By Adedapo Adesanya
Seedstars has launched the Financial Innovations for Women Affected by Migration (FIWAM), a growth programme that aims to identify and support fintech companies that are focused on promoting financial inclusion, particularly for women migrants and women affected by migration across Sub-Saharan Africa as well as in Asia and the Middle East/North Africa (MENA) markets.
The programme will be funded by the Impact-Linked Fund for Gender Inclusive FinTech (ILF for GIF), managed by the Impact-Linked Finance Fund (ILFF), and supported by the Swiss Agency for Development and Cooperation. It will see assistance from the Austrian Development Agency, the operational unit of Austrian Development Cooperation.
This will be the next step in their collaboration as ILF for GIF has partnered with Seedstars to foster improved access and utilization of financial products and services for women affected by migration.
The recent report by Village Capital, “Catalyzing Financial Inclusion: Gender-Inclusive Fintech Solutions for Migrants,” cites that there are over 281 million international migrants and over 55 million internally displaced persons globally. These numbers continue to rise with protracted conflict, the effects of climate change, and increasing poverty levels worldwide.
Recognising this, Seedsatrs said that there is a growing need to improve the financial inclusion of migrants, especially women migrants who face even more barriers in accessing financial services, such as legislative constraints, documentation deficiencies, language barriers, cultural differences, and limited mobility.
Through the FIWAM Growth Program, selected Fintechs from Asia, MENA, and Sub-Saharan Africa will receive technical assistance to attain investment potential and scale their impact, targeting women migrants and women affected by migration.
Each cohort of 10-15 fintechs per region will also receive direct support from experts in residence (EIR) and mentors drawn from their respective regions over a period of three months.
The selection requirement is limited to for-profit entities that have operations in a Sub-Saharan African/MENA/Asian country and provide a fintech solution that already serves or has the potential to serve women migrants or women affected by migration.
Other criteria indicate that the entities must have product market fit, be at a growth stage, generate monthly revenue of ±$10,000, and must have woman-led companies. Founders who are women migrants are highly encouraged to apply, according to a statement seen by Business Post.
Speaking on this, Susanne Thiard-Laforet, Programme Manager Private Sector & Development, Austrian Development Agency, stated, “We’re eager to collaborate with Seedstars in this pivotal initiative to enhance access and utilization of financial services for women impacted by migration, encompassing not only migrants themselves but also their families and host communities.
“This programme transcends mere acceleration; it is a catalyst for meaningful change, dismantling barriers and biases in order to recognize migrant groups, especially women, as a viable market segment.
“We are looking forward to supporting and learning from the innovative solutions that will be developed through this programme and the impactful strides they will make in fostering financial inclusion.”
Commenting on the launch of the program, Elizabeth Jones, Global Lead Programme Operations of Seedstars, said, “We’re thrilled to launch the Financial Innovations for Women Affected by Migration (FIWAM) Growth Program, as it has the potential to create a lasting impact on the lives of women migrants and women affected by migration. We’re eager to witness the transformative financial inclusion these innovative solutions will bring about in their communities.”
