In an effort to enhance financial inclusion for women migrants and women affected by migration, Seedstars has announced the launch of the Financial Innovations for Women Affected by Migration (FIWAM) growth program. This program aims to identify and support fintech companies that focus on promoting financial inclusion across Asia, the Middle East and North Africa (MENA), and Sub-Saharan Africa. Applications for the program are now open until July 30, 2023.
The FIWAM growth program is funded by the Impact-Linked Fund for Gender Inclusive FinTech (ILF for GIF), which is managed by the Impact-Linked Finance Fund (ILFF). It is further supported by the Swiss Agency for Development and Cooperation and the Austrian Development Agency, the operational unit of Austrian Development Cooperation. Seedstars has partnered with the ILF for GIF to foster improved access and utilization of financial products and services for women affected by migration.
According to a recent report by Village Capital titled “Catalyzing Financial Inclusion: Gender-Inclusive Fintech Solutions for Migrants,” there are currently over 281 million international migrants and over 55 million internally displaced persons worldwide. These numbers continue to rise due to factors such as protracted conflict, the effects of climate change, and increasing poverty levels globally. In light of this, there is a pressing need to improve the financial inclusion of migrants, particularly women migrants who face additional barriers in accessing financial services, including legislative constraints, documentation deficiencies, language barriers, cultural differences, and limited mobility.
Through the FIWAM Growth Program, selected fintech companies from Asia, MENA, and Sub-Saharan Africa will receive technical assistance to enhance their investment potential and scale their impact, specifically targeting women migrants and women affected by migration. Each region’s cohort will consist of 10-15 fintech companies, which will benefit from direct support provided by experts in residence (EIR) and mentors from their respective regions over a three-month period.
To be eligible for the FIWAM Growth Program, startups must meet the following criteria:
- Be a for-profit entity with operations in a Sub-Saharan African, MENA, or Asian country.
- Provide a fintech solution that already serves or has the potential to serve women migrants or women affected by migration.
- Have achieved product-market fit, be at the growth stage, and generate monthly revenue of approximately $10,000 USD.
- Woman-led companies and founders who are women migrants are strongly encouraged to apply.
Susanne Thiard-Laforet, Program Manager Private Sector & Development at the Austrian Development Agency, expressed enthusiasm about collaborating with Seedstars on this crucial initiative. She emphasized the importance of enhancing access and utilization of financial services for women impacted by migration, including migrants themselves, their families, and host communities. Thiard-Laforet described the FIWAM Growth Program as a catalyst for meaningful change, breaking down barriers and biases to recognize migrant groups, particularly women, as a viable market segment. She expressed eagerness to support and learn from the innovative solutions that will be developed through this program and the positive strides they will make in fostering financial inclusion.
Elizabeth Jones, Global Lead Program Operations of Seedstars, also commented on the program’s launch. She expressed excitement about the potential for the Financial Innovations for Women Affected by Migration (FIWAM) Growth Program to create a lasting impact on the lives of women migrants and women affected by migration. Jones looks forward to witnessing the transformative effects of the innovative solutions in these communities, as they strive for greater financial inclusion.
Fintech startups that are interested in participating in the FIWAM Growth Program are encouraged to apply before the July 30, 2023