Do you have an innovative and collaborative solution to make comprehensive financial services available to all?
This competition wants to find the world's most innovative solutions that make valuable, affordable, secure, and comprehensive financial services accessible to underserved and excluded communities.
The top solution will win the grand prize of US$100,000.
It’s time to make full financial inclusion a reality. Submit your solution or nominate an initiative today!
Enabling underserved and excluded communities to participate in the formal financial sector has tremendous potential to create social and economic gains for individuals, private enterprises, and societies as a whole.
Today, 2.7 billion adults, more than half of the world’s working-age population, do not have access to financial services that would allow them to save money securely, borrow money affordably, make payments knowledgeably, and insure themselves against potential hardships or risk.
The leaders of the G20 nations recognize the importance of advancing full financial inclusion—providing every household with access to valuable, affordable, secure, and comprehensive financial services.
Access to credit, savings, and insurance would allow poor households to raise their standards of living, capitalize on opportunities, and weather tough times. On a larger scale, financial inclusion stimulates economic growth and contributes to the creation of more vibrant and stable financial systems.
Innovations and collaborative solutions are needed to make comprehensive financial services available to all. To spotlight and support these critical solutions, the G2012 Mexico and Ashoka Changemakers have partnered to launch the G2012 Mexico Financial Inclusion: Innovative Solutions for Unlocking Access competition.
This competition seeks innovations that address barriers to financial inclusion, including but not limited to:
- Physical or other accessibility barriers that prevent communities from reaching financial services,
- The shortage of affordable financial products tailored to the needs of underserved and excluded communities, and
- The lack of incentives for financial service providers to continue serving low-income, poor, or marginalized communities.
Entries must:
- Reflect the theme and objectives of the G2012 Mexico Financial Inclusion Challenge;
- Describe the potential to make valuable, affordable, secure, and comprehensive financial services accessible to underserved and excluded communities;
- Are in any stage of development, from idea or concept, to proven programs;
- Are submitted in English, Spanish, French, or Portuguese.
Eligibility:
- Open to all private sector participants from any country.
- Proposals are welcome from individuals and not-for-profit and for-profit organizations, including private financial institutions, private investors and companies, socially responsible investors, foundations, and citizen sector organizations.
- Your competition entry can describe a collaboration between more than one eligible organization.
- Private sector organizations that have partnered with public sector organizations are eligible.
- Competition judges and/or their affiliated initiatives (or organizations) are not eligible to submit entries.
Application Details:
- Download the entry form here
- Enter now for a chance to win an early entry prize! Entries received by 5 p.m. EST on July 30, 2012 will be eligible to win one of two US $1,000 early entry prizes, in addition to being considered for the grand prize of US $100,000.
