IFC, MasterCard Foundation release handbook to support financial inclusion in Africa
Summary
The IFC said the handbok 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 International Finance Corporation and The MasterCard Foundation announced today that they launched the Data Analytics and Digital Financial Services Handbook to help mobile money operators to expand digital financial services in Sub-Saharan Africa.
The IFC said the handbook will provide operators with knowledge of how data and data analytics can improve operations, product development, and the creation of data-driven lending methods.
The handbook is the third in a series on digital financial services published by the IFC and The MasterCard Foundation as part of the Partnership for Financial Inclusion (PFI). Launched in 2011, the PFI is a $37.4 million joint initiative aimed at supporting the expansion and quality of affordable financial inclusion on the African continent.
“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,” said Lesley Denyes, IFC’s Program Manager for the Partnership for Financial Inclusion.
The IFC said the handbok 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 last two handbooks provided guidance on technology and risk management for digital financial services respectively, and have become popular tools in the industry, the multilateral lender said.
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