2019 Edition — AFIIP

AFIIP 2019 Edition

Over the last two years the Arab Financial Inclusion Innovation Prize has equipped promising innovators with the funding and support they need to realise their potential to further financial inclusion in the Arab world, in collaboration with global and regional partners.

Over the last two years the Arab Financial Inclusion Innovation Prize has equipped promising innovators with the funding and support they need to realise their potential to further financial inclusion in the Arab world, in collaboration with global and regional partners.
This year, the prize received over 100 applicants from across the region, from Morocco to Yemen, and from diverse sources: existing MFIs with new offerings, start-ups and NGOs, highlighting the breadth of innovative potential in the region. The innovations tackled pertinent issues in the sector, from eKYC to payment solutions and financial literacy.

A panel of 9 judges evaluated the proposals in a two-stage process, building on last year’s thorough evaluation criteria which covered impact on financial inclusion, innovative quality, potential for implementation, marketability and strength of team.

We are delighted to announce the winners of AFIIP 2019, who with the support of our sponsors CGAP, Sanad Technical Assistance Facility, Spectrum Digital Holdings and Tamer Amr will receive cash grants, technical support, and networking opportunities to strengthen their innovations and spread access to finance across the region.
We would also like to congratulate our applicants who participated in the Village Capital Finance Forward MENA Program in Amman, Jordan.

First Prize Winner and recipient of $30,000 grant

VALIFY SOLUTIONS, EGYPT

Valify is an electronic digital identity solution working to resolve the key hurdle of KYC (Know Your Customer) for the mass market in Egypt. Valify is paving the way for more inclusive finance by reducing the cost of on-boarding small businesses and low-income clients.

"Valify is excited for the opportunity to work with AFIIP beyond the competition. We have discovered that we share a vision of the Arab region and the Middle East. Valify & AFIIP are both working towards a future where all the Arab world will have access to digital financial services at their fingertips. By working together, we can create a dynamic ecosystem where innovators and microfinance practitioners are in constant dialogue and discussion. We look forward to joining AFIIP's network and using the opportunity to gain regional access to key players in the Arab region and drive us towards achieving our common goals.” Ibrahim Eid, COO of Valify

Runners up and recipients of $12,500 grant each

AL-AMAL MICROFINANCE BANK, YEMEN

Microfinance Bank al-Amal is developing a multi-service mobile application (p-Yes) to provide diverse digitised financial services to its clients and expand into unserviced regions within Yemen. In addition to digital payment services, financial assistance and on-boarding online retailers, Al-Amal will also leverage the power of its banking franchise to provide remittance services for the Yemeni diaspora

PAYSKY, EGYPT

With their offering AUPG (Arab Unified Payment Gateway) Paysky provides a cross regional platform to enable payments for trade transactions using local debit schemes, mobile wallets, bank accounts and cash in local currencies. In such a way Paysky’s solution is bringing payment facilities to small businesses and the informal sector.

Honorary Mention

FINANCIALLY WISE, LEBANON

This year an honorary mention is also awarded to Lebanese NGO Financially Wise, for their offering of Tax Freak, an educational mobile application to inform all taxpayers about all the steps required to file their taxes.

Our 2019 Finalists

Valify Solutions, Egypt

Valify is an electronic KYC solution enabling the creation of a Digital Identity through remote identity validation & verification.

JIBI by Wafacash, Morocco

JIBI is the first mobile payment account system in Morocco. Operated by Wafacash, the app is structured around two categories of services: Payment and Money Transfer.

p-Yes by Bank al-Amal, Yemen

Microfinance Bank al-Amal is developing a multi-service mobile application (p-Yes) to provide digitised financial services to its clients and expand into unserviced regions within Yemen.

Arab Unified Payment Gateway (AUPG) by Paysky, Egypt

Paysky provides a cross regional platform to enable payments for trade transactions using local debit schemes, mobile wallets, bank accounts and cash in local currencies.

Tax Freak by FiWi, Lebanon

Tax Freak is an educational mobile application to inform all taxpayers about all the steps required to file their taxes (official documentation, deadlines, payment methods, penalties, stamps if required etc.)

eFawateerCom by MadfooatCom

eFAWATEERCom is an electronic system for presenting and paying bills. It is supervised by the Central Bank of Jordan and operated by MadfooatCom for Electronic Payments.