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Press Launch
NEW YORK, September 24, 2020 – Girls’s World Banking is happy to announce the 4 finalists of its second annual Making Finance Work for Girls Fintech Innovation Problem. The finalists, chosen from a record-breaking pool of aggressive and various candidates, symbolize an thrilling new wave of modern options designed to assist low-income ladies’s financial empowerment and monetary inclusion. This yr’s finalists are: Enhance Capital, Mujer Financiera, myAgro, and Tyme.
The Making Finance Work for Girls Fintech Innovation Problem is sponsored by the Invoice & Melinda Gates Basis, Ernst & Younger LLP (EY), and Novi. The 4 finalists will obtain membership within the Girls’s World Banking’s Community of Companions and can current to a panel of judges and the viewers at Girls’s World Banking’s flagship Making Finance Work for Girls Summit, which is made doable by the assist of the Visa Basis, to be held nearly on October 20th and 21st, 2020. In attendance on the Summit might be over 300 leaders from the monetary companies, investor, and philanthropy sectors. The judges will vote to pick two Grand Prize Winners, who will compete as finalists within the Financial Authority of Singapore’s (MAS) International FinTech Hackcelerator (powered by KPMG Digital Village) through the Singapore FinTech Competition in December 2020. They may also be fast-tracked to obtain a MAS Proof-of-Idea Grant price as much as S$200,000 and compete for a S$50,000 money prize. These two Grand Prize Winners may also obtain tuition protection for 2 contributors in Girls’s World Banking’s subsequent Management and Range for Innovation Program, which equips senior executives in rising markets with the abilities to efficiently serve low-income ladies and advance ladies leaders inside their establishments.
“I used to be impressed by the standard and sheer variety of functions this yr,” famous Mary Ellen Iskenderian, President and CEO of Girls’s World Banking. “Low-income ladies have been disproportionately impacted by the COVID disaster, dealing with larger charges of unemployment, bearing an outsized burden of kid care and different family obligations, and even confronting unprecedented ranges of home violence. This yr’s candidates – of which 62% (74 options) had been co-founded and/or had ladies in a C-suite place – left me stuffed with hope for the way forward for the position that fintech can play in ladies’s monetary inclusion and, finally, their financial empowerment.”
For extra data on the problem and to buy tickets for the Making Finance Work for Girls Summit, please go to: womensworldbanking.org/making-finance-work-for-women-2020/
Concerning the Finalists
Enhance Capital affords microfinance expertise that permits loans by smartphones in Southeast Asia. The corporate’s expertise interviews prospects by chatbot, credit score scores them, and affords loans – all digitally. Enhance Capital’s imaginative and prescient is to make it cheaper and simpler for individuals globally to entry microfinance companies using expertise. The corporate has already reached over 50,000 prospects in its launch market of Cambodia and has built-in monetary literacy content material into the product and advertising and marketing to make sure that prospects can safely take cost of their monetary lives.
Mujer Financiera is a startup with the primary aim of accelerating ladies’s monetary inclusion by training and expertise. After coaching over 20,000 ladies in numerous nations of Latin America on monetary training points, Mujer Financiera developed an information profiling mannequin that enables it to determine content material for girls that may have the best influence on their funds.
By scaling this mannequin, Mujer Financiera developed Felicity, the primary finance social community for girls, which blends expertise, training, neighborhood, and entry to monetary companies. Utilizing Felicity, ladies can entry customized monetary content material by machine studying and handle their private finance by Private Finance Administration (PFM). After coaching, ladies are in a position to join with banks and fintechs to accumulate monetary companies in response to their particular wants.
myAgro offers an alternative choice to credit score to ladies who will not be eligible for financial institution financing and helps them pay for fertilizer, seed, and technical coaching utilizing myAgro’s distinctive cell layaway monetary instrument. The exclusion of girls from collaborating absolutely within the agricultural economic system implies that farm households face many constraints to breaking free from poverty. myAgro’s mannequin was created with empowering ladies in thoughts: 60-70% of the small farmers myAgro helps are ladies.
myAgro’s three-tiered strategy of cell layaway, enter supply, and tailor-made agricultural coaching has resulted in 50-100% will increase in yields and 50%+ will increase in farm incomes, remodeling the lives of collaborating farmers in Mali, Senegal, and Tanzania.
Tyme is a digital banking group targeted on financially empowering underserved shoppers and small companies by digital banking in rising markets. The Tyme group of firms consists of TymeBank South Africa presently headquartered in South Africa and TymeGlobal, with places of work in Hong Kong and Ho Chi Minh. TymeGlobal deploys its operational expertise and expertise to launch new digital banks in ASEAN, primarily based on its expertise in South Africa.
The primary full deployment, TymeBank South Africa, is a totally licensed greenfield digital financial institution, launched in February 2019. Since then, TymeBank has acquired 2 million financial institution prospects in 17 months of operation, making it the world’s quickest rising unbiased digital financial institution. Greater than 50% of its buyer base are lively every month, and its deposits have been rising at roughly 10% per 30 days over the previous 12 months, with quickest development amongst ladies shoppers.
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About Girls’s World Banking
Girls’s World Banking designs and invests within the monetary options, establishments, and coverage environments in rising markets to create better financial stability and prosperity for girls, their households, and their communities. With a worldwide attain of 51 companions in 28 nations serving greater than 67 million ladies shoppers, Girls’s World Banking drives influence by its scalable, market-driven options; gender-lens non-public fairness fund; and management and variety packages. To study extra about Girls’s World Banking, go to womensworldbanking.org.
Media Contacts
Kate Stence [email protected]
Andy Woolnough [email protected]
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