notice_summary_english: Overview :
Call for Proposals for Grants
Innovation challenge awards to support financial intermediaries and fintech firms to develop, design, pilot, and scale up financial products and services targeting informal enterprises
Deadline: 12th April 2024
UNDP in partnership with the Organization of African, Caribbean and Pacific States (OACPS), and the International Labour Organization (ILO) are implementing a four-year project “Supporting Informal Enterprises Transition Towards Sustainable Growth and Formalization in the African, Caribbean and Pacific Regions” funded by the European Union. The project aims to unlock the potential of the informal economy for inclusive growth and transformation by developing and supporting the implementation of favourable regulatory conditions and relevant incentives for businesses to formalize. As part of the implementation of the project, UNDP has issued a call for proposals for Innovation Challenge Awards to support financial intermediaries and fintech firms to develop, design, pilot, and scale up financial products and services targeting informal enterprises.
The objectives of this Innovation Challenge Awards are:
To support financial intermediaries and fintech firms in developing, piloting, and scaling up financial products and services aimed at informal enterprises and entrepreneurs. The ultimate goal is to increase access to finance for these groups and unlock their potential for growth and expansion.
To build the capacity of financial intermediaries and fintech firms to incentivize enterprises to formalize, expand their customer base, and achieve commercial sustainability of the supported financial products and services.
 Who Is Eligible to Apply?
All registered financial intermediaries (commercial banks, insurers, credit unions, microfinance institutions, community banks, and Financial Services Associations) and fintech operating in the country. These may include financial institutions (Banks, MFIs, SACC