Empowering entrepreneurs: FIWC offers up to Rs20m grant for women-centric businesses

KARACHI: The Karandaaz-backed Financial Inclusion of Women Challenge (FIWC) 2024 grants initiative (worth up to Rs20 million each) is set to revolutionise access to financial services for women entrepreneurs and business leaders by employing innovative solutions customised to their unique needs and preferences, all while addressing the structural constraints that women often encounter in society.

Launched in February, the fourth round of FIWC focuses on two crucial segments to recognise the diverse roles women play. Firstly, the initiative targets economically active females across all sectors, acknowledging their vital contribution to the workforce. Secondly, it focuses on financially excluded and underserved women in both rural and urban areas, recognising the disparities in access to financial resources.

The FIWC emphasises shattering the glass ceiling and creating a tailored financial ecosystem for Pakistani women. The development of women-centric financial products and services is the key objective of FIWC 2024. This approach ensures inclusivity and magnifies the impact of financial services on their lives by tailoring solutions specific to the needs and preferences of female users.

Commenting on the grant initiative, Digital Financial Services (DFS) Karandaaz Director Sharjeel Murtaza said, At Karandaaz, we are fully committed to supporting innovative interventions that can increase womens financial and digital inclusion by enabling access to financial services such as digital wallets, savings tools and female agents. We work towards economic empowerment of Pakistani women through alternate channels and avenues of leveraging their skillsets and expertise.

With a grant of up to Rs20 million, available for each innovative proposition, FIWC 2024 advocates for a gender-based segmented approach to funnel growth opportunities. The goal is to significantly increase the usage of financial products and services among female customers, fostering a financial landscape where women feel not only included but also empowered to make informed financial decisions.

For women entrepreneurs, Karandaaz’s FIWC 2024 offers an unprecedented opportunity to lead change. The application deadline is March 6, with the pitch process for grant funding set to be finalised in April 2024. Interested parties can apply at fiwc.karandaaz.com.pk.

In previous rounds, FIWC successfully partnered with female-led fintechs such as Oraan, RedMarker, DigiKhata, InstaCare, Walee, etc. These fintechs, each in their sector, are actively contributing to the agenda of empowering women and enhancing their financial independence through innovative financial solutions tailored to their needs.

Copyright Business Recorder, 2024