This year, in addition to our main prize, we are scouting and supporting green financial innovations.
Financial innovation can help mitigate the risks of climate change and provide increased resilience and opportunities for the low-income and small businesses.
The Arab world is highly vulnerable to climate change, and climate change is expected to transform both our landscapes and the way our economies operate.
Environmental issues such as energy, water conservation, rising sea levels, land degradation, desertification and drought may have destabilising effects on the financial sector and therefore sustainable development and economic opportunity.
That’s why this year we’re supporting financial innovations which can improve the access and affordability of financial services while generating green outcomes, such as cleaner energy, reduced greenhouse gases, increased resilience to environmental shocks, and greater biodiversity in the Arab world.
Winners will receive a cash prize, technical assistance and the chance to participate in 2021 United Nations Climate Change Conference, COP 26.
We’re looking for financial solutions that can:
- Migate the risks of climate change
- Increase environmental resilience for the low-income and MSMEs
- Provide sustainable opportunities to the underserved
- Enhance the green finance ecosystem of the Arab world
Innovation can come from all actors in the financial services value chain. We accept innovations from across the institutional space.
Judging Criteria
1. The Team - their backgrounds, capability and cohesiveness.
2. Innovation - proving that the proposal offers a new, creative solution to existing problems and make processes more efficient.
3. Impact on financial inclusion - based on AFIIP’s three core objectives to further financial inclusion: increasing outreach, reducing costs and better serving end-clients. A preference was given to innovations with a direct measurable impact on the end clients.
4. Impact on green outcomes: proving that the proposal generates green outcomes, that can better identify, understand, manage and monitor key climate and environmental risks and opportunities in the financial sector.
5. Marketability - demonstrating a significant probability of finding a market in the Arab world, an understanding of the existing market, and evidencing potential for scalability and growth.
6. Implementation - demonstrating how the proposal can be effectively implemented in the Arab world within a defined timeframe.
7. Quality of proposal and funding - providing a clear proposal with an outline of relevant funding and budget expectations.
Eligibility
Geography
Eligible proposals must be for implementation in the Arab world. Residency in an Arab country is not required, but at least one member of the team must hold an Arab nationality. The proposed innovation must be for implementation in the Arab world, defined as the member countries of the Arab league.
Stage of Development
Innovative proposals at all stages of development are welcome. Applicants must be able to show that their innovation can be successfully applied to the sector. Microfinance and financial inclusion are defined in their broadest sense to encompass a wide range of fields, including but not limited to: credit, savings, insurance, payment services, Islamic finance, fund transfers, responsible investment, collective banking, and business development services of micro-enterprises.
Team
We welcome applicants of many types to apply for the prize, including individuals, small businesses, MFIs, NGOs, students, cooperatives, commercial banks, local development banks, leasing firms, insurance companies, and fintech enterprises.