NIGERIAN FINTECH SOCIAL LENDER NAMED ONE OF THE FINALIST FOR MIT INCLUSIVE INNOVATION CHALLENGE
Social Lender is pleased to announce our status as a 2019 MIT Inclusive Innovation Challenge Africa Finalist! The MIT IIC’s Regional Finalists are comprised of an elite global group of inclusive innovation organizations selected by regional innovation and entrepreneurship experts representing the most inventive and impactful Future of Work solutions on the planet. View our Finalist profile at https://www.mitinclusiveinnovation.com/winners/social-lender/
About Social Lender
Social Lender is a lending solution based on social reputation on mobile, online and social community platforms. Small cash requests are offered to members of Social Lender communities with a valid bank account. Cash requests are guaranteed based on the user’s Social profile and reputation.
Social Lender uses its own proprietary algorithm to perform a social audit of the users’ online, on mobile, on social media and other related platforms and give a Social Reputation Score to each user. Users can borrow from banks and other financial institutions based on their Social Reputation Score. Social Reputation Score can be improved by providing more information e.g. social reputation score is improved by the introduction of Social Guarantor who provides electronic personal guarantee on the personality of the borrower or the transaction.
Social Lender delivers cash guaranteed by social reputation in most cases within 10 minutes. In three steps, users are able to get quick cash from Social Lender. First, users access Social Lender’s platform using any of the following channels; Web, SMS, USSD, Mobile App (Partner App Add-On or Dedicated Apps), Partner Bank ATMs, APIs or Pay with Social Lender (E-commerce Checkout). Immediately a social audit is conducted on the user (with user’s permission) and the user obtains a social reputation score based on their digital fingerprint. Second, the user applies for cash using any of the available channels. Third, funds are approved based on partner specific business rules and funds is disbursed to the users’ verified Account (Bank Account or Mobile Money Account) usually within 10 minutes.
About MIT Initiative On Digital Economy(IDE)
The MIT Initiative on the Digital Economy (IDE) is a team of visionary, internationally recognized thought leaders and researchers examining how people and businesses work, interact, and will ultimately prosper in a time of rapid digital transformation.
The IIC is MIT’s premier future of work prize, awarding $1.6 million annually to entrepreneurs using technology to create economic opportunity for workers. MIT collaborates with like-minded organizations in five regions to select and celebrate sixty Regional Finalists from across the globe. Twenty Regional Winners proceed to MIT where four Global Grand Prize Winners each win $250,000 and world-wide recognition.
