United Nations Capital Development Fund (UNCDF)The Malawi Fintech Challenge 2024

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About The Malawi Fintech Challenge

The Malawi Fintech Challenge, a flagship initiative led by the United Nations Capital Development Fund (UNCDF) in collaboration with the Reserve Bank of Malawi (RBM) and supported by the European Union (EU) and the Organization of African, Caribbean, and Pacific States (OACPS), aims to further financial inclusion in Malawi. With this Challenge, our mission is to catalyze the development of innovative digital financial solutions and help expand access to and usage of financial services in underserved communities, especially small-holder farmers, women, youth, and vulnerable groups within low-income populations in the country. The Malawi Fintech Challenge is more than a competition; it's a platform for cross-sector collaboration, inviting diverse stakeholders from the financial ecosystem to unite in promoting economic prosperity, improved livelihoods, innovation and inclusivity. Our implementing partners, including Centenary Bank, Telekom Networks Malawi plc (TNM), and the Food and Agribusiness Development Company (FADC), are pivotal in driving this initiative forward.

• Sponsor Organisation: United Nations Capital Development Fund (UNCDF)

Benefits of The Malawi Fintech Challenge

Successful applications will receive

• Access to grant funding to help pilot and implement solutions
• Technical assistance to develop and test your solution
• Mentorship and incubation support from industry experts
• Market Linkages with partners and other key stakeholders

The Malawi Fintech Challenge Requirements

The Request for Application (RFA) targets Fintechs, technology companies, payment service providers, and financial technology service providers, both local and international, with market-ready solutions aimed at addressing the problem statements of pre-selected implementing partners in Malawi.

Solutions to be supported

• Loan Management Solution that facilitates uncollateralized loans and provides a platform for MSMEs and smallholder farmers to gradually build their credit history.
• Innovative digital solution leveraging FADC’s critical data points to optimize service delivery and increase access to financial services.
• Digital scorecard and a scoring engine platform that utilizes existing VSLA data to support TNM in expanding their financial services offerings, specifically access to credit.

Timeline

Feb 2024: Launch of Fintech Challenge

14 March 2024: Information Sessions: Register Here!

17 March 2024: Deadline for Queries

18 March 2024: Deadline for Submission

April 2024: Evaluation

May 2024: Bootcamp

May 2024: Selection of FinTech's

June 2024: Project Design and Contract Negotiation

August 2024: Project Implementation

Application Date and Process

View further details and apply online.

Application Deadline

18 March, 2024

Scholarship Application Portal

View details of The Malawi Fintech Challenge

Apply for The Malawi Fintech Challenge