Inclusive fintech 50 is a global competition aimed at discovering, identifying and elevating 50 early-stage fintech startups that solve the problem of financial inclusion. These fintech startups generally seek to deal with the various challenges affecting the delivery of financial services for both unserved and underserved customers. Three of these competitions have already been conducted with over 1,000 eligible applicants. The winners have also collectively received $620 million in the year following their win.
However, only fintech startups in their early stage whether in developed or developing economies can participate. Not just that, they must offer a solution among credit, insurance, payments & remittances, savings & personal financial management, or infrastructure. The important thing is that they are addressing special challenges of underserved customer segments.
The competition is organized by the centre for financial inclusion (CFI). And Presided by an independent panel of judges from venture capital, technology, and financial services. After applications have been submitted by various startups, they undergo several stages of rigorous vetting. The judges ascertain whether they are inclusive, innovative have the potential to scale and traction. After this, the most innovative 50 startups that have the potential to drive real impact are selected. Inclusive fintech 50 is sponsored by Visa, MetLife Foundation, and jersey overseas aid & comic relief, with support from Accion and IFC.
This year’s inclusive fintech 50was announced on the 28th of June. The centre is calling for early-stage fintech startups to register their startups and participate. The theme of the 2022 competition is “making digitalization count.”This point of IF50 is that several events have affected the digital economy. For instance, the covid-19 pandemic has increased advances in the digital economy. It has further changed the financial sector and opened opportunities to drive further inclusion and impact for underserved communities. In turn, inclusive fintech startups that drive financial inclusion to unserved customers are now at risk. They lack the capital and visibility to scale. Thus, IF50 competition is an attempt to close this gap by identifying the most promising 50 and providing them with visibility to attract investors and other support.
The winners will not just get visibility and credibility, they will have access to exclusive networking activities, and the opportunity to pitch their innovations and connections to expert support. In addition to the training provided by CFI sponsors and supporters. They will also be invited to participate in CFI’s financial inclusion week, an annual virtual event taking place October 17-20, where inclusive finance stakeholders gather to learn from one another and share key findings. Other benefits available to this year’s winners include access to practical money skills and practical business skills, digital platforms created by visa to empower individuals and micro and small businesses with financial and business knowledge needed to manage and grow. As well as the opportunity to be connected to if50 sponsors to accelerate their business and social impact.
Early-stage inclusive fintech startups in Nigeria are advised to apply. Since fintech startups from Africa, America, the Antarctica region, Asia, Australia New Zealand, Europe, and Micronesia are targeted. The registration deadline is on the 25th of July. The competition may be just what they need to be successful.Featured Image Source: Dhaka Tribune
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