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Blog Post

Challenge Accepted, $100,000 to Prove It

  • Konstantin Peric, Jun 24, 2015
Challenge_Accepted_.jpg

Building a digital economy that benefits everyone takes more than just getting the right technology and infrastructure in place. Economies are about people, first and foremost - and if people don't actively adopt and use mobile money in their everyday lives, building a digital economy is near impossible.

Here at the Bill & Melinda Gates Foundation, we're keenly aware of the importance of working with local merchants, whose unique needs must be addressed for a digital economy to be successful. Last fall, we announced round 15 of our Grand Challenges Explorations (GCE), an initiative to encourage innovation and help incubate early-stage projects in specific fields of interest to the foundation. This round was particularly exciting as it was the first time our Financial Services for the Poor program has participated. We put out a call to action seeking innovative ideas to promote widespread acceptance of mobile money among merchants. And what a response we had!

We received a total of 304 applications from 30 different countries –and while judging was extremely difficult, we are pleased to announce nine awards. This group of nine - listed below - represents a diverse set of approaches to products, merchant services, technologies and models, which will be developed and incubated in a number of countries, including Nigeria, Pakistan and Benin. These recipients will operate independently of the foundation in pursuing their areas of focus, a full list of which is provided below. We will be profiling each of these winners over the coming weeks to showcase how these organizations plan to use this grant to bring their great ideas to life.

And this isn't the last you'll hear about the GCE. With such a strong response to our initial first round, we launched a second Grand Challenges Exploration this past February. Applications are currently under review and we're looking forward to sharing the next round of winners with you soon.

Title
Organization
Country (Org)
Country (of Impact)
Innovation Focus
NFC Payment System for Non-Smartphones University of Nairobi Kenya Kenya Technologies: NFC
Monet's Initiative to Increase Mobile Money Acceptance Monet (Private) Limited Pakistan Pakistan Products: POS
MYAccounts MMINDZS Ltd. Uganda Unspecified Merchant Services: Accounting
NoV – Cohort Mobile Payment Solution for Bottom of Pyramid LoftyInc Allied Partners Limited Nigeria Nigeria Merchant Services: Inventory Management
Osusu Mobile Money Sofdia Systems Ltd. Nigeria Nigeria Models: Merchant to Agent Networks
Mobile Money, Schooling, and the Poor University of California at San Diego U.S.A. Benin Models: School Fees
Simplifying Mobile Money Payments for Mass-Market Adoption Weeve Ltd. U.K. Unspecified Technologies: MP3
Developing a Merchant Network That Also Does Agent Services Kifiya Technology PLC Ethiopia Ethiopia Models: Merchant to Agent Networks
Bitsoko Bitsoko Ghana Limited Ghana Ghana, Kenya Technologies: Blockchain

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The Bill & Melinda Gates Foundation is part of the Grand Challenges partnership network. Visit grandchallenges.org to view the map of awarded grants across this network and grant opportunities from partners.
Map of grant distribution