Seedstars launches FIWAM, a growth program aimed at empowering women migrants and their families in Asia, the MENA region, and Sub-Saharan Africa.
In order to promote financial inclusion for women migrants and their families in Asia, the MENA, and Sub-Saharan Africa, Seedstars, a global innovation and entrepreneurship catalyst, has called on global fintechs.
The goal of the Financial Innovations for Women Affected by Migration (FIWAM) growth program is to aggressively discover and support fintech businesses that promote financial inclusion in the area.
Fintech businesses are invited to submit applications through Seedstars and the Impact-Linked Fund for Gender Inclusive FinTech (ILF for GIF) to take advantage of financial opportunities in this underserved market. The program’s goal is to eliminate prejudices and barriers in order to significantly improve the lives of migratory women and their families.
The program, which is financed by the Austrian Development Agency and the Swiss Agency for Development and Cooperation as well as ILF for GIF, tackles the urgent need for increased financial inclusion for the expanding population of international and internally displaced migrants. It acknowledges the particular difficulties experienced by female migrants in accessing financial services, as there are approximately 281 million international migrants and 55 million internally displaced people globally.
Over the course of a three-month period, mentors and experts in residence will provide direct support and technical help to a select group of fintech companies from Asia, MENA, and Sub-Saharan Africa. Targeting women migrants and people impacted by migration, the program also intends to assist these fintechs in achieving investment potential and scaling their effect.
A “lasting impact”
“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,” said Elizabeth Jones, global lead program operations of Seedstars. We can’t wait to see how these creative solutions will impact financial inclusion in their communities.
“This program transcends mere acceleration; it is a catalyst for meaningful change, dismantling barriers and biases to recognize migrant groups, especially women, as a viable market segment,” program manager for the private sector and development at the Austrian Development Agency Susanne Thiard-Laforet added.
Startups must be for-profit businesses operating in a Sub-Saharan African, Middle East and North Africa (MENA), or Asian nation in order to qualify for the program. They ought to offer a fintech solution that benefits or may benefit migrant women or other migratory-related groups.
The firms should also have a good fit between their product and market, be in the growth stage, and make around $10,000 USD in monthly revenue. Female entrepreneurs and founders of women-led businesses are strongly encouraged to apply for the program. Startups in the fintech industry who are interested in participating can apply before July 30, 2023.