PFIP is seeking to work with partners to increase the financial security and build the financial resilience of low income and rural households. Products like flexible deposit accounts, microinsurance, and cost-effective money transfer services allow clients to accumulate assets and to mitigate risks involved with financial shocks (e.g. death, illness, natural disasters) or pay for lifecycle events (e.g. funerals, school fees, housing). PFIP is particularly interested on leveraging existing networks to deliver financial services. These may include physical networks (e.g. bank branches, store chains, agencies), social networks (e.g. associations, employers unions, schools) or technological networks (e.g. mobile phones, point of sale devices, handheld devices) and are likely to provide partnerships between two or more institutions. Proposals that include high quality or innovative financial literacy training or capacity building for low income households as part of the provision of services are strongly encouraged.
Terms & Conditions:
Types of Support: PFIP may provide performance-based grants, loans, technical assistance contracts or a combination of these instruments. Cash grants are generally not made to capitalise, increase equity or directly finance microloan portfolios; rather they are intended to fund innovative approaches or initiatives that have the potential to be either highly scalable or replicable.
Amount of Support: The maximum amount of support to any organisation is US$1 million. The grants thus far have ranged $14,000 to $500,000.
Period of Support: All agreements must terminate by the end of PFIP’s anticipated operations, namely by December 2019. There is no minimum term.
Eligible Institutions: Partner institutions include two broad groups: financial service providers (FSPs) and financial sector support organisations. Eligible FSPs include, but are not limited to:
Financial sector support organisations may include:
For a full outline of and directions for application, please download the Request for Expressions of Interest for the PFIP Support Facility. Applications will be accepted on a rolling basis starting Aug. 31, 2014.