Johannesburg, South Africa, June 27, 2017 — International Finance Corporation (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, micro-entrepreneurs, 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 and marketing, 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 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 firstname.lastname@example.org.
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, visit www.ifc.org/financialinclusionafrica
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 International 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