Johannesburg, South Africa, June 29, 2017—IFC,
a member of the World Bank Group, together with The MasterCard Foundation
today launched the Data Analytics and Digital Financial Services Handbook
to highlight the opportunity that data science offers mobile money operators
to expand reach and quality of digital financial services in Sub-Saharan
Africa and beyond.
In recent years the digital financial services revolution has led to a
rapid expansion of financial inclusion in countries such as Kenya, Tanzania
and Uganda, making an important contribution to the goal of reaching Universal
Financial Access by 2020. Large numbers of low-income people, microentrepreneurs,
small-scale businesses, and rural populations that previously did not have
access to formal financial services are now digitally banked by a range
of old and new financial services providers with increasing access to safe
and secure payments services, savings accounts, credit and micro-insurance.
The Data Analytics and Digital Financial Services Handbook gives
financial service providers an overview of the potential that data and
data analytics present for financial inclusion in terms of improving efficiency
of operations and effectiveness of product development, as well as increase
outreach through innovative data-driven lending methods. It is the third
handbook on digital financial services published by IFC and The MasterCard
Foundation as part of The Partnership for Financial Inclusion, a $37.4
million joint initiative to support the expansion and quality of affordable
financial inclusion on the African continent.
The Data Analytics and Digital Financial Services Handbook is a
practical guide for banks, mobile network operators, microfinance institutions,
and payments service providers on how to implement a systematic, data-driven
approach in their digital financial services operations. The previous two
handbooks provided guidance on technology and risk management for digital
financial services respectively, and have become popular tools in the industry.
Lesley Denyes, IFC Program Manager for the Partnership for Financial Inclusion,
said, “We have been encouraged by the reception of the first two handbooks.
This latest handbook demonstrates how even simple uses of data analytics
can help financial institutions better service the financial needs and
wants of a broad range of user groups and to design services that really
help improve their quality of life.”
The handbook is available in pdf format online,
free of charge. A limited number of hard copies are available for financial
intermediaries, and can be requested by email from Everlyn Oroko on email@example.com.
About The Partnership for Financial Inclusion
The Partnership for Financial Inclusion is a $37.4 million joint initiative
of IFC and The MasterCard Foundation to expand microfinance and advance
digital financial services in Sub-Saharan Africa. It is also supported
by the Bill & Melinda Gates Foundation and the Development Bank of
Austria, OeEB. Launched in 2011, the seven-year program works with microfinance
institutions, banks, mobile network operators and payment service providers
across the continent to increase financial inclusion. For more information,
About The MasterCard Foundation
The MasterCard Foundation works with visionary organizations to provide
greater access to education, skills training and financial services for
people living in poverty, primarily in Africa. As one of the largest private
foundations its work is guided by its mission to advance learning and promote
financial inclusion to create an inclusive and equitable world. Based in
Toronto, Canada, its independence was established by Mastercard when the
Foundation was created in 2006. For more information and to sign up for
the Foundation’s newsletter, please visit www.mastercardfdn.org.
Follow the Foundation at @MastercardFdn on Twitter.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in emerging markets. Working
with 2,000 businesses worldwide, we use our six decades of experience to
create opportunity where it’s needed most. In FY16, our long-term investments
in developing countries rose to nearly $19 billion, leveraging our capital,
expertise and influence to help the private sector end extreme poverty
and boost shared prosperity. For more information, visit www.ifc.org