Today, First Access is proud to launch a new logo that reflects our vision of turning data into financial opportunity for everyone.
Affordable credit enables important opportunities like growing a business, owning a home, and financing an education, but remains out of reach for more than 2.5 billion people. Most make their living in informal economies, where records like personal identification, transaction receipts, and land titles are still not universal.
Financial institutions across emerging markets are striving to reach underserved customers, enabling their “first access” to credit, and providing essential liquidity for economic growth and development. However, the high cost of relationship-driven lending remains the greatest challenge to scale.
The new competition can have apositive impact on MFIs as it pushes them to innovate around “alternative”credit scoring models and to develop mobile-based savings and loan productsthat can be easily accessed by clients.
Great primer on the diverse fintech landscape. To ensure all countries see the benefits of global fintech innovation, governments should consider eliminating "data localization" laws that force data to be stored within a nation's geographic borders. These laws do not increase data security and can ultimately stifle the flow of innovation to developing countries, particularly those without sophisticated local data centers and storage facilities.
Technology is allowing companies to leverage the wealth of data produced by mobile phones to facilitate lending to the un- or underbanked. Nineteen emerging experts from sub-Saharan Africa, working to advance financial inclusion at their national and regional levels, attended Rethinking Financial Inclusion (RFI) last month.
17 May 2016, Washington, D.C. – Today global microfinance leader FINCA and First Access, whose technology predicts the credit risk of borrowers in informal markets, announced a new collaboration that will create the largest and most sophisticated alternative credit-scoring approach by a microfinance institution (MFI) in the world. The partnership will vastly improve FINCA’s outreach to excluded populations.
First Access will analyze existing client data from FINCA’s operations, as well as subscriber data from local mobile network operators (MNOs), to establish credit scores for low-income clients who lack sufficient formal credit history to secure small loans to build businesses or support emerging personal needs.