In August 2016, the i2i co-hosted a breakfast meeting in Accra, Ghana with the Bank of Ghana where financial service providers (FSPs) were invited to explore the potential of new data sources to unlock new opportunities in the market.
i2i lead Celina Lee and Nkosi Ncube, the head of our Applications Lab, presented our latest Client Insight Focus Note which looks at the increasing adoption by the private sector of alternative data sources and analytical methodologies for financial service provision. This research, specifically the segmentation of FSPs into incrementalists, collaborators, embracers, or ground breakers, sparked a lively discussion among the participants. Dr Settor Amediku, Head of Payments Systems at the Bank of Ghana, even proposed a friendly challenge to the FSPs to evaluate their current use of data and locate themselves on the quadrant.
Participants were interested in what other applications of big data there were outside of credit. For the most part, the successes, and more popularised case studies, have demonstrated the potential of alternative sources of data and analytical methodologies to extend retail credit, but what about insurance, payments or savings?
Our visit to Ghana reinforced to us the high level of interest and commitment by both the government and private sector in becoming ground breakers in the innovative use of data for financial inclusion. We also identified the need to establish in-country communities of practice for sharing and learning about data on a regular basis. i2i’s Applications Lab team will be in Ghana again in October 2016 to continue discussions with Bank of Ghana and FSPs to spearhead new i2i initiatives.