Kenyan start-ups were lined for glory at the just concluded 2018 MIT Open Mic Africa Summit but lost to South African and Nigerian startups despite the event being held at the Strathmore university in Kenya.
When the Legatum Center for Development and Entrepreneurship at the Massachusetts Institute of Technology (MIT), in collaboration with the Mastercard Foundation, announced the finalists of the 2018 edition of the Zambezi Prize for Innovation in Financial Inclusion, four of the ten finalists were Kenyan entities.
However, during the final announcement, South African startup Wala was feted as the grand prize winner of the 2018 Zambezi Prize for Innovation in Financial Inclusion. Wala is a mobile financial platform geared toward consumers operating outside the formal financial system.
Using a blockchain system, it enables zero-fee, instant, borderless micro-payments for emerging market consumers. Through the Wala platform, users receive a cryptocurrency wallet and can access transactional banking, remittances, loans, and insurance.
Kenyan representative Tulaa were glad to leave with a US$30,000 prize as runners-up while Nigerian RecyclePoints also going home with a similar amount as runners-up. The seven remaining finalists won US$5,000 each. They are Apollo Agriculture (Kenya), Bidhaa Sasa (Kenya), FarmDrive (Kenya), Farmerline (Ghana), LanteOTC, (South Africa),MaTontine (Senegal), and OZÉ (Ghana).
An additional US$5,000 will be awarded to an African entrepreneur—to be named later this year—who has demonstrated great leadership in unifying Africa’s tech ecosystem.
“Innovators like Wala and the other Zambezi finalists are vital to driving a more inclusive prosperity”, said Georgina Campbell Flatter, the Executive Director of the MIT Legatum Center. “We’re excited to work with them.”
“We are immensely proud to support the Zambezi Prize,” said Ann Miles, Director of Thought Leadership and Innovation at the Mastercard Foundation. “It shines a bright light on the creativity and talent of Africa’s young people, and the thinking they bring to financial inclusion. This is making real differences in the lives of poor people on the continent.”
All 10 Prize finalists will attend the Zambezi boot camp on the MIT campus during the MIT Inclusive Innovation Challenge (IIC) gala in Boston on November 5-9.
As the Zambezi Prize winner, Wala also won the IIC Africa Prize in the Financial Inclusion category. The startup will join the three other winners of the IIC Africa Prize, to represent Africa at the IIC global tournament which awards over $1 million in prizes.
The IIC event is part of the MIT Initiative on the Digital Economy and, along with the MIT Legatum Center’s initiatives, exemplifies MIT’s global commitment to the future of work.