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GIZ & Seedstars launch financial inclusion drive in Palestine
GIZ GmbH and Seedstars announced today the launch of the Enhancing Financial Inclusion in Palestine (EFIP) initiative. This joint endeavour aims to foster innovation and inclusivity in the Palestinian financial landscape, focusing on financial literacy, digital finance products for microfinance, and consumer and SME engagement.
Despite the fact that 60% of Palestinian adults have bank accounts, the use of credit products remains low at just 10%, owing to inadequate financial literacy and limited financial product offerings. Small and medium-sized enterprises, which account for almost 95% of businesses, contribute only 16.4% to the GDP.
The EFIP initiative addresses these disparities, aiming to increase financial literacy, introduce inclusive digital finance products, and create a more equitable financial ecosystem in the region.
“We are thrilled to join hands with Seedstars on this crucial initiative,” says Anja Gomm, Country Director of GIZ Office Palestine. “Through EFIP, we aim to fuel innovation and provide inclusive, affordable, and sustainable financial solutions for both consumers and SMEs in Palestine.”
The programme features two distinct tracks: the first is a local call for digital finance solutions in the microfinance sector; the second invites international solutions for established financial literacy platforms or applications. The initiative is open to start-ups worldwide that can offer practical solutions to improve financial literacy, enhance access to finance, and augment service quality in the Palestinian territories.
“Seedstars is committed to nurturing start-ups worldwide that use technology to create meaningful change,” says Sabrina Salama, MENA partnerships manager at Seedstars. “Through our partnership with GIZ, we are excited to extend this mission to Palestine, where the fintech sector holds significant potential for economic growth and financial inclusivity.”
The EFIP initiative will welcome Palestinian start-ups with working MVPs on the local track, while the international track is open to mature companies keen on entering or expanding their presence in the Palestinian market.
Participants from both tracks will be invited to a virtual pitch event, where they will showcase their solutions to a jury of industry experts. The programme will award financial support and go-to-market assistance to the three winning solutions, with one winner selected from the local track and two from the international track.
To learn more about the EFIP initiative and how to apply, visit https://seedsta.rs/EFIPalestine.
