance sector. Year on year, the prize is intended to grow and have an even greater impact to encourage innovation in the Arab world.
See more: http://afiip.org/en