The Inter-American Development Bank (IDB), through its Multilateral Investment Fund (MIF), acknowledges innovative initiatives focused on financial inclusion and the development of SMEs in Latin America and the Caribbean. In 2017, the Awards’ focus will be on: Financial Inclusion and the use of digital technology.
The winner of each category will receive a recognition during Foromic 2017 in Buenos Aires, Argentina.
In 2017, the categories of the Inter-American Awards for Financial and Entrepreneurial Innovation are:
Applicants must submit their application in the Foromic website. In the application, applicants can enter both the general and the specific information about the entity's activities.
Application deadline: September 18th, 2017
The applications received will be reviewed quantitatively and qualitatively, this analysis process may include interviews. From this screening process, a group of finalists will be drawn, and out of the finalist, a Selection Committee will choose the winners. The winners will be notified in October and invited to receive the award at the opening ceremony of Foromic.
The category of Financial Institutions that promote the inclusion of the Inter-American Awards for Financial and Business Innovation will recognize financial service providers that are successfully using digital technologies to grant access to financial products and services to unaddressed or excluded segments of the population or micro-enterprises. And that at the same time, are contributing to generate economic value or to improve the quality of life of low-income populations in the Latin American and Caribbean region. The award will acknowledge the business models or service models that use digital technologies to incorporate new clients, reduce the costs, and improve the quality and variety of financial services for its customers.
Winners will be selected considering their financial performance in the context in which they operate; the quality, use and innovative aspect of their financial products, services, tools and support channels; as well as the potential to escalate and/or replicate it. Innovative efforts that reach out to a significant number of new or underserved or excluded clients will be especially valued. The category Financial Institutions that Promote Inclusion will be receiving applications in two subcategories:
Candidates to the category Institutions that Promote Financial Inclusion must meet the following criteria:
The category "Financial Services for Small Farmers" will recognize innovations in using digital technologies to improve the quality of the products and services for small farmers (agricultural / livestock / aquaculture) in the Latin American and Caribbean region. The award seeks to identify outstanding initiatives from a wide range of suppliers in the agricultural ecosystem, such as financial institutions, associations and farmers cooperatives, companies and business entities (exporters, processors, agricultural distributors, etc.) that provide financial services and products to promote financial inclusion and/or to strengthen the productivity and resilience of small producers. This award seeks to identify those initiatives that have successfully commenced and that represent a tangible benefit to the small farmers. Furthermore, initiatives must display a high level of customer acquisition and a potential for escalation. Examples of initiatives include: loans, savings, payments, insurance, remittance, factoring, leasing, forwards, electronic storage, among others, that use digital channels to offer solutions to small producers’ financial needs.
The category Financial Services for Small Farmers will be receiving applications from:
Candidates must meet the following requirements:
Candidates to the category Financial Services for Small must meet the following criteria:
Organized by FONCAP and Banco Nación, the 1st National Innovation Award in Microfinance (FINC 2017) seeks to promote innovative alternatives in this sector. This edition will take place in the context of FOROMIC, scheduled to take place in Buenos Aires between October 30th and November 1st.