19 May 2022
One of the main challenges in serving the low income customer is understanding their needs
Data is the new oil – or so the global mantra goes. If this is the case, then we had all better learn to refine it – and quickly – in order to remain competitive and relevant. Raw crude oil – just like data – is not of much use in its own right. The topic is of crucial importance since a majority of FSPs in 20 countries across the World Savings and Retail Banking Institute (WSBI) member network indicated that one of the main challenges they face in serving the low income customer is understanding their needs.
Over the course of the past six months, WSBI and FinMark Trust (FMT) have been engaging FSPs across the African continent to locate case studies of successful data use in their context. The study focused on the use of external data source since these are regularly available across the continent and are a rich, untapped source of information. We found several leading FSPs that are able to translate this external information into meaningful insights to support their product design and rollout, distribution strategies and more.
The WSBI and FMT joined forces with the European Microfinance Platform (e-MFP) and ADA Luxembourg in a webinar to share the insights obtained during this work to any and all interested FSPs as a public good to encourage inclusion across the continent. The sesion was moderated by Jaco Weideman, FinMark Trust.