GIZ GmbH and Seedstars have come together to announce a special project called "Enhancing Financial Inclusion in Palestine" (EFIP). The goal of this project is to make the financial system in Palestine better by promoting new ideas and making it easier for people to access financial services. The project focuses on three important things: helping people understand finances better, providing digital financial services for small loans, and making it easier for consumers and small businesses to get involved in the financial system.
Challenges in the Palestinian Financial System
Even though 60% of adults in Palestine have bank accounts, only 10% of them use credit services. This is because many people don't know much about how finances work, and there are not enough different financial services available. Small businesses, which make up almost 95% of all businesses, only contribute 16.4% to the country's total income. This shows that they need more help to grow and make a bigger impact on the economy.
Making Financial Inclusion a Reality
The EFIP project wants to fix these problems and create a fairer financial system in Palestine. Anja Gomm, who is in charge of GIZ Office Palestine, is very excited about the project. She says that through EFIP, they want to encourage new ideas and make financial services affordable and available to everyone in Palestine, including both people and small businesses.
Two Ways to Help
The EFIP project has two parts to make sure they cover all the important areas. The first part is for companies in Palestine that have new ideas for small loans and other financial services. The second part is for companies from around the world that have good ways to teach people about finances.
Opportunity for Startups Worldwide
Startups from anywhere in the world can take part in the EFIP project. They want to find good ideas that can teach people more about finances, make it easier for them to get loans, and make the financial system better in Palestine. Seedstars is a company that helps startups use technology to make a difference, and they are working with GIZ on this project to help the people of Palestine.
Presenting Ideas to the Experts
At the end of the project, there will be a special event where all the startups will show their ideas to a group of experts in finance. This is a great chance for the startups to show how their ideas can make a big difference in Palestine.
Supporting Financial Solutions for a Better Future
The EFIP project will give money and help to the three best ideas. One idea will be chosen from the companies in Palestine, and two ideas will be chosen from the companies outside the country. This support will help the winning startups develop their ideas and make a positive impact on the lives of people and businesses in Palestine.
How to Join EFIP
Startups with working ideas can take part in the project if they want to help people and businesses in Palestine. More mature companies from other countries can also join if they want to start or grow their business in Palestine. To find out more and join the EFIP project, visit https://seedsta.rs/EFIPalestine.
By working together, GIZ GmbH and Seedstars are making a big effort to improve the financial system in Palestine, help new ideas grow, and make it easier for everyone to use financial services. With the EFIP project, they hope to create a better future for people and businesses in Palestine.
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