Due Date: May 30, 2019

Applications are open for the UNCDF/IBSA Sierra Leone FinTech Difficulty 2019-2020 The Bank of Sierra Leone in collaboration with the United Nations Capital Advancement Fund and IBSA Fund are releasing the obstacle, under the style of “Domestic resource mobilization”, to more assistance the monetary addition of the middle and low-income population.

The Sierra Leone FinTech Difficulty 2019-2020, has the general objective of enhancing Sierra Leone’s domestic resource mobilization and the financial wellness of Sierra Leoneans residing in rural and underserved locations. It intends to harness the growing digital economy in order to establish and check ingenious options as a method to leapfrog access to fund, and subsequently construct out federal government and economic sector platforms to operationalize the advantages of the digital economy.

Advantages

  • The Bank of Sierra Leone will supply 2 finalists access to the Regulative Sandbox– a safe area for uncontrolled monetary sector developments to grow under the assistance of the Bank of Sierra Leone personnel and other professionals.

Eligibility

To be thought about for the assistance, organizations must meet the following minimum requirements:

  • Needs to be running in Sierra Leone or have a partner who is running in Sierra Leone. International or local entities not based in Sierra Leone might use offered that their work straight benefits a determined Sierra Leonean partner;-LRB- **************).
  • Needs to be organizations with experience in offering or supporting some element of mobile monetary services, consisting of: banks, other banks, mobile network operators and Fintech
  • The item, service or option need to be carried out in Sierra Leone;-LRB- **************).
  • The item, service or option can have a monetary nature, however an assistance service to a monetary provider will likewise be allowed;-LRB- **************).
  • The item, service or option need to be network operator agnostic;-LRB- **************).
  • For Sierra Leone-based companies: The lead candidate need to have a signed up service in Sierra Leone with a minimum of 15% ownership by a person of Sierra Leone; For non-Sierra Leonean Fintechs from development centers, this requirement does not use at the start of the competitors;-LRB- **************).
  • The lead candidate need to have a sound track record of efficiency of a minimum of one year; and
  • The lead candidate need to be a for-profit entity or become part of a chain of for-profit organizations;-LRB- **************).
  • Organizations that are bulk owned by federal government or its organizations, in addition to not-for revenues will not be qualified
  • Needs to be certified with all suitable statutory and regulative requirements of Sierra Leone with regard to the proposed activities or in the procedure of attaining compliance
  • Needs to have complete recorded assistance from the management and governing body for the proposed task, as evidenced by a letter of assistance from senior management
  • Needs to have sufficient monetary systems in location to handle external assistance as shown by offering audited or qualified monetary declarations

Application

To use, please download the Expression of Interest and Lean Canvas Kinds

The EOI must consist of:

  • Application Cover Sheet (offered)
  • Approximately one-page description of the organization (objective, place, present, activities and/or items, customers)
  • Optimum five-page description of proposed usage of funds (please do not consist of a complete proposition at this phase of the procedure)
  • A letter from senior management, ideally the CEO and/or Board Chairman, specifying their assistance for this application and recognition of the dedication to offering the needed resources for its success.
  • Lean canvas kind (Annex 1)
  • Annexes might be consisted of
  • Monetary declarations are suggested; nevertheless they will just be needed from short-listed organizations and need not be sent by organizations at this phase of the procedure.

For additional information, go to Sierra Leone FinTech Difficulty

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