African startups have been invited to apply for the Inclusive Fintech 50 competition organized by MetLife Foundation and Visa Inc., in collaboration with Accion and IFC.
The “Inclusive Fintech 50” aims to recognize the top 50 early-stage fintechs contributing to financial inclusion around the globe. The top 50 will include the most impactful, emerging fintechs expanding access, usage and quality of financial services globally.
Marianne Mwaniki, Global Head of Social Impact at Visa Inc said, “This initiative will help investors identify those high-potential companies and, in turn, help those companies attract the capital and knowledge they need to scale their business for maximum social impact.”
Investors often cite difficulty in identifying prospective fintech investees, especially those contributing to inclusion, while financial service providers struggle to identify appropriate fintech partners.
“Though capital is available to well-known and established fintechs, it’s less so for the early-stage companies focused on financial inclusion,” said Sarah Willis, Director of Financial Health at MetLife Foundation. “This effort will create visibility into a pipeline of inclusive fintechs that are reducing costs in delivery, improving the customer experience and ultimately creating an environment where low- to moderate-income people can build resilience, expand their economic opportunities and plan for the future.”
The judging panel will assess fintechs across for inclusiveness, business model innovation, scale potential, and traction.
