Social Lender, a Digital Financial Services startup has emerged as runner-up at the just concluded African prize for Engineering Innovation at the Royal Academy of Engineering in the United Kingdom.
Social Lender since inception has created access to formal financial services for hundreds of thousands of individuals.
A significant majority are financially excluded individuals whom the existing financial systems are unable to serve. Social Lender has done this by leveraging its unique core technology called the Social Reputation Score.
The Africa Prize for Engineering Innovation was founded by the Royal Academy of Engineering in 2014 and is Africa’s biggest prize dedicated to developing African innovators, and assisting them to maximise their impact.
The Africa Prize for Engineering Innovation aims to stimulate, celebrate, reward innovation and engineering entrepreneurship in sub-Saharan Africa.
The eight-month-long program included training and mentoring with various startups across Sub-Saharan Africa.
Faith Adesemowo, Co-founder and CEO, Social Lender during her presentation showed the impressive work Social Lender was doing in the financial and economic inclusion space in Nigeria.
“Social Lender has built the technology to include SMS and USSD channels to facilitate reaching the underserved in rural communities.
Core rural settlements are occupied by farmers, traders, transporters, and youths who are now embracing formal”, she said.
“This recognition is indeed an exciting one from the Royal Academy of Engineering and has set the tempo for more successes for the company”
He added that Social Lender has benefited immensely from the Africa Prize for Innovation mentorship program and the stage is set for more partnerships with financial institutions in order to enable the further extension of formal financial services to Africa and beyond.
Faith Adesemowo said “at Social Lender, We are building a Social Network for Trust, Credit, Insurance, Identity verification and much more”.
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