The Malawi Fintech Challenge – Apply Now!

With this Challenge, the 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 farms, 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.

The 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.

Value

• $50,000.00 to $100,000.00

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.

Benefits

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

Expected Outcomes

• All applications must include targets on the indicators in the table below. The targets must be disaggregated for the selected target groups. Applicants who cannot report on one or multiple indicators or provide disaggregated data should include a note with the reason.
• Based on the solutions presented, participants will be required to agree on a complete list of results, outcome indicators and targets for monitoring achievement of different results.
• The indicators will be finalized based on the nature of the solution & target country and tracked to ensure success. Deliverables would be derived from key milestones that will be agreed mutually between UNCDF and the participants during the programme period.
• In addition to the above, the following qualitative results are expected for learning and insights:
  • Level of impact and/or improvement in access/usage of financial products and services
  • Type and impact of technology introduced in the participating countries (novelty, scale, applications)
  • Level of user/customer satisfaction (includes the level of engagement with the solution, challenges experienced along the solution-customer value chain, reasons for usage/non-usage, etc.)
  • Solution assessment (includes milestones, scope changes, challenges faced, key takeaways, and potential for further scale / scale-up plans, if any)

Who should apply?

• 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.

Requirements

• Entity registration
  • The applicant/ lead applicant must be a registered entity in any country with at least two years of operations as a FinTech or a technology company.
  • The applicant/ lead applicant must submit audited financial statements for at least one operating year or the latest management accounts. If audited financial statements are unavailable at the time of application, the applicant must provide the latest management accounts and provide UNCDF with audited financial statements during the partnership.
  • Applicants may include a range of technology providers, digital delivery providers, FinTechs or other types of providers. Applicants can apply individually, with a partner or as a consortium.
• Relevant operation licenses (when applicable)
  • The lead applicant must be legally able to operate as a technology provider and have appropriate regulatory licenses in its home country. If the applicant plans to provide a financial product and/or service directly in the target geography, the applicant should either have licensing or a reasonable plan to partner with a licensed provider in the target country.
• Country of operation
  • The applicant can be legally registered and operate in any country or region but must be willing to obtain the necessary licenses in Malawi if required.
• Consortiums (when applicable)
  • Applicants can apply only once under this RFA, independently, in partnership or in a consortium.
  • Joint applications between market players in the target country or countries are encouraged if the proposed solution expands delivery networks and promotes rural and/or other last-mile access to financial services.
  • The lead applicant and their partners in the consortium must be registered entities with at least two (2) years of operations.

For more information, visit UNCDF.