12 selected ideas for the next phase

Defying limits, from south to north
> Download the publication available at the bottom of this article 

The Technologies for Financial Inclusion Program has selected 12 finalists, out of 253 project ideas submitted to the 2011 Call, which will move to a second phase in order to prepare their fundable project strategies.

The Selection and Evaluation Committee included representatives from FOMIN, IDB, CAF, World Bank, USAID, GSMA and experts from the consulting firm DAI. For the selection, origin of the proposals and giving opportunities to countries not represented in 2010’s round was taken into account, among other criteria.

The portfolio of selected ideas, coming from 10 countries of the Andean Region, Central America, Southern Cone and the Caribbean, reflects emerging trends in how to incorporate technology's potential in inclusive financial services business models.

Selected ideas

· Mango - Micro Finance and Insurance Payment Platform for Small Island Markets; idea presented by Transfer Solutions Providers Limited (Bahamas).

· Viva Cash - Viva's Mobile Wallet: Mobile Financial Services in partnership with banks; idea presented by Empresa de Telecomunicaciones Nuevatel PCS de Bolivia S.A. - Viva GSM (Bolivia).

· Rural Microfinancial Services on your Cell Phone, in partnership with the operator and transactional platform Nube Roja; idea presented by Fundacion Profin (Bolivia).

· Non Traditional Credit Scoring Pilot based on Mobile Phone Use; idea presented by Cignifi (Brazil).

· Bank at Home on your TV; idea presented by Banco Estado Microempresas (Chile).

· Financial inclusion through non-bank agents with cellular technologies; idea presented by BANCOLOMBIA S.A. (Colombia).

· Mobile Financial Services for unbanked people, in partnership with a bank; idea presented by Telefonica Celular S.A. -Tigo- (Honduras).

· Mini-branches: Technology for financial inclusion in southeast Mexico; idea presented by SOLUCION ASEA S.A. de C.V. SFP (Mexico).

· Personal Wallet: Financial Inclusion of Non-banked groups, in partnership with banks; idea presented by Nucleo S. A. (Paraguay).

· Non bank agents for rural woman; idea presented by Mujeres en Desarrollo Dominicana, Inc. -MUDE- (Dominican Republic).

· Microsavings for rural populations, through agents and cell phones; idea presented by Banco Santander Uruguay (Uruguay).

· Virtual account for savings and payments, in partnership with a regulated credit union; idea presented by Fundacion STRO (Uruguay).

After developing a measurable business plan, the third and final phase of the Call will begin for the projects implementation and linkage with sponsors for financing purposes, evaluation and accomplishment. About half of the selected ideas are expected to be converted into projects, financed by FOMIN and/or CAF, along with other Program partners.

The Technologies for Financial Inclusion Program appreciates all the submitted ideas and invites all interested organizations to keep in contact through the digital platform www.tec-in.org and the social networks profiles (Facebook, Twitter and Linked in), sharing information, opinions and suggestions.

In order to receive additional information or submit any query, contact us at tec-in@iadb.org.

Download here the Program's publication for Foromic 2011 (in Spanish)