Malawi FinTech Challenge 2024: Empowering Young Innovators

Applications are currently being accepted for the UNCDF Malawi Fintech Challenge. This initiative, spearheaded by the United Nations Capital Development Fund (UNCDF) in partnership with the Reserve Bank of Malawi (RBM), and backed by the European Union (EU) and the Organization of African, Caribbean, and Pacific States (OACPS), seeks to advance financial inclusion in Malawi.

The Malawi Fintech Challenge transcends mere competition; it serves as a platform for collaborative efforts across sectors, inviting various stakeholders from the financial landscape to join forces in fostering economic prosperity, enhancing livelihoods, promoting innovation, and ensuring inclusivity.

Requirements:

The Request for Application (RFA) is geared towards Fintechs, technology firms, payment service providers, and financial technology service providers, both local and international, possessing market-ready solutions aimed at addressing the identified problem statements of predetermined implementing partners in Malawi.

Solutions to be Supported:

Loan Management Solution: This solution facilitates uncollateralized loans and provides a platform for Micro, Small, and Medium Enterprises (MSMEs) and smallholder farmers to gradually establish their credit history.
Innovative Digital Solution: Utilizing critical data points from the Financial Access Design Consultancy (FADC), this solution aims to optimize service delivery and enhance access to financial services.
Digital Scorecard and Scoring Engine Platform: This platform utilizes existing data from Village Savings and Loan Associations (VSLAs) to support TNM in broadening their financial services offerings, particularly access to credit.

Benefits:

Successful applicants will receive: