Problem Statements
The Alliance Hack will leverage the Alliance’s deep expertise to support fintechs in developing solutions to support women business-owners access and use financial products and supportive business development services to accelerate their business growth, as well as connect them with global financial services providers (FSPs) who also want to do same.
Financing women-owned/led informal VSEs
Women owned/led very small businesses (WVSEs); often semi-formal, are a vast un-served and underserved segment when it comes to accessing finance for their business. FSPs lack sufficient information and documents to underwrite loans. Women also lack sufficient information/financial know-how to demand the appropriate finance for their businesses. Create solutions that would improve women business owners’ in the VSE segment access to finance. (B2B, B2B2C or B2C)
Challenge 1 applies to the following markets:
Asia: South Asia—Bangladesh, India, Pakistan & Sri Lanka; Singapore
Africa: Kenya; Nigeria
Latam: Colombia; Brazil
Financing women-owned/led formal SMEs
Moving up in business size, women owned/led formal SMEs (WSMEs) are registered as businesses, have bank accounts where transaction history can be assessed, pay taxes, borrow from multiple sources—often using their credit card. Banks requirements are perceived to be and are onerous. The banks themselves find it difficult to identify these women whether they are their own customers (availing of consumer credit) or are prospect customers; find them costly to acquire them once identified and costly to serve. Create solutions that would improve women business owners’ in the SME segment to access finance. (B2B, B2B2C or B2C)
Challenge 2 applies to the following markets:
Asia: South Asia—Bangladesh, India, Pakistan & Sri Lanka; Singapore
Africa: Kenya; Nigeria
Latam: Colombia; Brazil
Building Business Capability of Female Entrepreneurs
Women-owned enterprises are an untapped growth opportunity for financial institutions; women are half of the population and own around a third of small businesses in developing countries. Better addressing their needs can unlock tremendous growth potential. Women-owned enterprises need more than just finance. Training, mentoring, networking, and other non-financial services can give entrepreneurs a vital leg up. Create solutions that would improve women business owners’ access to education and networks. (B2B, B2B2C or B2C)
Global Challenge
Transforming Mass Market Women's Investment Capabilities
Women’s relationship with wealth continues to be impaired. This is because of a focus on immediacy instead of long-term planning and a lack of connection with financial advisors. Mass market women are underserved by the asset management sector and lack confidence in long-term financial planning and investment skills.Create a solution that helps develop mass market women’s investment capabilities. (B2B, B2B2C or B2C)
Global Challenge
Identifying women-owned/led businesses within bank MIS
Closing the finance gap to women-owned/led businesses starts with financial services providers (FSPs) being able to identify them within their existing customer base. This is due to a variety of reasons including a) a lack of data availability due to inadequate MIS systems and/or lack of alternative data, b) inaccurate or questionable data quality such as a lack of consistent definitions, inability to tag WSME within a business portfolio and changes in shareholder and management structures, and c) the fact that sex-disaggregated data is not being used or analyzed to its full potential nor is it included in regular management reporting. Create a solution that helps banks identify, track, analyze, and report women-owned/led businesses within FSPs portfolios. (B2B, B2B2C)