Opportunity Information: Apply for SFOP0005694
The Promoting Fintech Sector in MENA grant opportunity (SFOP0005694) is a U.S. Department of State funding program designed to strengthen the financial technology (fintech) industry across the Middle East and North Africa. It sits under the Department of State's broader regional goal of supporting job creation, economic growth, and deeper U.S. economic and commercial engagement in the region. In practical terms, the opportunity aims to help fintech become a stronger, more formal, and more investable sector by backing initiatives that improve how fintech companies are built, supported, and connected to markets and capital.
Funding is offered through a cooperative agreement, which typically means the Department of State expects to be more actively involved than it would be with a standard grant, often collaborating with awardees during implementation. The activity category is Business and Commerce, and the relevant CFDA number is 19.500. The opportunity was posted on March 28, 2019, with an original application deadline of May 20, 2019. The award ceiling is $1,000,000 per award, and the program anticipated making about two awards, indicating a competitive process focused on a small number of relatively high-impact projects rather than many small ones.
The program is centered on growing the fintech ecosystem through partnerships, technical assistance, and joint ventures that connect regional fintech actors with the private sector, including firms from the United States and also from other regions. A key idea is that fintech growth is not just about supporting individual startups; it also depends on building the surrounding conditions that help those companies scale. That includes improving business strategies and business models, encouraging the formalization of fintech enterprises (for example, helping them move from informal operations toward properly registered, compliant, and investable entities), and strengthening the broader entrepreneurial ecosystem that supports founders, investors, mentors, accelerators, and market linkages.
Another major emphasis is advancing U.S. economic interests by encouraging U.S. private sector engagement in MENA fintech. The opportunity explicitly seeks to motivate U.S. companies to invest, participate in partnerships, and help create commercial relationships in the region's emerging fintech market. This could include facilitating cross-border collaboration, enabling technology transfer or shared expertise, and building pathways for U.S. firms to form joint ventures or long-term partnerships with MENA-based fintech enterprises and ecosystem builders.
Eligibility is listed broadly as "Others," with additional eligibility details referenced in the full notice. Overall, the grant is framed as a strategic economic development tool: it targets fintech as a high-growth sector capable of generating employment and innovation in MENA, while also creating concrete opportunities for U.S. commercial participation and partnerships in a developing market.Apply for SFOP0005694
- The Department of State, Assistance Coordination in the business and commerce sector is offering a public funding opportunity titled "Promoting Fintech Sector in MENA" and is now available to receive applicants.
- Interested and eligible applicants and submit their applications by referencing the CFDA number(s): 19.500.
- This funding opportunity was created on Mar 28, 2019.
- Applicants must submit their applications by May 20, 2019. (Agency may still review applications by suitable applicants for the remaining/unused allocated funding in 2026.)
- Each selected applicant is eligible to receive up to $1,000,000.00 in funding.
- The number of recipients for this funding is limited to 2 candidate(s).
- Eligible applicants include: Others (see text field entitled Additional Information on Eligibility for clarification).
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Promoting Fintech Sector in MENA (SFOP0005694): Frequently Asked Questions
1) What is the "Promoting Fintech Sector in MENA" funding opportunity?
It is a U.S. Department of State funding opportunity (SFOP0005694) intended to strengthen the financial technology (fintech) industry across the Middle East and North Africa (MENA). The program is positioned as an economic development tool aimed at supporting job creation, economic growth, and deeper U.S. economic and commercial engagement in the region.
2) What is the main goal of this program?
The program’s core goal is to help fintech become a stronger, more formal, and more investable sector in MENA by supporting initiatives that improve how fintech companies are built, supported, and connected to markets and capital.
3) Which U.S. government agency is offering this opportunity?
The funding opportunity is offered by the U.S. Department of State.
4) What type of funding instrument is used (grant vs. cooperative agreement)?
Funding is offered through a cooperative agreement. This typically indicates a more active role for the Department of State during implementation compared with a standard grant, often involving collaboration with awardees as activities are carried out.
5) What is the activity category and CFDA number for this opportunity?
The activity category is Business and Commerce. The CFDA number associated with the opportunity is 19.500.
6) When was the opportunity posted and what was the application deadline?
The opportunity was posted on March 28, 2019. The original application deadline was May 20, 2019.
7) What is the maximum award amount?
The award ceiling is $1,000,000 per award.
8) How many awards were anticipated?
The program anticipated making about two awards. This suggests a competitive process focused on a small number of relatively high-impact projects rather than many smaller awards.
9) What geographic region does the program focus on?
The program focuses on the Middle East and North Africa (MENA).
10) What kinds of initiatives does the program aim to support?
The opportunity emphasizes growing the fintech ecosystem through partnerships, technical assistance, and joint ventures that connect regional fintech actors with the private sector. It is designed to improve the surrounding conditions that allow fintech companies to scale, not only to support individual startups.
11) Does the program focus only on supporting fintech startups?
No. A central idea in the opportunity is that fintech growth depends on strengthening the broader ecosystem around startups. That includes building support networks and conditions that help companies grow, scale, and become investable.
12) What does "formalization" mean in the context of this opportunity?
Formalization refers to helping fintech enterprises move from informal operations toward properly registered, compliant, and investable entities. The opportunity highlights formalization as part of building a stronger and more credible fintech sector.
13) What types of ecosystem improvements are emphasized?
The opportunity highlights improving business strategies and business models and strengthening the entrepreneurial ecosystem that supports founders, investors, mentors, accelerators, and market linkages.
14) How does the program approach partnerships and private sector engagement?
The program is centered on partnerships that connect MENA fintech actors with the private sector, including firms from the United States and also from other regions. It explicitly supports collaboration models such as joint ventures and other forms of structured cooperation.
15) What is the role of U.S. private sector engagement in this opportunity?
Advancing U.S. economic interests is a major emphasis. The opportunity explicitly seeks to motivate U.S. companies to invest, participate in partnerships, and build commercial relationships in MENA’s emerging fintech market.
16) Are non-U.S. companies or partners relevant to the program?
Yes. While U.S. commercial engagement is a key priority, the opportunity also mentions connecting regional fintech actors with private sector firms from the United States and from other regions.
17) What kinds of cross-border collaboration are envisioned?
The opportunity describes facilitating cross-border collaboration, enabling technology transfer or shared expertise, and building pathways for joint ventures or long-term partnerships between U.S. firms and MENA-based fintech enterprises and ecosystem builders.
18) What is meant by making fintech more "investable"?
Based on the description, the program aims to strengthen conditions that make fintech companies more attractive to investment by improving business strategies and models, supporting formalization, and increasing connections to markets and capital through ecosystem development and partnerships.
19) What does the opportunity suggest about the competitiveness of the program?
Because the program anticipated about two awards with an award ceiling of $1,000,000, it indicates a competitive selection process oriented toward a small number of high-impact projects.
20) Who is eligible to apply?
Eligibility is listed broadly as "Others," with additional eligibility details referenced in the full notice. The summary information provided does not specify further eligibility requirements.
21) Where can applicants find the detailed eligibility requirements?
The opportunity notes that additional eligibility details are referenced in the full notice. The summary provided here does not include those expanded criteria.
22) What broader regional objectives does this program support?
It sits under the Department of State’s broader regional goal of supporting job creation, economic growth, and deeper U.S. economic and commercial engagement in the MENA region.
23) What outcomes does the program ultimately seek in the fintech sector?
The program is framed around making the fintech sector stronger, more formal, and more investable by improving company-building supports, strengthening ecosystem linkages, and expanding connectivity to markets and capital, while encouraging meaningful U.S. private sector participation.
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