Social Lender, a Nigerian-based lending solution platform has been selected as a regional finalist for the ongoing Massachusetts Institute of Technology (MIT) Inclusive Innovation Challenge.
Social Lender is the only Nigerian startup that qualified for the African regional finals of the challenge.
The startup will contest with other African finalists, Forasna, a Cairo-based platform for blue-collar jobs; Farmline, a Ghana-based agrotech start-up that distributes content to farmers and 10 other technology start-ups companies across Africa.
We have awarded over one million dollars in prizes to the future of work entrepreneurs in four categories that holistically represent the solution types that are necessary to build an economy that works for all in the digital era.Andrew McAfee, co-founder, MIT Inclusive challenge said.
Social Lender will participate in the regional events in five regions – Europe, Asia, Africa, Canada, Latin America and the United States – where they will pitch their solutions to a panel of regional innovation experts.
Nigeria’s Social Lender is a Fintech firm that provides limited access to immediate fund by harnessing a patented algorithm using social reputation on mobile, online and social media platforms.
The platform’s algorithm performs a social audit of their users on social media, online and other related platforms, using the social reputation score gotten to evaluate lending of credit to their users.
Faith Adesemowo, CEO Social Lender, said the company was impacting the lives of many. She said the platform is solving real problems for real people.
We have been solving real problems for real people. We provide a way of accessing formal credit to users using their social reputation score. You can find several user testimonials on our blog and Facebook page. It is really touching the impact we have had on our users.Faith Adesemowo, CEO of Social Lender
The access to funds that Social Lenders allows in this digital age has a potential effect on the economy that can be significant. Especially if the platform’s metrics are centred around the quality of a potential lender’s network, not necessarily the quantity.
MIT Inclusive Innovation Challenge was launched to accelerate the success of change-making entrepreneurs. The challenge this year will reward four grand prize winners with $250,000. Andrew McAfee, co-founder, MIT Inclusive Innovation Challenge said the prizes will be an investment into the future work of the entrepreneurs.
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