Deadline: 7-Oct-22
FinLab BD is currently accepting applications for its Women Financial Inclusion Innovation Challenge 2022 to boost financial inclusion among women by providing access to new financial products, ensuring usage, and addressing barriers typically faced by women entrepreneurs and customers.
Despite the remarkable progress in the economic inclusion of women in Bangladesh, there remains a substantial gender gap in access to formal financial services. Participation of women in formal financial services has contributed to reducing poverty and empowering women. In this context, accessible, affordable, and appropriately designed financial products will play a vital role in creating opportunities for women to access financial services.
Funding Information
Amount: upto 1 crore BDT
Problem Statements
Multiple research studies identified the following barriers associated with access and usage of financial services among women:
- Lack of digital and financial literacy to engage with digital financial services
- Facing more constraints in fulfilling know-your-customer (KYC) requirements at banks and other financial institutions
- Absence of documents that are required to apply for a loan
- Limited or no access to mobile phones or other forms of technology
- Distrust in the financial system
- Lack of physical access to financial institutions
- Limited access to formal labour markets
- Discriminatory traditional social norms, like- interacting with a male agent, cannot go alone, and lack of financial control, among others
Outcomes
- Increase in savings and borrowing through formal institutions among women.
- Sizeable reduction of gender gap in the use of digital payments among account owners.
- Sizeable reduction of the gender gap in overall account ownership.
- Improved financial health of women by addressing investment and risk management needs
Eligibility Criteria
- Any consortium/organization is eligible to apply if the solution is practical and feasible.
- Only technical solutions are encouraged.
- Any individual interested to apply must get associated with an organization before applying.
For more information, visit http://challenge.gov.bd/challenge/Women-Financial-Inclusion