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Pakistan: Karandaaz Financial Inclusion for Women Challenge 2020

Deadline: 8-Nov-20

The Karandaaz Pakistan, with funding from the Bill & Melinda Gates Foundation (BMGF) welcomes for its Financial Inclusion of Women – Challenge 2020 which is designed to support solutions that foster financial inclusion of women in Pakistan.

Women financial inclusion at large has stayed very low despite the efforts from the industry on increasing the overall financial inclusion number. Women specifically, in Pakistan, are faced with problems when it comes to adoption of Financial Services that may include: Mobility, Documentation (Availability), Usability (Less Conducive for Women vs Men) and Accessibility (Low Phone Ownership and Marginalization in technology adoption etc.

Thematic Areas

The proposed solutions may be in any area within the two defined categories:

  • Type A: Technological solutions that enable and encourage adoption of formal financial Services by the women and should result into large number of women using formal financial services
    • Technology-enabled solutions including but not limited to:
      • Opening a bank account;
      • Carrying out online transactions;
      • Accessing a financial service;
  • Type B: Women centric financial products and channels:
    • Creation of Financial Products (credit, savings, insurance, investments, etc.) with an adoption strategy ensuring need of a specific segment of women, access, profitability and reach.

Eligibility Criteria

  • Karandaaz invites applications in two categories to support businesses that not only create financial products but also from the businesses that enable women consumers to adopt Financial Services.
    • Type A Category:
      • Technological solutions that enables and encourages adoption of Formal Financial Services by the women and should result into large number of women using formal financial services. Firms that can apply in this category:
        • Marketplaces and other E/M-Commerce players;
        • Digital Social Platforms;
        • Digital Use-cases for Women (Lifestyle Apps, Recommendation App, Ride-hailing etc.);
        • Non-Financial Sector Players.
    • Type B Category:
      • Women-Centric financial products and Channels. Firm that can apply in this category:
        • Banks;
        • Branchless banking providers;
        • Fintechs, NBFIs;
        • MFBs;
        • Other entities can apply in consortium with a licensed provider.
  • Important Note:
    • The applicants should be registered in Pakistan;
    • This program is not open to individuals;
  • Both Start-ups (that have grown beyond the MVP stage) and established companies are allowed to apply for challenge round.

Terms and Conditions

Selected applicants must commit to:

  • Participating in all components of the program, including funding pitch day.
    Participating in events, documentation and monitoring and evaluation activities as required by Karandaaz.
  • Submission of an application does not guarantee selection for any part of the program or funding.
  • The applicant will be selected for the program at the sole discretion of Karandaaz and its partners.
  • Karandaaz retains the right to accept or reject any application without providing a reason.
  • Karandaaz retains the right to negotiate the budget proposed by the applicant and rationalize it in consultation with the applicant.
  • Invitation to pitch for funding will be made at the sole discretion of Karandaaz. Decisions of Karandaaz judges will be considered final and will not be open to contestation.

For more information, visit https://fiwc.karandaaz.com.pk/#costs