The Financial Sector Deepening Africa (FSD Africa), Ukaid, the Banque Centrale du Congo and Elan RDC have launched the Innovation for Financial Services 2019 startup competition in the central Africa State. These companies, as well as other institutions will provide guidance, technical assistance and financial support to the candidates who will be selected at the end of the application process.
The DRC Innovation for Financial Services 2019 is a competition for businesses and entrepreneurs that aim to promote the development of innovative, relevant and value-adding financial services and payment solutions in the Democratic Republic of Congo (DRC).
At the end of the call for nomination process, a grant seed capital of US$13, 000 will be issued to each respective finalists.
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The competition is divided into two categories. The first, ‘Financial Innovation for social and economic development’ is aimed at candidates that wish to propose innovative payment solutions or financial services– responding to real issues encountered in the Congolese market. The second, ‘Financial Innovation for solidarity’ is aimed at candidates focusing on innovation payment solutions which benefit the displaced people, families and the communities that host them.
Joe Huxley, Director Strategy & Advocacy, FSD Africa said “Financial inclusion rates in the DRC remain low. With only seven percent of the Congolese working in the formal sector, many people have limited to no access to basic financial services like bank accounts, savings and loans. We have launched this competition to help change this narrative. We hope to energize local businesses and entrepreneurs in the country to come up with the solutions they need. We’ve seen technology drive financial inclusion in other parts of the continent, now is the time to invest in local solutions which can be game changers in DRC.”
Eligibility Criteria
The product, service or solution must be of a financial nature and is to be implemented in the Democratic Republic of the Congo. The product must be very innovative and provide a real advantage for targeted economic agents and target populations.
The principal applicant must be a duly registered company in the Democratic Republic of the Congo and at least, 50% of it must be owned by one or more citizens of the Republic Democratic Republic of the Congo. The principal applicant must be a for-profit entity.
NOTE: Applications are to be received in French only. The deadline for application is June 1, 2019.
Click here to download the guidelines and application form for the competition.