The Alliance of Digital Finance and Fintech Associations (AllianceDFA) has announced the recipients of its 2024 Small Grant Fund. This initiative aims to provide financial support to Digital Finance and Fintech Associations (DFAs), enabling them to enhance their impact and expand their reach through local projects and initiatives.

Recognising that many DFAs are under-resourced, the Small Grant Fund seeks to provide opportunities for DFAs to deliver projects within their countries that contribute to market facilitation and support the growth of the digital finance ecosystem. This year, four DFAs have been awarded up to $3,500 each to implement such projects. each of the four recipients has proposed unique projects aimed at enhancing their local digital finance landscapes.

Let’s delve into each recipient’s project to see how they plan to make a meaningful impact.

Association Digital Frontiers Senegal – L’Association Digital Frontiers Sénégal (ADF-SN)

ADF-SN is embarking on a research project aimed at establishing a comprehensive reference for the digital financial services landscape in Senegal. The project aims to:

• Map out current digital financial services in Senegal, categorising suppliers (banks, digital wallets, online banking, microfinance products, Mobile Money providers, Fintech), assessing size, geographic distribution, and supporting financial infrastructure.
• Identify barriers to and opportunities for expanding digital financial services.
• Propose measures to adapt and enhance the provision of digital financial services in Senegal based on findings.

ADF-SN plans to conduct an in-depth documentary review and sector analysis, followed by targeted surveys focusing on the Fintech sector. Insights gained from data analysis will inform the preparation of a detailed report on Senegal’s digital financial services. A seminar will be organised to disseminate the research findings.

Expected outcomes include documentary and survey analysis reports, a comprehensive report on digital services in Senegal, and a summary of the seminar.

Digital Financial Practitioners Association of Kenya (DFPAK)

DFPAK is focused on enhancing Kenya’s financial landscape through a systematic evaluation and enhancement of the National Payment Act. Key activities include conducting research, engaging stakeholders, analysing markets, organizing consensus-building workshops, reviewing legal frameworks, preparing project reports, and supporting advocacy efforts.

DFPAK aims to:

• Evaluate the National Payment Act to identify strengths, weaknesses, and areas for improvement.
• Develop practical recommendations for legislative amendments, regulatory updates, or policy initiatives.
• Promote recognition of DFPAK and digital experts within the ecosystem.

The expected outcome is a detailed project report with actionable recommendations, contributing to Kenya’s regulatory advancements in digital financial services.

Mongolian Fintech Association

Mongolian Fintech Association’s project focuses on raising awareness, providing education, and fostering collaboration within the fintech community. Through workshops, stakeholders will be educated on topics such as digital banking, payments, blockchain, and regulatory compliance, facilitated by expert speakers at accessible locations across Mongolia. Networking events will offer opportunities for stakeholders to connect, exchange ideas, and explore partnerships, while seminars, panel discussions, and meetups will encourage collaboration within the fintech sector.

Online and offline training sessions will provide practical education to fintech professionals, experts, and academia, covering fundamental concepts, practical skills, and career pathways. Engagement with fintech companies, experts, and specialists will ensure broad participation.

Expected outcomes include increased stakeholder awareness, enhanced education for fintech professionals and experts, and improved collaboration among fintech companies, regulators, educational institutions, and government agencies. The project aims to empower individuals and organisations with the knowledge and skills necessary to embrace fintech innovation, driving growth and development within Mongolia’s fintech ecosystem.

Fintech Association of Botswana (FAB)

FAB is using its grant to implement an innovative project aimed at combating scams in the digital finance sector. The initiative, named Botswana Scam Radar, focuses on establishing a centralised platform. This platform will provide users with essential tools for identifying scams, secure reporting channels, and educational resources. The platform will feature:

• A verification database allowing users to check the legitimacy of businesses and individuals in digital finance.
• A secure scam reporting system with a moderation process to ensure accuracy and prevent false reports.
• Educational resources including articles, guides, and videos to educate users about common scams and prevention measures.

The anticipated outcomes of Botswana Scam Radar include a marked decrease in scam incidents as users gain better tools to identify and report scams. This initiative aims to restore trust in digital finance, which is expected to boost digital transactions. Moreover, it seeks to enhance collaboration among industry stakeholders, regulators, and academia to create a safer digital finance environment in Botswana.

We are excited to announce the launch of the 2024 DFA Awards, where we will be celebrating your key achievements in the fintech space. This is your opportunity to gain recognition globally.

Award Categories

1. Outstanding Event of the Year – Recognising the most impactful and well-executed event in the fintech space.
2. Excellence in Fintech & Start-up Ecosystem Support – Celebrating outstanding contributions to the growth and support of fintech and start-ups.
3. Leadership in Shaping Regulatory & Policy Impact – Honouring those who have significantly influenced regulatory or policy changes in fintech.
4. Excellence in Capacity Building & Talent Development – Acknowledging exceptional efforts in fostering talent and building capacity in the fintech industry.
5. Innovation in Industry Reports & Knowledge Sharing – Awarded for creating valuable industry insights and sharing knowledge to advance fintech.
6. Best Initiative for Consumer Protection & Growth – Recognising initiatives that protect consumers or significantly boost fintech adoption.
7. Special Achievement Award – Celebrating a remarkable achievement that stands out beyond the standard categories.

Nomination Process

We encourage you to enter your accomplishments under two categories per application – or feel free to enter more if you’d like! We are looking for both quantitative and qualitative information in your responses, so please be as detailed as possible. If you have achievements or events that have not yet concluded, please, please include them, as we will follow up to gather more details for the Annual Report so they will be featured even if they don’t make the DFA Awards.

To submit a nomination, please complete the nomination form https://forms.gle/nY48KjCXdGqC8ir48

Closing date for submissions: 14 October 2024

We look forward to receiving your nominations and showcasing your incredible contributions to the fintech community.