Jim Cooney / Legatum Center for Development & Entrepreneurship / MIT News
The Legatum Center for Development and Entrepreneurship at MIT, with support from the Mastercard Foundation, has named South African startup Wala as the grand prize winner of the 2018 Zambezi Prize for Innovation in Financial Inclusion, as well as the regional winner of the MIT Inclusive Innovation Challenge (IIC) in the Financial Inclusion category.
Wala is a mobile financial platform geared toward consumers operating outside the formal financial system. Using a blockchain system, it enables zero-fee, instant, borderless micro-payments for emerging market consumers. Through the Wala platform, users receive a cryptocurrency wallet and can access transactional banking, remittances, loans, and insurance.