Women's World Banking has announced Boost Capital and People's Pension Trust as the winners of its Third Annual Fintech Innovation Challenge, part of the organization's Making Finance Work for Women Thought Leadership Series.

Each year, the Challenge provides a global stage for fintechs to present innovative solutions and business models that help build economic security and prosperity for unbanked, underserved women. This year's competition culminated in a live virtual event to honour both recipients and get a deeper look into their fintech solutions, as well as hear from guest speakers to discuss the role of financial technology in the future of women's economic empowerment.

"We are thrilled to recognise Boost Capital and People's Pension Trust and their contribution towards women's financial inclusion. Both companies clearly demonstrate the game-changing potential of fintechs to advance women's economic empowerment on a broader scale," said Mary Ellen Iskenderian, President and CEO of Women's World Banking.

“Nearly two years into the pandemic, the compounding economic effects of COVID-19 continue to take a disproportionate toll on women. Now more than ever, it's important to ensure equal access for one billion women worldwide who are still excluded from formal financial services. Fintechs such as Boost Capital and People's Pension Trust create value in areas where traditional financial service providers have not entered, particularly at the local market level. We trust that this competition's platform will demonstrate to other fintechs, investors and the wider financial sector that serving low-income women is a unique and profitable opportunity”, she added.

Boost Capital and People's Pension Trust were selected from a group of four finalists, chosen from a pool of applicants representing 34 countries.

They presented their winning solutions to a diverse panel of judges and a virtual audience alongside fellow finalists’ hiveonline and Mosabi. Boost Capital and People's Pension Trust have set out to enable greater economic security and prosperity for low-income women in emerging markets, each addressing a specific issue:

Boost Capital enables end-to-end digital microlending technology based on innovative chat-style applications, allowing MSMEs in Cambodia to receive both secured and unsecured loans more conveniently and cheaply using smartphones.

People's Pension Trust offers voluntary, flexible and digitally driven retirement products, particularly for informal workers in Ghana, to promote financial inclusion by ensuring they have a better tomorrow.