Multilaterals, GSMA make second call for tech for financial inclusion

Monday, May 30, 2011

Three multilateral banks, as well as the GSM Association (GSMA), have made a call for proposals for technology use to increase low-income people's access to financial services in Latin America and the Caribbean.

The three institutions include Latin American development bank CAF, the Inter-American Development Bank (IDB) and the Multilateral Investment Fund (MIF).

Winners in the second "Technologies for Financial Inclusion Program" will receive up to US$300,000 each to implement their projects. Ideas may be submitted from May 30 to July 15.

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Examples of ideas include:

- Providing financial services to rural or unserved people in close proximity to their workplaces or homes through non-bank correspondents or mobile devices.

- Offering new services such as savings, payments, or money transfer systems, or expanding services to customers who cannot be served through existing technology.

- Increasing efficiency and reducing costs, improving financial and operational performance.

- Lowering costs for customers.

- Improving risk management and internal controls.

Use this link for further information.