Digital Finance Targets Women Entrepreneurs

Lorraine Basse, Communications Assistant, UNCDF Papua New Guinea

The United Nations Capital Development Fund (UNCDF) held two virtual information sharing sessions on the Request for Applications (RFA) on “Digital Finance for Women Entrepreneurs – Innovation Fund Papua New Guinea” on Wednesday, 30th March, and Wednesday, 06th March 2022.

The Challenge Fund was launched and implemented by UNCDF to offer support in tackling the economic impacts on the formal and informal economy in the country. It was aimed to strengthen the Government of Papua New Guinea (GoPNG)’s ongoing efforts in achieving broader macroeconomic targets in the National SME Policy and National Financial Inclusion Strategy.

Invitations had gone out to applicants that ran businesses in Papua New Guinea (PNG) to increase access to Digital Financial Services (DFS), delivery channels and business model innovation for Women led Micro, Small and Medium Enterprises (MSMEs) and women entrepreneurs in informal sector across four regions of the country – Southern Region (focus Port Moresby), Momase (Focus on Lae and Wewak), Islands region (focus on Arawa/ Bougainville) and the Highlands region.

The applicants could pick one or more of above-mentioned locations for their interventions and could be financial institutions (e.g., banks, microfinance institutions, savings, and loan societies), mobile network providers, non-bank financial service providers and Fintechs.

The Fund supports applicants that have existing and innovative solutions to run projects within the country and capacitate the business resilience for Women-led MSMEs and women entrepreneurs in formal and informal sector (e.g., trading, agri-business, textile, food, and beverage) to increase access and uses of digital financial services against the economic recession caused by COVID-19.

The fund will increase access to Digital Financial Services (DFS), delivery channels and business model innovation for women-led micro, small and medium enterprises (MSMEs) and women entrepreneurs in formal and informal sectors across the four regions and would also increase delivery channels and business model innovation through partnering with financial service providers who have digital financial services to bridge the “unbankable” gap for the women-led MSMEs and women entrepreneurs.

All applications for this fund will close on the 12th of April 2022. Apply here.

Please contact Ms. Lorraine Basse on email: lorraine.basse@uncdf.org for more details.

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