A leading financial institution based in the Middle East has launched a challenge to boost financial inclusion in MENA.
The lab is looking to explore solutions from several partners to drive financial technology adoption in countries across the Middle East and North Africa (MENA) region, which remains largely cash dominated.
High cash societies where people lack bank accounts and do not use online or mobile banking can often mean the benefits of a lot of financial products and services are not realised. Solving this problem will help drive financial inclusion and offer services to the unbanked and underbanked population.
The challenge involves finding a convenient way customers can fund their accounts – as many are paid their wages in cash and will need to deposit this to avail of digital services.
The challenge is looking for a business plan, off-the-shelf solution, process or combination of the three. The solution should cover B2B solutions for payroll; digitised cash in (how people can deposit); P2M (person to merchant) solutions; or gamification to encourage people to try digital services.
For many countries looking to mature and grow their economies, a key aim is to become less dependent on cash. This is in part because it will enable better use of financial products and services so people and businesses can learn how to better manage money.
Those wishing to take part should email info@fintech-alliance.com to receive more information and an application form. The deadline for this challenge is 18 April 2020.
