Social Lender, a Nigerian-based fintech platform has made the Massachusetts Institute of Technology [MIT] Inclusive Innovation Challenge (IIC) regional finalist list. Social Lender is a lending solution that is based on social reputation on mobile, online and social media platforms in Nigeria.
The firm is the only Nigerian startup that made it to the regionals. They were chosen alongside other African finalists like; Forasna, a Cairo-based platform for blue-collar jobs; Farmline, a Ghana-based agritech startup that distributes content to farmers, Flare, Shopit and eight others.
Social Lenders and 59 other finalists will proceed to the regional events. The events will take place in five regions; US, Canada, Latin America, Europe, Africa, and Asia. At the events, they will have the opportunity to pitch their solutions to a selected panellist of regional innovation experts.
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Four finalists from each region will be selected to proceed to the Global Grand Prize Gala at MIT on the 21st of November 2019. At the Global Grand Prize Gala, the four grand winners will receive the sum of $250,000 each.
According to Andrew McAfee, co-founder, MIT Inclusive challenge, they have awarded about $1 million in prizes to support the work of entrepreneurs in four categories. He mentioned that the categories they support, build solutions that are necessary to shape an economy that works for all in the digital era.
Social Lender is a Fintech firm that bridges the gap of inadequate funds for people. The platform grants people access to formal credit by leveraging their social reputation on mobile, online, and social media platforms.
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