Deadline: 23-Nov-20
The United Nations Capital Development Fund (UNCDF) is inviting applications for the Innovations for Driving Financial Inclusion and Digital Financial Services in Sepik Region of Papua New Guinea.
Objectives
- Demonstrate to the market that the low-income segments can be active users of digital financial services (DFS) at scale, and therefore a commercially viable segment to serve.
- Demonstrate that DFS, when designed and delivered with a rigorous understanding of the Low-income segment in mind, can have an impact on customer lives, in terms of their ability to pursue opportunities, be resilient to shocks, and meet their aspirations.
- Demonstrate that they have a potential and /or ready-to-go solution(s) for the digitization of agri-value chains namely cocoa, vanilla and fisheries. Including solutions for deployment which will prepare the eco-system for the digitization of value chains.
Institutions should also be able to demonstrate interest and focus in the following segments and sectors;
- Women Entrepreneurship.
- Work in rural communities and with community groups ex. Farmer cooperatives and/ or savings groups.
- Work in the Agriculture sector and in close relation to actors in agri-value chains of cocoa, vanilla and Fisheries.
- Use of Simple technology solutions suited to the needs of the people.
- Work in Financial Literacy and Financial Education space.
Focus Areas
In addition, project areas of focus are:
- Rural or Community Banking: Institutions with rural/community banking targeted at the low-income segments in Papua New Guinea are encouraged to apply. UNCDF wants to partner with commercial banks, Micro-finance institutions and Savings & Loans institutions with a track record of delivering financial services at the rural and community level by enabling last-mile coverage offering solutions for savings and access to finance for farmers, agribusinesses and MSMEs.
- Insurance: UNCDF is looking for a partner in the insurance space who has tailor-made insurance products suited to farmers in the agri-value chains of cocoa, vanilla and fisheries. The partner should have digitization at the core of its processes and operations and should have a track record for working with people at the micro-level.
- Pensions: In the area of pensions, UNCDF is looking for a partner with easy to understand and easy to use pensions product that will resonate well with farmers in the Agri-value chains mentioned. The partner should also have a user-friendly digitized process in place for the payment of pensions contributions and for payout to clients as and when needed.
- Remittances: Provision of remittance product and services to people within the community in a manner that is user-friendly to both the sender of the funds and the receiver(beneficiary).
Funding Information
- UNCDF plans to invest a million USD on this initiative, specific projects will be financed based on business needs.
- Interventions may range from USD 50,000 to 500,000 depending on the investment readiness level and outreach potential of the solution proposed.
- Additional technical assistance may be provided to the selected recipient institutions.
- The support will be given to at least 4 and to a maximum of 8 recipient institutions.
Geographical Scope
- East Sepik and Sandaun provinces of Papua New Guinea.
- Note that additional areas within the country can be approved under exceptional circumstances /situation where significant value addition is justified.
Eligibility Criteria
- Applicant(s) shall be duly incorporated and registered according to the rules of Papua New Guinea.
- Applicant(s) should be operating in PNG for at least 1 year;
- Applicant(s) should have audited financial statements for at least 1 year;
- Applicant(s) must have fulfilled obligations relating to the payment of social security contributions or obligations relating to the payment of taxes according to the legal provisions in PNG.
For more information, visit https://bit.ly/35kcHi1