The SHIFT Challenge Fund will have the overall objective of furthering financial inclusion in CLMV countries. Funding will be distributed through a number of different windows. Each of these windows will relate to a certain challenge – a form of request for proposals that places the burden of innovation on the bidder and promotes competition among applicants. The challenge sets out the outcomes that SHIFT wants to achieve, and asks the market, using the carrot of funding, to propose a solution.
Windows will be opened and closed at periodic intervals through the lifecycle of the SHIFT Fund Facility, with specific challenges drafted closer to the opening of the window by the SHIFT team. This allows the fund to remain flexible to changes and the latest information coming out of the market, and also be responsive to different objectives of any new funders that invest in the fund.