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.