A multidonor initiative seeking innovative technological solutions to improve financial access in Latin America and the Carribean has narrowed down the field of possible projects for funding to 20.
The Program in Technologies for Financial Inclusion made its selection from 420 entries submitted by organizations from 30 countries in the region. The proposals offer technological solutions on micro-insurance, credits, payments, and savings.
The 20 winning entries will enter the second phase of the program, where they will be given assistance to develop business plans with measurable outcomes to determine their financial feasibility.
Some of the winning ideas include promoting savings through the use of mobile phones and non-bank agents in Columbia, improving financial services in rural areas using geo-referencing technology in Bolivia, and using mobile technologies and shared platforms for decision making in credit granting by the International Monetary Fund in El Salvador.
In the third and final phase, the projects will be financed, implemented and evaluated, according to a press release by the Inter-American Development Bank.
Aside from IDB, the Multilateral Investment Fund and Corporación Andina de Fomento back the program.