Bank al Etihad SME Awards

Bank al Etihad is excited to announce its 9th annual Small and Medium-Sized Enterprise Awards (SME Awards), an initiative that aims to spotlight local talent and give back to the community.    

Since launching the SME Awards in 2014, our goal has been to help SMEs grow through collaboration, knowledge sharing, and networking. Each year since, we've highlighted various companies, including startups, women-led businesses, and established SMEs. In recent years, the awards have featured specific themes, focusing on companies that align with these themes. 

The slogan for this year's award is "Shape the Future of Fintech." We're looking to recognise standout initiatives in financial technology. As fintech continues to evolve, these companies are crucial in empowering individuals and businesses and driving economic development. Innovations such as digital banking, payment platforms, lending technologies, and data analytics are making financial services more accessible to everyone.

The award is open to any fintech company that meets the eligibility criteria below. This year, we aim to celebrate the innovators and disruptors shaping the future of financial services in Jordan and highlight the importance of fintech.

The prize for this year's award is 50,000 JOD.

Award process

• Applications are open from September 1 to October 12, 2024.
• A first jury consisting of Bank al Etihad representatives will select 3 finalists from the applicant pool.     
• The finalists will be required to attend a 5-day bootcamp to prepare for the award ceremony.
• During the award ceremony, each finalist will deliver a live pitch about their business to a second jury of Jordanian business and community leaders. The presentation will last 10 minutes and be followed by a 10-minute discussion. 
• The second jury will decide on and announce the winner from the 3 finalists during the award ceremony. 

Award timeline

• Application submission: September 1 to October 12, 2024.
• Expected date for finalists to attend the bootcamp: November 10 - 17, 2024.
• Expected date for finalists to deliver their presentations to the jury: November 23, 2024.

Eligibility criteria for applicants

• The business must: 
  • Be a for-profit business; 
  • Employ a maximum of 200 employees;
  • Have an annual turnover not exceeding 5,000,000 JOD;
  • Be registered at the Jordanian Ministry of Industry, Trade and Supply;
  • Be at least 3 years old (based on the registration date);
  • Be based in Jordan.
• Be represented by a legally authorized person who is also a shareholder of the business (“the applicant”). The applicant will be responsible for submitting the application on behalf of the business and representing it in all matters during the award process.
• The business cannot be a subsidiary or division of a large corporation.

Evaluation criteria

Applications will be evaluated based on the thoroughness and quality of the answers provided in each section, using the following criteria and weights:

• Innovative fintech solution: 40%
  Proven innovation in the fintech solution being offered; market adoption of the solution. 
• Social impact and inclusion: 10%
  Impact of the business on society; focus on financial inclusion of unserved and underserved segments
• Financial strength: 30%
  Financial performance; profitability; revenue growth based on historical data and projections.
• Business continuity and growth: 20%
  Business model; future growth plan; indicators of long-term success.

Document checklist