The Technical Assistance Facility of the SANAD Fund for MSME has invited North African startups to participate in the first Fincluders Startup Challenge to be held outside Europe, giving them a chance to win up to US$15,000.
The Fincluders Startup Challenge is a Fintech-focused event seeking to identify and promote innovative startups using technology to expand financial inclusion and increase access to finance for the underbanked.
The inaugural edition, sponsored by the Development Facility of the European Fund for Southeast Europe (EFSE DF), held in Berlin last year and saw Kenya’s FarmDrive awarded €10,000 for placing second.
This edition, the first outside Europe, is open to Fintech entrepreneurs with solutions and concepts for spreading financial inclusion in North Africa (and the Middle East).
The finalists will travel to Amman, Jordan to participate in a mentoring session with Fintech aficionados and a pitch session in front of an audience of investors, financial institutions, regulators and development finance specialists.
A high level jury will select the winners, who will win cash prizes of up to US$15,000.
“By bringing the extraordinarily successful Fincluders Startup Challenge to the Middle East and North Africa, SANAD continues to employ the most effective methods available for identifying the best innovations for bolstering micro, small and medium enterprises and fostering economic development and job creation in the region,” said Wolfgang Reuss, SANAD Board Chairman.
He added, “The training and funding for products and ideas that spread financial inclusion in the region are an investment in the future.”
North African entrepreneurs with Fintech solutions can apply for the challenge by 7 April 2016. The final will hold in Amman, Jordan on 3 – 4 May 2017.