Deadline: 13-Sep-22
Through this RFA, United Nations Capital Development Fund (UNCDF) is looking for partner institutions that are willing to adopt an inclusive approach and migrant-centric designs to ensure that the offered solutions are scaled with men and women migrants’ unique and different constraints and aspirations.
Focus Areas
This RFA will enable UNCDF to support up to 10 private sector institutions in accelerating the adoption of innovations focused on enhancing the financial resilience of low-income migrants in any of the following areas:
- Wage digitization: Supporting affordable wage digitization solutions that incentivize migrants to participate in the formal financial ecosystem, enabling migrants to access broader financial services that may otherwise be limited or expensive, such as payments, remittance, insurance, pensions, credit and savings.
- Migrant insurance: Developing migrant insurance products and business models that are tailored to the needs of migrants and are aligned with the incentives of global reinsurers, insurers, impact investors, insurtech, fintech and remittance value chain members, integrating their business priorities.
- Migrant pension: Responsive migrant pension products embedded in the publicly provided and/or private sector-led business models that facilitate market opportunities for business actors across the ecosystem (migrant employers, pension fund managers, impact investors, MNOs, MTOs, fintech, insuretch and other remittance-linked value chain members).
Scope and Focus Countries
- UNCDF aims to support and scale private-sector-led inclusive innovations through partnerships extending to six focus countries:
- Migrant destination countries: UAE and Malaysia
- Migrant origin countries: Bangladesh, Indonesia, Nepal, and Sri Lanka
Funding & Duration Information
- The grant amount under PBAs can range from $50,000 to $150,000. Selected applicants will be expected to fund at least 50 percent of the total project cost in cash (for costs such as technical resources, staff, and operational expenses).
- Projects are expected to have a duration of 6–12 months. Activities are expected to finish no later than June 2023.
Eligibility Criteria
- The applicant/lead applicant must be an existing registered and licensed entity with the necessary regulatory approvals and technical infrastructure to scale the proposed migrant financial resilience product/service.
- Applicants can apply with a single area or country of intervention or propose a project concerning more than one country/area (wage digitization, migrant insurance and/or pension). Please clearly indicate the countries and area(s) targeted in your proposal.
For more information, visit https://www.uncdf.org/article/7911/rfa-innovations-focused-on-migrant-financial-resilience
