Technologies for Financial Inclusion's 2nd. Call for proposals
DEVELOPMENT ORGANIZATIONS SEEK PROJECTS FOR LOW-INCOME POPULATIONS THAT USE TECHNOLOGIES IN THEIR BUSINESS
The Inter-American Development Bank (IDB), the Multilateral Investment Fund (MIF), CAF -Latin American development bank- and the Global System for Mobile Communications Association (GSMA) have issued an invitation to submit ideas for projects that aim to use innovative technologies to allow low-income individuals in Latin America and the Caribbean better access to financial services.
In the launch of the second Technologies for Financial Inclusion Program, the sponsoring organizations invite private companies, technology service providers, NGOs, cooperatives, associations, financial institutions, banks, foundations or other entities to submit ideas. Winners will receive up to $ 300,000 each to implement the projects.
Examples of ideas include the development, integration, and implementation of technology solutions for the following:
• Providing financial services to rural or unserved people in close proximity to their workplaces or homes through non-bank correspondents or mobile devices.
• Offering new financial services such as savings, payments, money transfer systems, etc., and/or expanding services to customers who cannot be served through existing technology.
• Increasing efficiency and reducing costs, improving financial and operational performance.
• Lowering costs for customers.
• Improving risk management and internal controls.
The program aims to test and carry out technologies that extend the reach and improve the effectiveness of microfinance institutions in Latin America and the Caribbean.
Interested institutions may use the program’s website below to submit ideas from May 30 to July 15, 2011.