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Potential of new data sources to unlock new opportunities - Breakfast Meeting

Written on 23 Aug 2016

In August 2016 the i2i co-hosted a breakfast meeting in Uganda with Financial Sector Deepening Uganda (FSD Uganda) where financial service providers (FSPs) were invited to explore the potential of new data sources to unlock new opportunities in the market. The meeting was part of a multi-country mission that started in Ghana and also included Rwanda and Tanzania.

Celina Lee, i2i lead, presented on the i2i strategy and highlighted the existing opportunities in Uganda to use data to drive more sophisticated usage of financial services and reach new consumers.         

Nkosi Ncube, head of i2i’s Applications Lab, presented on i2i’s Client Insight Focus Note which explores the use of alternative sources of data and analytical methodologies in financial service provision.

Participants at the workshop highlighted that while new data and technology present many opportunities for financial service provision, it will also bring new risks: specifically, data security and privacy. In many cases consumers give consent for their data through terms and conditions that they do not really understand. Participants were interested in how we adequately protect consumers from abuses with their information. Without appropriate measures, adults could choose to avoid technology altogether because they do not want their data shared.

i2i will continue to grow their presence in Uganda through their relationship with FSD Uganda and other FSPs. i2i currently has a MoU with Airtel Uganda and Altai Consulting to use alternative sources of data and advanced analytics to deliver mobile financial services in Uganda’s rural roving markets. Additional opportunities such as informing and shaping the discussion on data privacy as well as how we can improve the quality of data available in Uganda through GIS and demand-side surveys will also be explored.

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