Today I am in excited to announce the launch of FSD Africa’s Data Management and Analytics capabilities methodology, designed and funded by FSD Africa, IDRC and FSDT, and developed by a consortium including Master Data Management, Accion and Oxford Policy Management.
The toolkit draws on the valuable learning gained through the Data Management and Analytics Capabilities (DMAC) programme which was implemented from 2017 to 2019 in Zambia, Tanzania and Sierra Leone.
DMAC built the capacity of seven partner banks, insurance companies and fintechs to use data more effectively across their entire businesses, including in the design of new financial products and improve existing products for their customers.
With more data being created at a faster rate than ever before, it can be hard for Financial Service Providers to know what to do with the plethora of data available to them.
FSPs are capturing large amounts of data on their internal systems and also have access to external data – as a result of improved connectivity and increasing smartphone penetration, as well as through publically available external data (e.g. national surveys). However, many FSPs are not making full use of this data as they may not understand its full potential, have information overload, inefficient processes and systems, and think it is expensive to make use of data. The toolkit aims to help FSPs understand the different data sources available to them and how to use them effectively to transform their business.
Although primarily aimed at FSPs, the toolkit may also be of use and interest to those who provide services to FSPs in their respective markets (such as data management and research firms) and other organisations wanting to implement programmes that encourage FSPs to make more and better use of data.
A key focus of the program was to transfer skills and capacity in-country which we did through a combination of our CIMP data management curriculum, on- and off-site coaching and support, and finally through supporting the delivery of the DMAC methodology toolkit.
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