G2012 Mexico Financial Inclusion

Deadline: September 12, 2012

Enabling underserved and excluded communities to participate in the formal financial sector has tremendous potential to create social and economic gains for individuals, private enterprises, and societies as a whole.

Today, 2.7 billion adults, more than half of the world’s working-age population, do not have access to financial services that would allow them to save money securely, borrow money affordably, make payments knowledgeably, and insure themselves against potential hardships or risk.

The leaders of the G20 nations recognize the importance of advancing full financial inclusion—providing every household with access to valuable, affordable, secure, and comprehensive financial services.

Access to credit, savings, and insurance would allow poor households to raise their standards of living, capitalize on opportunities, and weather tough times. On a larger scale, financial inclusion stimulates economic growth and contributes to the creation of more vibrant and stable financial systems.

Innovations and collaborative solutions are needed to make comprehensive financial services available to all. To spotlight and support these critical solutions, the G2012 Mexico and Ashoka Changemakers have partnered to launch the G2012 Mexico Financial Inclusion: Innovative Solutions for Unlocking Accesscompetition.

This competition seeks innovations that address barriers to financial inclusion, including but not limited to:

• Physical or other accessibility barriers that prevent communities from reaching financial services,
• The shortage of affordable financial products tailored to the needs of underserved and excluded communities, and
• The lack of incentives for financial service providers to continue serving low-income, poor, or marginalized communities.

Do you have an innovative solution? For example, are you using mobile technology to provide comprehensive banking services to rural communities? Are you using an innovative business model at a retail establishment that gives remote communities access to savings and cashless payments? Or, are you connecting entrepreneurs to microloans and insurance? Then we want to hear from you!

The top solution will win the grand prize of US $ 100,000.

It’s time to make full financial inclusion a reality. Submit your solution or nominate an initiative today!

Further information: http://www.changemakers.com/financialinclusion