In an era of empowerment and inclusivity, the Financial Inclusion of Women Challenge Round 2024 (FIWC) stands as a beacon, emphasising breaking barriers and providing a tailored financial ecosystem for women.
This grant initiative aims to revolutionize access to financial services for women by leveraging innovative solutions, customized to their unique needs and preferences, all while considering the structural constraints that women often face in society.
Launched on 2nd February 2024, the fourth round of FIWC, powered by Karandaaz Pakistan, zeroes in on two pivotal segments, acknowledging the diverse landscape of women in various roles.
Firstly, economically active females across all sectors are targeted, recognizing their crucial contribution to the workforce. Secondly, the initiative focuses on financially excluded and underserved women in rural and urban areas, acknowledging the disparities in access to financial resources.
One of the key strategies employed by FIWC 2024 is the development of women-centric financial products and services. By tailoring solutions to the specific needs and preferences of female users, this approach not only ensures inclusivity but also amplifies the impact of financial services on their lives.
With a grant of up to Rs. 20 million on offer for each innovative proposition, FIWC 2024 advocates for a gender-based segmented approach to sales funnel growth. The goal is to massively increase the usage of financial products and services among female customers, fostering a financial landscape where women feel not only included but also empowered to make informed financial decisions.
Sharjeel Murtaza, Director Digital Financial Services (DFS) Karandaaz, said about the challenge: “There is a universal consensus that gender equality is of critical importance for prosperity and economic development of any nation. It is now the time to build upon that through enabling interventions.”
“At Karandaaz, we are fully committed to supporting innovative interventions that can increase women’s financial and digital inclusion by enabling access to financial services such as digital wallets, savings tools and female agents. We work towards economic empowerment of Pakistani women through alternate channels and avenues of leveraging their skillsets and expertise. The completion of three successful rounds of FIWC and the launch of the fourth round is a testament to our commitment.”
The initiative also highlights platforms enabling women’s financial inclusion. By addressing factors that hinder access to financial services, such as digital literacy and awareness, FIWC 2024 acts as a catalyst for bridging the gap and creating an environment conducive to the uptake of financial products.
For women entrepreneurs, Karandaaz’s FIWC 2024 presents an unprecedented opportunity to pioneer change. The deadline for application is March 6, after which the pitch process for grant funding will be finalized in April 2024. Apply now at fiwc.karandaaz.com.pk
In its past rounds, FIWC has successfully partnered with female-led fintechs such as Oraan, RedMarker, DigiKhata, InstaCare, Walee, etc. Each in their own sector, these fintechs are driving towards the same agenda: empowerment of women and their increased financial independence by leveraging innovative financial solutions tailored to their needs.
Whether through designing women-centric financial products, leveraging gender-based sales strategies, or contributing to platforms that enable financial inclusion, the FIWC 2024 challenge opens doors for women to shape the financial landscape. By participating in FIWC 2024, women entrepreneurs can not only drive economic growth but also champion a more inclusive and equitable future.