Massachusetts Institute of Technology-MIT Solve Financial Inclusion Challenge seeks applications from technology experts. Eight technology-based submissions with the potential to make transactions easier, increase the ability of individuals and MSMEs to take risks and build wealth, and protect against predatory debt are welcome to apply. Remarkably, the Solve community calls experts worldwide to submit a solution to this year’s challenge that:

• Help individuals and MSMEs to transfer payments and make investments across geographies and different types of platforms;
• Offer new approaches to assess the creditworthiness of MSMEs and individuals accurately. These approaches may include methods that decrease bias against borrowers that have lacked equitable access to credit
• Create and reduce resistances to scale safe personal identification methods for individuals. These methods will help people out of the formal financial system because of a lack of formal identification.
• Support to collect, synthesize, and use relevant data to inform the design of insurance products modified to populations at greater risk of facing shocks. These shocks include but are not limited to, health-related disruptions, climate disasters, or unstable markets.

MIT Solve has announced a special call: Black and Brown Innovators in the U.S. Program. As part of Solve’s current efforts on U.S. racial equity, the Solve Community will select 1-2 solutions from the U.S. working. This effort addresses disparities between Black and Brown Innovators in the U.S. Program.

Important Dates and Details

Submission Deadline: 09 May 2023 (2 p.m. EST)

Solve Challenge Finals: 18 September 2023

Host Organizations: Massachusetts Institute of Technology-Solve

Location: New York, USA

Degree Level: None

Gender: Male/Female

Language of Communication: English

Funding Type: Partially-funded

Eligible Country: All

Challenge Areas: Technology

Benefits of the MIT Solve Financial Inclusion Challenge

Contestants will participate in the program to benefit from the followings:

Solver Award

All contestant winner teams of Solve’s Global Challenges and the Indigenous Communities Fellowship will receive a $10,000 grant fund.

The GSR Foundation Prize

Submissions providing innovative technology solutions to address pressing issues worldwide and communities will receive a GSR Foundation prize. Priority is on solutions using blockchain to improve financial inclusion.

The Foundation will award up to $200,000 across several Solver teams from any of Solve’s 2023 Global Challenges.

The A.I. for Humanity Prize

Solutions leveraging data science, machine learning, and artificial intelligence will benefit from the A.I. for Humanity Prize. This prize is from the Patrick J. McGovern Foundation, working toward advancing A.I. and data solutions. The total amount will be up to $150,000 in funding across several Solver teams from any of Solve’s 2023 Global Challenges.

Requirements for the MIT Solve Financial Inclusion Challenge

However, MIT Solve has not set any particular criteria. For updates regarding the criteria for Financial Inclusion Challenge, please visit the official website.

How to Apply for the Challenge?

To submit an entry for the MIT Solve Financial Inclusion Challenge. Please prepare and submit all required documents via the submission link below.

Submit Here

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Please visit MIT Solve’s official website for further information about the MIT Solve Global Challenges.