The Massachusetts Institute of Technology (MIT) in USA invites applications for the Zambezi Prize open to a company which must solve one of the 9 financial inclusion challenges that are listed below.

The Zambezi Prize is a $200,000 competition that aims to unearth and celebrate the startups that are solving Africa’s biggest financial inclusion challenges

The Zambezi Prize is the nominating partner of the MIT Inclusive Innovation Challenge (MIT IIC).The MIT Zambezi Prize for Innovation in Financial Inclusion honors and celebrates the top ten companies that are contributing to the advancement of financial inclusion in Africa.

Worth of Award

  • Win $200,000 in cash prizes and get fast-tracked to MIT’s $1 Million Inclusive Innovation Challenge.
  • Join the MIT Legatum Center family and get recognized as a winner of the MIT Inclusive Innovation Challenge
  • Get introduced to investors and mentors from the MIT Legatum network of global leaders
  • Attend the Zambezi boot camp at the MIT campus and boost your leadership skills
  • Join the MIT Inclusive Innovation Challenge (IIC) and attend the Gala in Boston
  • Get international media coverage for your startup and network with your peers
Eligibility
  • African Presence
  • Active Company
  • Early-stage
  • Founder’s intention to work full-time on the venture
  • Availability to travel to the Zambezi Boot Camp in Boston
  • Your company must solve one of the 9 financial inclusion challenges

In order to participate in the MIT Zambezi Prize for Innovation in Financial Inclusion, your company needs to address one of the following nine challenges

  1. Low Financial Literacy
  2. Limited Access to Financial Institutions
  3. Low and Unpredictable Income
  4. Proof of Identity
  5. Distrust of Financial Services
  6. Difficulty in Meeting Unforeseen Shock
  7. Limited Commercial Viability
  8. Complex and Costly Partnership Agreements with Other Stakeholders
  9. Limited Financial Infrastructure

How to Apply

  • If your company address one of these challenges, you can apply to the Zambezi Prize and join the MIT Legatum Family online.

Judging Criteria

  • Vision and purpose
  • Scalability
  • Inclusion Challenge
  • Level of Innovation
  • Ecosystem Impact
  • Leadership

Deadline:  applications close June 1, 2018, at 11:59 PM EST

Click here for more details and to apply

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