The very first SANAD Fincluders Startup Challenge to take place outside of Europe is headed toward Amman, Jordan to find innovative SMEs spreading financial inclusion in MENA.
SANAD, an SME fund serving MENA, has modelled their challenge after the European Fund for South East Europe (EFSE) Fincluders which was held in Berlin last year. The Amman instalment of the challenge is scheduled for 3 to 4 May 2017 with a cash prize of up to USD$15 000 with SANAD securing the support of Oasis 500, a local fintech accelerator.
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SANAD’s technical assistance facility are offering finalists a trip to Jordan as well as accommodation for the duration of the mentoring sessions conducted by fintech experts. Once the entrepreneurs have concluded their training, they’ll have an opportunity to present their products and services in front of a jury of top finance managers.
Many investors, regulators, as well as development finance specialists, will also be a part of the audience with the presentations taking place in the format of other popular pitching competitions such as Dragons Den or Shark Tank.
Fincluders Startup Challenge will aim to bolster the region’s financial inclusivity
“The Fincluders Startup Challenge serves as a natural extension of our technical assistance activities,” said SANAD’s technical assistance facility committee chairman, Ines Ebrecht in a press release.
“Providing mentors to help guide companies, especially new ones, is integral to our mission, and our capacity-building goals include the creation of platforms for entrepreneurs that provide access to much-needed capital for companies in their infancy,” Ebrecht continued.
The Fincluders Startup Challenge will follow the Arab Day of Financial Inclusion on 27 April 2017 which is a day designated by the Council of Arab Central Bank Governors to increase the focus on providing more access to finance within Arab regions.
“By bringing the extraordinarily successful Fincluders Startup Challenge to the Middle East and North Africa, SANAD continues to employ the most effective methods available for identifying the best innovations for bolstering micro, small and medium enterprises and fostering economic development and job creation in the region,” concluded SANAD board chairman, Wolfgang Reuss.
