The MasterCard Foundation today announced the opening of its Clients at the Centre Prize competition, a US$150,000 initiative to find and recognize the most customer-focused organization working to enable poor people in developing countries to access formal financial products and services.The prize, consisting of a US$100,000 cash award and US$50,000 in consulting support, will be awarded at The MasterCard Foundation Symposium on Financial Inclusion, to be held in Cape Town, South Africa, November 19-20, 2015.Ann Miles, Director of Financial Inclusion at The MasterCard Foundation, said “We’re extremely excited to look for and recognize an innovative organization that puts clients at the centre of its everyday thinking. We believe that, by doing so, they can not only provide low-income populations with the most appropriate products and services that respond to their needs and aspirations, but also offer a much better client experience.”The prize intends to highlight best practices in financial services that make it a priority to understand the financial needs and wishes of people living in poverty and responds to them with the appropriate products and services, and their delivery. The organization receiving the prize will be one that ensures client voices are the most influential in driving business strategies and decisions.
The competition will receive applications until June 30, 2015 from financial service providers with operations in the world’s developing countries. Three to five finalists will be invited to Cape Town in November to present their organization and its practices to an audience of approximately 300 industry experts. The audience will vote on which of the candidates is most deserving of the Prize.
Applicants must be legally registered and operating companies providing financial products and services to people living in poverty (as defined nationally) in developing countries of Asia, Africa and Latin America.
Applications will be judged on the following criteria:
- a client-centric focus;
- evidence of success;
- long-term impact, sustainability and scalability;
- novelty in designing client-centric products or services; and
- an understanding of market and context.
Most importantly, applicants must describe how their operations deliver value to low-income clients, satisfying and empowering them with the best, most appropriate financial products and services.