The Legatum Center for Development and Entrepreneurship at the Massachusetts Institute of Technology (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. Wala is a mobile financial platform geared toward Consummers 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. The Zambezi Prize and the Open Mic Africa tour are Pillars of the Legatum Center’s Africa Strategy – a global vision to leverage MIT’S ecosystem to improve lives through principled entrepreneurial Leadership.
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