20 best winner ideas in a technology contest

The Program in Technologies for Financial Inclusion has selected the twenty best ideas among 420 submissions that resulted from its first convocation, made up of a diverse compilation of proposals for technological solutions that suggest innovation, inclusion, and various financial services like micro-insurance, credits, payments and savings. The second phase of the program starts now in which the twenty winning ideas will receive help in order to develop a business plan with measurable results.

The Program Selection Committee included representatives from the Multilateral Investment Fund (MIF), Inter American Development Bank (IDB), Andean Development Corporation (CAF), Consultative Group to Assist the Poor (CGAP) - The World Bank, DAI, and the Groupe Spécial Mobile Association (GSME).

“We´ve seen an avalanche of innovative and entrepreneurial ideas on how to use technologies to increase financial inclusion. We believe that ideas like these are key to really change the landscape for access to financial services. We are collaborating with others to make these proposals a reality and will share the results as soon as possible” as stated by Julie Katzman, General Manager of MIF.

The high number of ideas submitted and the participants registered in the digital platform of the program, as well as the maturity and competitiveness of the submissions, evidence the success of the convocation. The process was very ambitious and took into consideration the feasibility of the ideas proposed, their potential impact in fostering financial inclusion, among other criteria, and the following were those selected:

• Promoting savings through the use of mobile telephones and non-bank agents: idea submitted by Banco Caja Social Colmena and Opportunity International, both from Columbia.
• Use of geo-referencing technology to improve financial services in rural areas, idea submitted by Bancosol of Bolivia.
• Mobile technologies and shared platforms for decision making in credit granting by IMF, idea submitted by Copeme of Peru, Redimif of Guatemala, and Infored of El Salvador.
• Platform of shared mobile payments serving multiple financial intermediaries, idea submitted by Redeban Multicolor, from Columbia, Globokas of Peru and Triodos Facet of Surinam.
• Financial services by cellular phone for the non-banking population, idea submitted by Tigo of Paraguay and Banesco of Venezuela.
• Mobile payment system for the receipt of social assistance, idea submitted by the Treasury Ministry of Mexico.
• Evaluation of methods for savings related to social assistance programs, idea submitted by IMCO of Mexico.
• Platform of payments among different organizations in the social economy, idea submitted by Banco Central de Ecuador.
• Low cost technological applications for mobile banking, ideas submitted by UWIMONA and St. Thomas Cooperative Credit Union, both from Jamaica.
• Low cost micro insurance technology for indexed agricultural and livestock industries, idea submitted by IFFPRI to be implemented in Columbia.
• Platform for the receipt of payments for rural Central America, idea submitted by MFI, Corp. to be implemented in Honduras and El Salvador.
• Financial Services provided in the home via cellular phone, idea submitted by Swisscontact of Ecuador.
• Kiosks for the distribution of micro insurance in the municipal network, idea submitted by Protecta of Peru.

Having completed this first phase of the submission, the ideas that were selected will now go to a second stage, in which each, with the help of the Program, will undergo the development of a strategy to determine the financial feasibility of the project. Ultimately in the third and last phase, the project will be implemented, the finished projects will be bonded with the party that submitted the idea in order for it to be financed, executed and evaluated.

The Program in Technologies for Financial Inclusion invites all interested parties to keep in contact through our digital platform www.tec-in.org and our social networks (Facebook, Twitter and Linked in), sharing information, opinions and suggestions.

In order to receive additional information or submit a consultation, contact us at tec-in@iadb.org.