As many as three in four Africans still don’t have access to formal financial services (such as a bank accounts) according to recent stats. This has become the motivation behind the setting up of the MasterCard Foundation’s Clients at the Centre Prize competition, which awards and assists entrepreneurs with businesses aimed at bridging the gap.
The prize seeks out innovative, impactful and sustainable solutions that promote financial inclusion among the poor in Africa, Asia and Latin America but also puts their unique needs in the centre of a product or service.
The winning business will receive a $100 000 (around R1.2 million) cash prize and $50 000 in consulting support to expand or reinforce client-centric practices.
Between three and five finalists will be selected based 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
- an understanding of market and context
The finalists will compete at the 2015 MasterCard Foundation Symposium on Financial Inclusion in Cape Town in November where they’ll present to a panel of leading industry professionals who will then vote for a winner.
You can register to apply for the Clients at the Centre Prize competition on the MasterCard Foundation website, applications close on the 30th June and finalists will be notified on the 30th September.
[Source – MasterCard Foundation, Image – MasterCard]
