Applications are open for the MIT Solve Financial Inclusion Challenge 2023. The MIT Solve community is looking for eight technology-based solutions that will make transactions easier, protect against predatory debt, and increase the ability of individuals and MSMEs to take risks and build wealth.

To that end, Solve seeks solutions that:

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• Make it easier and more affordable for individuals and MSMEs to make investments and transfer payments, across geographies and different types of platforms.
• Provide new ways to accurately assess credit-worthiness of MSMEs and individuals, including methods that reduce bias against borrowers who have traditionally lacked equitable access to credit.
• Create and/or reduce frictions to scale safe personal identification methods for individuals who have been kept out of the formal financial system due to a lack of formal identification.
• Help gather, synthesize, or use relevant data to inform the design of insurance products tailored to populations at greater risk of facing shocks such as climate disasters, health-related disruptions, or unstable markets.

Special Call: Black & Brown Innovators in the US Program

People of color in the US are more likely to be underbanked or unbanked. They are more likely to be offered costlier loans, pay more in monthly banking fees, and have fewer options for banking. As part of Solve’s ongoing work on US racial equity, they will select 1-2 solutions from the US working to address these disparities for their Black & Brown Innovators in the US Programme.

Award from Solve Financial Inclusion Challenge

• MIT Solve – Solver Award: All Solver teams selected for Solve’s Global Challenges. And the Indigenous Communities Fellowship will receive a $10,000 grant funded by Solve.
• The GSR Foundation Prize: GSR Foundation will award a prize to solutions that use innovative technology. To address pressing issues in their communities and the world. Preference will be given to solutions that use blockchain to improve financial inclusion. The prize is funded by the GSR Foundation, an independent charity founded by GSR, a leading cryptocurrency trading firm. The Foundation seeks to advance education, promote equality of opportunity, and contribute to a sustainable world. Emphasizing blockchain and innovative technology-powered solutions. Up to $200,000 will be awarded across several Solver teams from any of Solve’s 2023 Global Challenges.
• The AI for Humanity Prize: The AI for Humanity Prize is open to solutions leveraging data science, artificial intelligence. And/or machine learning to benefit humanity. The prize is made possible by The Patrick J. McGovern Foundation, a philanthropy committed to advancing AI and data solutions to create a thriving, equitable, and sustainable future for all. Up to $150,000 in funding will be awarded across several Solver teams from any of Solve’s 2023 Global Challenges.

Eligibility for Solve Financial Inclusion Challenge

• Open to technology-based solutions that will make transactions easier, protect against predatory debt, and increase the ability of individuals and MSMEs to take risks and build wealth.

Application of Solve Financial Inclusion Challenge

Application deadline is May 9, 2023. Solve Challenge Finals will be held on September 18, 2023.

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Lastly, It is important to visit the official website link found below to access the application form.

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