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Technology and Trust Key to Unlock Financial Services for Refugees and the Underbanked

An estimated 2 billion people are unable to access formal financial services, like banks, credit cards and insurance. Refugees can sometimes be part of this group but with unique challenges. We look at how technology and other changes in the banking sector could help get more people into the formal economy. Continue reading Technology and Trust Key to Unlock Financial Services for Refugees and the Underbanked

What’s next? The New Wave of Innovations in Africa’s Mobile Financial Services

We are very excited to be launching our new monthly OnFrontiers Webinar Series. Kicking off this series is our webinar on; “What’s next? The New Wave of Innovations in Africa’s Mobile Financial Services” OnFrontiers spoke with our moderator for the … Continue reading What’s next? The New Wave of Innovations in Africa’s Mobile Financial Services

The Big Data Credit Revolution in Frontier Markets

              Startup-driven development In frontier markets, gaining access to finance has traditionally been a hindrance for most consumers. Perceived as not being credit-worthy, they are ignored by formal lending institutions and have to rely on other, non-formal, sources of credit. A rapid change is underway, however, due to technological advances that allow credit firms to analyze non-financial data to identify credit-worthy consumers that were previously invisible in the system.¬†Interestingly, startups are driving the development of big data models and algorithms for mobile banking. By mining data on mobile networks, they are able to drive … Continue reading The Big Data Credit Revolution in Frontier Markets

Mobile Money: M-Pesa in Kenya and South Africa

What is mobile money? Ernst & Young defines mobile money as the services that allow electronic money transactions over a mobile phone, also referred to as mobile financial services, mobile wallet and mobile payment. Origins The mobile money transfer system M-Pesa started in 2007 as a project from Vodafone for Safaricom and Vodacom. Its creators were initially looking to devise a cheap and fast system for women to repay micro-loans, which would allow for lower interest rates. The product, however, soon proved to have great potential. Today, M-Pesa has around 18 million customers in Kenya only and operates in 10 … Continue reading Mobile Money: M-Pesa in Kenya and South Africa