The Fund will support AI-enabled innovations that strengthen financial health for underserved populations in LMICs. 

Financial health is defined as individuals’ ability to manage daily finances, meet future financial obligations, maintain financial resilience to shocks, pursue financial goals, and feel confident about their financial future.  

The Fund is open to solutions from any sector or operating context. However, applications will only be considered where (1) the proposed solution drives long-term financial health as its ultimate outcome, moving beyond access to financial services as an end in itself, toward meaningfully improving people’s financial livelihood AND (2) the proposed solution contributes directly to one or more of the following three financial health outcomes: 

• Resilience and protection: helping people prepare for, manage and recover from unexpected financial shocks, while reducing the financial harm they can cause. This could include AI-enabled fraud detection and consumer protection, risk and early-warning information, or tools that connect people to timely support or emergency resources. 

• Financial agency and control: helping people make informed financial and livelihood decisions, access meaningful options and feel more in control of their financial lives. This could include AI-enabled personalised financial coaching, local-language financial guidance, market and pricing information, or other tailored information and advisory services. 

• Long-term security and goals: helping people meet future financial needs, build greater financial security and make progress towards longer-term goals, including through more stable or diversified incomes. This could include AI-enabled employment or market matching, livelihood and market advisory, or personalised tools supporting saving and longer-term financial planning. 

The Fund is open to AI-enabled solutions that directly serve low-income and vulnerable people, as well as deep-tech or ecosystem-level innovations such as local-language models or edge or on-device AI. In either case, the applicant must clearly demonstrate how the proposed solution contributes to one or more of the financial health outcomes outlined above. 

Examples of these solutions include, but are not limited to, fraud and scam support for vulnerable groups, automated savings and “rainy day” fund solutions, detection of financial distress and personalised support, automated parametric insurance payouts, financial coaching assistance, personalised financial literacy tools in local languages, and cash-flow forecasting tools for individuals and MSMEs. For more insights on AI and financial health, refer to the links below: 

• Wing Bank: A case study on using AI in mobile money 

• AI for Impact at Scale: Case Studies from Innovators in Low- and Middle-Income Countries 

• AI’s Promise: A New Era for Financial Inclusion 

Projects that demonstrate how AI and other emerging technologies (e.g. mobile big data, IoT, remote sensing, computer vision, drones), in conjunction with mobile technology, will be leveraged to deliver the solution described in question 1 above. 

Solutions that meet the following conditions will be scored highly: 

• Solutions that either demonstrate credible evidence of the effectiveness of their solution, or those that show a clear commitment to generating robust evidence as part of the GSMA grant, including how immediate benefits such as increased access, reach or usage contribute to improved financial health.

• Solutions that clearly demonstrate that AI provides a clear and justified value proposition compared with traditional digital or non-AI approaches to contribute to financial health, and where this additionality can be demonstrated.  

• Solutions that operate in diverse contexts such as humanitarian, fragile, and broader development settings, where these solutions address locally relevant challenges and demonstrate a clear pathway to scale and financial health (as described above) 

• Solutions targeting underserved individuals or households in LMICs as ultimate end-users, including both those who are financially excluded and those who are financially included but remain vulnerable; MSME-focused solutions qualify where there is a direct link to the health of owners, households or livelihoods. 

• Solutions that demonstrate a strong gender lens in their solution design, and if not, commits to work with GSMA during the grant period to strengthen inclusivity and better address the needs of women and girls. Applicants are also encouraged to adopt, where relevant, a disability-inclusive approach to ensure solutions are accessible and relevant to people with disabilities. 

Applicants that meet the following characteristics will be scored highly: 

• Organisation is female founded and/or female-led and/or has good representation of women at all levels. 

• Organisation is locally led or has a strong presence in its country of implementation, with a commitment to supporting, upskilling and promoting local staff. 

• Organisation has a clear understanding of how its solution creates positive socioeconomic impact for vulnerable individuals and/or communities – especially women – and has proactively set targets and systematically measures progress. 

• Organisation has a clear value proposition for mobile operators and other technology companies that could help scale the business model in the short or long term. 

• Organisation has partnerships with relevant local stakeholders (e.g. community-based organisations) to deliver the project on the ground. 

• Organisation has not previously received UK Aid grant funding through the GSMA. Applicants that have received GSMA grant funding in the past will need to demonstrate the additionality of the new grant. 

To learn about past grantees of the GSMA Innovation Fund, please explore the alumni portfolio of the GSMA Innovation Fund on our website and read the GSMA Innovation Fund impact portfolio.  

The GSMA Innovation Fund selects grantees based on a thorough process that is explained in the following figure. The entire process, from application to contracting, lasts around 10 months.  

The GSMA will organise a series of online webinars to provide more details about the Innovation Fund round and answer anonymised questions from the audience. The dates of these webinars will be published here. 

For any additional enquiries or questions not covered in the FAQs or the webinars, you can email GSMAIF@gsma.com. Please expect a response within 2–3 working days.

Questions received after 11 December 2026 will not be answered.  

We are interested in hearing about organisations that are eligible for the Fund. You can nominate eligible organisations by sending out an email to GSMAIF@gsma.com with the subject ‘Organisation nomination’, please include: 

• Organisation name 

• Contact information (email and name of point of contact) 

• Brief description of why you are nominating them 

The GSMA will reach out and invite them to submit an application. 

To submit an application, first register on our grant management platform. Please complete and submit the eligibility form. If eligible, you will receive immediate automated access to the application questionnaire. Please submit your application questionnaire by the closing date to be considered. Ineligible applicants will not be able to complete the application questionnaire.

We only accept applications in English as we do not have the ability to review applications in other languages. However, English fluency will not be used as a criterion to assess applications.   

Multiple submissions for the same project are not permitted. In cases where this occurs, the first submission will be reviewed if it is eligible, and all duplicate submissions will be deemed ineligible and not reviewed.  

A single organisation can submit multiple applications for different projects (such as organisations operating in multiple countries). However, no more than one application per entity will be advanced beyond the application stage.  

Applications cannot be edited once they have been submitted. Also, applications cannot be submitted after the deadline mentioned in the Terms and Conditions of the Fund, and any drafts including personal details will be deleted after this time.  

Unfortunately, due to the high volume of applications that we receive, we are not able to provide feedback on applications that are not shortlisted. If your application is shortlisted, we will provide you with detailed feedback in the next stages of the selection process.  

In addition to the general guidance in Q2 of ‘Applying to the GSMA Innovation Fund’, competitive applications are ones that:  

• Are clear: for example, do not overwhelmingly use technical jargon 

• Are truthful: for example, do not state incorrect information, since this will be discovered during the in-person due diligence assessment 

• Can be clearly linked to the objectives of the Fund (as described in the Terms and Conditions): for example, you articulate the problem that you are tackling and the solution that you propose in terms that are aligned with the Fund’s objectives  

• Clearly describe how the proposed solution will have a positive impact on the poor and most vulnerable (e.g. women) 

• Are realistic about impact numbers and do not overinflate the project’s impact with unverifiable numbers 

• Demonstrate a good understanding of local context by framing the problem statement and solution using a local lens and avoiding broad statements (e.g. “financial exclusion is a worldwide issue”) 

• Demonstrate a good understanding of the competitive landscape of the proposed solution 

• Demonstrate a good understanding of the innovative aspect of the proposed product  

• Can articulate the potential of the proposed project to scale 

The eligible countries are the following (organised by geographic region). These countries are part of the OECD Development Assistance Committee (DAC) list.  

While the due diligence process is largely the same for all applicants, some additional due diligence checks and eligibility screenings may be required in certain countries. These countries are marked with * and ** signs in the country list above. 

For specific countries, applicants must demonstrate at least three years of continuous operations to be eligible. These countries are marked with a ** sign in the country list above.  

The Fund is open to applications for projects that focus on up to 2 countries (where eligibility criteria is met for each country). 

Applications for projects in multiple countries must demonstrate that the projects can be managed effectively and completed within 15 to 18 months. As such, we advise applicants to limit their projects to two countries maximum. Please note that it is preferable to apply for an impactful project in one country rather than overstretch your application to multiple countries, especially if you are unsure of your capacity to manage these projects. 

For most countries of implementation, your organisation does not need to be headquartered in an eligible country.  

• If your organisation is not headquartered in an eligible country, your application will need to clearly demonstrate how you will oversee and manage implementation of your proposed project in the implementation country (such as via a downstream partner or local country office).  

• Where funds will be sent to an entity other than the one in the country of implementation (e.g. HQ), the entity receiving the funds will also need to participate in due diligence. Please clearly outline such requests in your application form. This should include the rationale for having funds sent to another entity, a clear description of the relationship between the two entities and a brief description of the role each entity will play in project implementation and/or oversight. This will be explored more closely during due diligence, and we will advise you prior to the Selection Panel if this can be accommodated. Please note that this will likely require the parent company to be named as the lead applicant of the project or to become a third party to the grant contract.  

For specific countries (those marked * and ** in question 1), applicants must be registered and operating in the country where the project will be implemented. During due diligence, we will confirm that the local entity satisfies all the usual indications of a legitimate commercial entity, such as business license or registration, a physical office, staff and/or listing in commercial directories in the country of implementation. 

Please note that, in some cases, the GSMA may be restricted from sending funds to countries not included in the eligible country list and, in any case, will not be able to award funding to applicants headquartered in heavily sanctioned countries, including Cuba, Iran, North Korea, Russia and Syria, regardless of country of implementation. 

If you currently have an active grant with GSMA, you are not eligible to apply to this Innovation Fund. In cases where your grant will conclude during the application window, an exception may be allowed on the basis that the application will only be evaluated if an existing grant has fully closed before the application deadline.  

If you have previously received a grant from the GSMA or FCDO, you can apply to the Innovation Fund. However, it is important that you demonstrate the additionality of the requested funding compared to the previous one (i.e. the project you propose is substantially different from the one that was funded before). 

For most implementation countries, there is no minimum time requirement for an organisation to be registered or in operation. However, a short operating timeframe may influence your ability to meet some eligibility requirements. Namely, you will need to provide unqualified audit financials prior to contracting for the legal entity that is applying, which generally will require at least 9–12 months of recent financial history.  

Please see questions 2 and 4 (under eligibility) for additional requirements for countries marked * and **. 

If you are a small and growing enterprise as per the definition in the Terms and Conditions, you will need to demonstrate that your company has generated some commercial revenue to date. This income is not necessarily from the proposed project but generated by the organisation as a whole. 

If you have not generated any revenue to date, you are not eligible to apply.  

During Project Appraisal and prior to the in-person site visit, applicants recommended by the Recommendation Panel will be requested to complete an organisational due diligence questionnaire and participate in a virtual interview with GSMA to provide additional clarifications. This due diligence is not a pass/fail exercise. The objective of this process is to assess the current maturity stage of the applicant and to ensure applicants have/are: 

• Adequate financial systems to report regularly to the Fund and provide evidence of expenditure of grant funds and matching funds. Please note that successful applicants will be required to produce recent unqualified and audited financial accounts as a condition of funding. 

• Adequate bank account to receive and hold grant payments. 

• Adequate internal human resource capability to implement the proposed project and comply with the Fund’s reporting requirements within the planned timeframe.  

• Compliant with all applicable laws and regulations across countries of operations.  

• Compliant with fundamental human rights laws, the UK Modern Slavery Act and Gender Equality Act and Child Protection Policies.  

• Compliant with the GSMA Safeguarding Policy (on Children and Vulnerable Adults) in all implementation markets.  

• Adhere to the principles of the EU General Data Protection Regulation (GDPR) on data privacy. 

You can view a detailed list of the documents that will be requested/reviewed during this assessment here.

Sole proprietorships are eligible to apply. During due diligence, we will assess your organisation’s governance and operating structure. Please note that the GSMA will only be able to award funds to entities that can demonstrate internal controls and segregation of authority. In cases of sole proprietorships, we would expect to see controls such as functional advisory boards, independent executive-level employees and clearly documented operational processes and procedures.  

To be considered for funding, you must be willing to undergo a financial audit prior to contracting, even where this is not required by local law. Such audits are used to ensure all successful applicants are measured against the same internationally accepted audit and accounting standards.   

If you have not recently undergone a financial audit (within at least 1–2 years), you will need to provide unaudited financial statements for review during the due diligence process (prior to contracting). Please note that if you are selected, your grant cannot proceed until this condition has been fully satisfied. In cases of extreme delays due to failure to meet this condition, this could result in the funding offer being rescinded.   

Note. Grantees must cooperate with the audit and provide the records and supporting documentation required. Acceptance of the final project audit report by the GSMA is a condition of releasing the final 10% of grant funding. Additional project audits or assurance reviews may also be required during or after implementation. 

You cannot apply as a consortium and become co-grantees. Only one organisation can apply for funding and become a grantee, and it must be the organisation that is in charge of delivering the majority of the outputs of the proposed project.  

However, you can have downstream partners (see question 2) who play a role in the implementation of the grant project. There is space on the eligibility and application questionnaire to specify these partners.    

As defined in the GSMA’s Downstream Partner Guidelines, downstream partners are defined as either:  

• Subrecipients: organisations to which the grantee delegates responsibility for managing the delivery of certain project activities and spending a portion of the grant funds (rather than just receiving them as payment). Please note the restrictions set out in the Terms and Conditions for subrecipients. 

• Consultants/subcontractors/suppliers: commercial providers of goods or services with which a grantee enters into a commercial arrangement after a competitive procurement process for the provision of specific goods or services for the project.  

• Project stakeholders/partners: organisations that may be involved in the project (and may be key to its success) but are not receiving any grant funds. For example, MNOs, community-based organisations and government entities. 

At the application stage, all applicants should name all the subrecipients of the proposed project as indicated in the eligibility questionnaire. If you are shortlisted, the GSMA will ask for a full picture of all proposed downstream partnerships to understand how applicants plan to deliver the project and the applicant’s maturity in terms of procurement processes. This includes confirmed partners or those to be determined at a later stage following procurement, such as consultants/subcontractors/suppliers.  

The Fund encourages all applicants to have meaningful partnerships with relevant stakeholders (in particular, local to the country of implementation), especially when these partnerships increase the impact and value proposition of the proposed project.  

Yes, this is permissible, but with some restrictions: 

• No more than one application per entity (as either lead applicant or subrecipient) will be advanced beyond the application stage.  

• If applying as a lead applicant and providing commercial services (consultant/supplier) for another application, you will need to demonstrate a clear division between the two scopes of work. Any commercial services must be unrelated to the proposed grant project or services. 

You can apply for a grant between GBP 100,000 and GBP 250,000. We strongly encourage you to apply for a realistic amount that is in line with what you want to accomplish in the proposed project.  

If you are recommended by the Recommendation Panel, the GSMA will work with you to ensure the budget is right-sized in line with the objectives of the project, while ensuring that the budget items are allowed by the Fund and the budget demonstrates value for money and good use of donor funds.  

Consequently, if you become a grantee of the Fund, the final approved budget may be the same or lower than the requested amount at the application stage.  

The project can be between 15 and 18 months.  

Grant funding can only be used for costs that will be incurred during the grant period. This includes costs such as: 

Category	Examples	Guidance
Human resource costs	Payroll expenses, contractor fees, etc.	It is best practice to aim for no more than 30% of the total requested amount. A higher percentage can, however, be allowed when justified.
Project operation costs	Consultancy fees, subscriptions, product development and testing, etc.	Expenses will be accepted on a cost-only basis.
Marketing and workshop costs	Marketing campaigns, event venue rentals.
Travel costs	Airfare, accommodations, meals.	Costs will be reimbursed on an actuals basis; per diem rates are not allowed.
Assets and/or equipment	Retained assets (computers, furniture, machinery); inventory (equipment that will be sold/leased as part of project activities).	Limited to a maximum of 30% of the total grant, of which no more than £15,000 may be used to purchase retained (non-inventory) assets such as laptops and equipment.
Overhead/administrative costs	Rent, human resource costs for accounting staff.	Limited to no more than 10% of requested amount.

Additional guidance will be provided during the project appraisal stage, with additional guidance on allowable use of funds, including acceptable thresholds for each of the categories listed above. 

Grant funds cannot be used:  

• To subsidise revenues (e.g. by providing discounts or credits to customers).  

• To cover indirect costs. However, administration costs, such as the use of personnel for grant management or corporate functions (e.g. human resources, processing financial transactions) can be included as direct costs in proportion to the grant activities. 

• To cover the cost of “business as usual”/non-project-related requirements. For example, if an applicant will be housing project staff in an existing office and not incurring any additional office costs as a result, the cost of the office (or a percentage of it) cannot be considered a project cost. 

Finally, grant funds cannot contain any profit element.  

Fund disbursements are made on a milestone basis. During contracting, grantees will work with the GSMA to agree up to seven milestones and the associated payment schedule. 

All milestone payments will reimburse eligible project expenditure in arrears. Payments are subject to successful completion of the agreed milestone tasks or deliverables and acceptance of reported project expenditure. Grantees must therefore have sufficient funds available to cover project expenditure before receiving reimbursement and should consider their cash-flow requirements when agreeing with the milestone schedule. 

Please note that the final milestone payment (10%) is made at grant closure, which is several weeks after the end of the project. It will only be disbursed once all grant-supported activities are complete and upon acceptance of the final outputs, final reporting and mandatory final audit report. The final milestone payment will also always be a reconciling payment, with the amount reduced to reflect any underspend on the grant-supported activities. Grantees should account for this retention when planning project cash flow. Under no circumstance can unspent grant funds be kept by recipients.  

Note: The GSMA will commission and pay for the mandatory final project audit separately. Applicants should not include this cost in their proposed project budget. 

A matching contribution ensures that the applicant has “skin in the game”. It also demonstrates their interests are aligned with the Fund and that they are willing to share the risk and are invested in the success of the project. As such, this is a mandatory requirement for any Innovation Fund project.  

As mentioned in the Terms and Conditions, the matching contribution must be at least 25% of the requested grant amount. The matching contribution must be secured and evidenced prior to the Selection Panel and must be used for the proposed project and spent in full across the project cycle. The contribution cannot be from other existing FCDO, GSMA funding sources.  

Matching contributions can be made in cash and/or in-kind. In-kind contributions cannot be used to fully satisfy the matching requirement (see below).  

Type of matching funds accepted	Description	Evidence required prior to selection panel	Example (sources)
In cash	Direct financial contributions to the project from the applicant and/or third parties, such as a venture capital firm, impact investor, MNO or incubator/accelerator. Once secured, these contributions must be expensed towards project activity costs within the grant period.	Signed contract, bank statement or letter confirming the total amount disbursed or to be disbursed by the other party/parties.   Evidence submitted to the Fund of matching commitments must include all conditions, timescales and any other considerations.	May include funding from:    – Cash reserves/revenue – Investment funding/equity finance    – Impact investment    – Crowdfunding   – Grants, such as from governments (excluding FCDO) foundations or NGOs
In-kind	In-kind matching funds include any significant and quantifiable contribution to the project that is not supported by a financial transaction.  Applicants must be able to quantify and demonstrate what results any matching given in-kind will achieve for the proposed project.	For example, a contractual agreement of support from a local incubator (providing the equivalent monetary value of the service).  In cases where in-kind matching is offered, the Fund will reach agreement with the applicant on the contribution and valuation.	May include:    – No cost or heavily discounted use of goods, services and facilities (such as software)    – Provision and access to existing equipment   – Existing stock or inventory

Grantees will be expected to report on all match-funded transactions as part of regular financial reporting. Checks of evidence of expenditure (receipts, invoices, etc.) will be conducted during financial reviews to ensure compliance and ensure the matching contribution is spent.  

Yes, the use of existing assets such as inventory or equipment can be considered in-kind contributions. During the project appraisal stage, we will work with you to agree on a valuation of such items to be counted towards the minimum required match. This valuation will be based on the current book value of the items (purchase price minus depreciation) and allocation of use to the proposed project. Please note that items purchased using funding from the GSMA or FCDO cannot be used towards the match requirement.