CGAP (Consultative Group to Assist the Poor), a US-based nonprofit policy and research center that aims to facilitate the provision of financial access to poor people, is accepting applications for the Branchless Banking Challenge Fund, a contest to encourage development of innovative solutions to challenges faced by the branchless banking market in West Africa. The contest specifically aims to address problems in the West African Economic and Monetary Union (WAEMU), an organization of eight West African states established to promote economic integration among countries using the Communauté Financière Africaine (CFA) Franc.
Mobile network operators, banks, microfinance institutions, technology providers and agent network managers from WAEMU countries are eligible to apply. Applicants must submit a business proposal of up to five pages on the following themes: “branchless banking infrastructure”, which involves developing a high-quality network of agents and networking managers; “digital financial inclusion”, including ideas aiming to create new branchless banking products; and “digital finance plus”, for those developing branchless banking payment solutions to help solve challenges in sectors such as energy, water, education, health and agriculture.
After the initial evaluation process and individual interviews of finalists, winners will be declared in May 2014. The projects will have duration of 12 to 18 months and each selected project will be awarded funding ranging between USD 100,000 and USD 300,000. Winners must make a minimum contribution of 25 percent towards the total cost of the project, which can be a combination of monetary and non-monetary resources. Proposals must be submitted via e-mail by March 31, 2014, to srotman[at]worldbank.org, omraye[at]yahoo.fr and corinne.riquet.cgap[at]gmail.com.
Further information for applicants can be found at http://www.microfinancegateway.org/gm/document-1.9.63708/Challenge%20Fund%20WAEMU%20Final_English2.pdf.
By Tejas Jain, Research Associate
About CGAP (Consultative Group to Assist the Poor)
CGAP (Consultative Group to Assist the Poor) is a US-based nonprofit policy and research center dedicated to increasing financial access to poor people worldwide. CGAP is supported by approximately 40 development agencies and private foundations. Its mission is to provide market intelligence, to promote standards and to offer advisory services to governments, microfinance providers, donors and investors. CGAP reported a budget of USD 22.5 million for the fiscal year ending June 2012. CGAP is co-located within the offices of the World Bank Group in the US city of Washington DC.
Sources and Additional Resources:
CGAP Microfinance Gateway, “March 31 Deadline: Apply to CGAP Branchless Banking Challenge Fund in WAEMU,”
http://www.microfinancegateway.org/p/site/m/template.rc/1.9.63708/
MicroCapital Brief, October 19, 2013, “Goodwell West Africa Invests Equity in MicroCred Microfinance Bank Nigeria,”
https://www.microcapital.org/microcapital-brief-goodwell-west-africa-invests-in-microcred-microfinance-bank-nigeria/
MicroCapital Brief, July 8, 2013, “2013 CGAP (Consultative Group to Assist the Poor) Microfinance Photo Contest Accepting Entries Through October 2,”
https://www.microcapital.org/microcapital-brief-2013-cgap-consultative-group-to-assist-the-poor-microfinance-photo-contest-accepting-entries-through-october-2/
MicroCapital Brief, November 30, 2012, “MasterCard Foundation, CGAP Announce $11.4m Partnership for Branchless Banking, Client Research,”
https://www.microcapital.org/microcapital-brief-mastercard-foundation-cgap-announce-11-4m-partnership-for-branchless-banking-client-research/
MicroCapital Universe Profile: CGAP (Consultative Group to Assist the Poor)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=CGAP
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at http://www.microcapital.org/products-page/
Similar Posts:
- MICROFINANCE EVENT: ANDE Annual Conference; September 12-14, 2023; Accra, Ghana
- MICROFINANCE PAPER WRAP-UP: “Climate Risk and Financial Inclusion: A Regulatory Perspective on Risks and Opportunities;” by Peter Knaack, Peter Zetterli
- MICROFINANCE PAPER WRAP UP: “Women Agents for Financial Inclusion: Exploring the Benefits, Constraints and Potential Solutions,” by Emilio Hernandez et al, Published by CGAP
- MICROCAPITAL BRIEF: G20, SME Finance Forum Showcase Digital Finance Solutions for MSMEs Via Online Database, Seek Submissions
- MICROFINANCE EVENT: 11th African Islamic Finance Summit; December 10-12, 2023; Hargeisa, Somaliland
