NEW YORK, September 15, 2021 – Women’s World Banking is pleased to announce the four finalists of its third annual Making Finance Work for Women Fintech Innovation Challenge. The finalists, chosen from a pool of applicants from 34 countries, represent a critical wave of innovative fintech solutions designed to support low-income women’s economic empowerment and financial inclusion in the face of COVID-19. This year’s finalists are: Boost Capital, hiveonline, Mosabi, and People’s Pension Trust.
“Our mission with the Fintech Innovation Challenge is to discover innovators that are driving solutions designed for low-income women to adopt digital financial services – an existing challenge that is further exacerbated by COVID-19,” stated Mary Ellen Iskenderian, President and CEO of Women’s World Banking. “In our third year hosting this challenge, we’re thrilled that 75% of this year’s applicants are female founders, underscoring the incredible talent and innovation of women in fintech, and their commitment to empowering unbanked and underserved women in communities around the world.”
The four finalists will receive membership in the Women’s World Banking’s Network of Partners and will have the opportunity to present to a panel of judges and the audience at Women’s World Banking’s virtual Making Finance Work for Women Thought Leadership Series, which will take place on October 12, 2021. The judges – who include leading experts in global development, business and technology — will vote to select two winners who will each receive a slate of new prizes, including a customized UX design guidance session furnished by Visa Inc., an exclusive pitch meeting and feedback session with Women’s World Banking Asset Management Team, four 1:1 leadership coaching and feedback sessions with one of Women’s World Banking’s executive coaches, and up to $4,000 to be applied towards the cost of any NYU School of Professional Studies continuing education courses or certificates.
The Fintech Innovation Challenge event will also feature a panel discussion about how to drive inclusive policies for the fintech industry, as well as a fireside chat featuring the inaugural Female Founder Award winner. This new award honors one female founder in the competition who demonstrates exemplary leadership in building an inclusive workplace, while also advocating for women’s financial inclusion. This winner will be announced in late September.
The Making Finance Work for Women Fintech Innovation Challenge is sponsored by the Bill & Melinda Gates Foundation (Leading Sponsor), Ernst & Young LLP (EY US and Advancing Sponsor), and Novi (Supporting Sponsor). Women’s World Banking’s core funders are Australia’s Department of Foreign Affairs and Trade (DFAT), the Swedish International Development Agency (SIDA) and the Visa Foundation.
For more information on the challenge and to register for the event, please visit: https://www.womensworldbanking.org/fintech-innovation-challenge-2021/
About the Finalists
Boost Capital enables end-to-end digital microlending technology based on innovative chat-style applications, allowing MSMEs in Cambodia to receive loans more conveniently and cheaply using smartphones for both uncollateralized and collateralized loans.
hiveonline is building sustainable digital economies for communities of farmers in sub-Saharan Africa. Using blockchain technology, the company builds alternative credit histories based on commercial behavior, facilitates market access and provides better financial returns to farmers in five countries.
Mosabi features AI-driven digital learning that helps grassroots entrepreneurs and MSMEs in sub-Saharan Africa to improve financial and business decisions and behaviors. A patented machine learning engine harnesses data insights to boost product engagement and overall financial health; Mosabi matches interested users to providers across a marketplace of digital financial services and platforms.
People’s Pension Trust offers voluntary, flexible and digitally driven retirement products, particularly for informal workers in Ghana, to promote financial inclusion by ensuring they have a better tomorrow.
About Women’s World Banking
Women’s World Banking designs and invests in financial solutions, institutions, and policy environments in emerging markets to create greater economic stability and prosperity for women, their families, and their communities. With a global reach of 57 partners in 32 countries serving more than 69 million women clients, Women’s World Banking drives impact through its scalable, market-driven solutions; gender lens private equity fund; and leadership and diversity programs. To learn more about Women’s World Banking, visit womensworldbanking.org.
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