.

On October 1st CEED Morocco and CEED Tunisia launched a groundbreaking initiative to promote the FinTech sector in the Middle-East and North Africa (MENA) region. The pilot is funded by the U.S. Department of State, Bureau of Near Eastern Affairs, Office of the Middle East Partnership Initiative (MEPI).

.

The project builds of the success of Morocco’s Bridge Program, which aims to avoid a common problem in the small and growing business (SGB) sector, in which a promising young enterprise receives top notch capacity development services, only to enter a market that is not interested in their product.

.

CEED Morocco proposed the solution of issuing a challenge to entrepreneurs, in which the CEED team works with a large corporation to identify pain points in the organization. Those pain points are then issued as a challenge to entrepreneurs. Entrepreneurs apply for the challenge and the most promising teams are selected to undergo an intensive program which includes, trainings, one-on-one-coaching, and mentoring to shape their product into a market-ready solution. The challenge culminates in a Demo Day, where representatives from the corporation are present and the most promising solutions result in a purchase order.

.

The key to a successful challenge lies in choosing the right partners. In November, CEED secured partnerships with two American-based companies in both Morocco and Tunisia: Amazon Web Services (AWS) and Chappuis Halder NYC. AWS, Amazon’s secure cloud services platform, is interested in keeping a pulse on FinTech innovations in the two countries and hopes to better connect with local entrepreneurs. The selected FinTech Start-ups will benefit from free AWS cloud services, access to training webinars, and access to their AWS’ portfolio of clients. Similarly, Chappuis Halder NYC, an international business management consulting firm, is looking to tap into the fintech space in the two countries as a potential source for corporate clients. The selected fintech entrepreneurs will benefit from pro-bono mentoring services to entrepreneurs and increased access to markets via their corporate clients in the United States and Europe.

.

In addition to these two global partners, CEED Tunisia has also secured two local partners: Tunisie Telecom and Tayara.tn. Tunisia Telecom is the largest telecom operator in Tunisia, and Tayara.tn is the leading Tunisian website for classified advertisements.  CEED Tunisia has identified the FinTech innovation challenges for both companies, and the application for FinTech startups is now live. CEED Morocco is in the process of recruiting local partners as well and will launch their challenge in early 2020.

.

The FinTech Catalyst Program is funded through the U.S. Department of State, Bureau of Near Eastern Affairs, Office of the Middle East Partnership Initiative (MEPI). MEPI is a unique program designed to engage directly with and invest in the peoples of the Middle East and North Africa (MENA). MEPI works to create vibrant partnerships with citizens to foster the development of pluralistic, participatory, and prosperous societies throughout the MENA region. To do this, MEPI partners with local, regional and international non-governmental organizations, the private sector, academic institutions, and governments. More information about MEPI can be found at: www.mepi.state.gov