In the past few years, we have seen a dramatic increase in the adoption of digital financial services by women. Based on the latest Global Findex Report, for the first time in a decade, the gender gap has decreased from 9% to 6% in key emerging markets, thanks in part to an increased number of low-income women leveraging digital financial services.

Now is the time to build on this momentum and leverage digital financial services as an on-ramp for low-income women customers to adopt and use a large suite of formal financial products and services. Low-income women represent a large, untapped market opportunity for digital financial services providers, and fintechs, in particular, who can leverage technology innovation to break the persistent challenges in closing the gender gap in financial services.

The 2023 Fintech Innovation Challenge is inviting applications from later-stage fintechs pioneering innovative financial solutions that break the persistent challenges in serving the low-income women’s market.

The theme for this year’s competition is Breaking the Challenges in Serving the Low-Income Women’s Market. The 2023 Fintech Innovation Challenge is welcoming applications for innovative financial solutions that break the persistent challenges in serving the low-income women’s market. Entry categories include, but are not limited to:

• Sending and receiving money

• Credit for women-led MSMEs

• Safety net products (insurance, savings and pensions)

• Beyond money (financial and digital capabilities, and other business support services)

Finalists will participate in a pitch competition with a panel of distinguished industry judges at the Women’s World Banking Making Finance Work for Women Summit in Mumbai on May 25, 2023, where the Grand Prize winner will be announced.