I’m delighted to announce that Mifos has been selected as one of the seven Solver Teams for the 2021 MIT Solve Global Challenge for Digital Inclusion.
The digital inclusion category was one of the most competitive ones with 430 applicants from 74 countries so recognition from MIT and the esteemed panel of judges is great validation of our approach guiding a community delivering open source banking building blocks to enable financial services to be embedded everywhere and anywhere.
As a member of the Solver community, MIT will be connecting us with a wide range of resources and showcasing our solution to a broad audience of potential funders and strategic partners so we are eager to see all doors this will help to open up and the scale we can unlock.
Already in just the first week, the in-kind resources have helped us start pursuing some additional opportunities and several valuable introductions leading to potentially fruitful partnerships have been made.
We are looking forward to the collaboration and collective growth Mifos and our fellow cohorts will embark on through the program. Members of our cohort are working on “exciting solutions that provide access to the internet for the billions who remain disconnected, access to financial tools for businesses and entrepreneurs around the world, and culturally relevant digital literacy tools to enable participation in the digital economy.”
The 2021 Solver Class for Digital Inclusion includes:
- Akaboxii led by Atuhaire Sarah Baryaija
- Beeline Reader led by Nick Lum
- Brastorne Enterprises led by Naledi Magowe
- Hello World led by Katrin McMillan
- Hive Online led by Sofie Blakstad
- JumpToPC led by Sucheta Baliga
- Mifos led by Ed Cable
Watch our finalist pitch here!
About MIT Solve
Solve is an initiative of the Massachusetts Institute of Technology (MIT) with a mission to solve world challenges. Solve is a marketplace for social impact innovation. Through open innovation Challenges, Solve finds incredible tech-based social entrepreneurs all around the world. Solve then brings together MIT’s innovation ecosystem and a community of Members to fund and support these entrepreneurs to help them drive lasting, transformational impact. Join Solve on this journey at solve.mit.edu.
About the Mifos Initiative
The Mifos Initiative is a global 501(c)3 fintech non-profit leveraging the cloud, mobile & open source community to democratize financial services worldwide and digitally transform the world’s 3 billion poor and underbanked. Mifos has pioneered open source banking technology for the past fifteen years transforming the entire sector at each major stage of evolution from microfinance to financial inclusion to digital financial services and now embedded finance. Mifos guides the open source community, steers the roadmap, and stewards the vibrant ecosystem of organizations building solutions on its open platform. Their building blocks for banking, recognized as digital public goods, make core banking commoditized infrastructure, empowering any organization, anywhere to embed any financial service to any customer via any channel. More than 20 million clients are reached by 500+ financial institutions across 41 countries using solutions powered by its APIs. Learn more at https://mifos.org.