The competition’s revival by the British Embassy in Egypt seeks to re-explore and support innovative solutions for Arab financial integration.
The British Embassy in Egypt has announced the revival of the Arab Financial Inclusion Innovation Prize (AFIIP), which offers a reward of up to $60,000 for solutions easing accessibility to financial services for low-income institutions and micro, small, and medium-sized enterprises (MSMEs) in the Arab world.
Applications for the competition are open until 25 June 2021, with support from the SANAD Technical Assistance Facility, and FSD Africa, and funding from the UK government and Spectrum Digital Holdings.
The embassy hopes that the competition can help re-explore and support ideas, products, and services, rewarding them with both cash prizes and technical support.
Since 2018, the competition has identified over 200 innovators in the Arab region, supporting solutions for the financial services sector - from startups and micro-finance institutions, to digital payments and financial literacy programmes.
This year, the award also provides additional resources for innovations that can generate environmentally-friendly outcomes. The secondary track has been offered for financial solutions which can help mitigate the effects of climate change, increase environmental adaption among low-income groups and MSMEs, as well as those which provide sustainable opportunities for underserved groups and strengthen the ecosystem of green finance in the Arab world.