The company has enabled banks to use consumer shopping behaviour to qualify 3.2 million individuals for credit who would have previously been declined.
South African fintech, Omnisient , has enabled banks to use consumer shopping behaviour to qualify 3.2 million individuals for credit who would have previously been declined., which positions itself as the global leader in privacy-preserving data collaboration, was recognised at the Africa Bank Summit , held in Nairobi this week, for the impact it is having on growing financial inclusion in Africa.
The implications of this development are profound. For the first time, a substantial segment of the population, previously invisible to the traditional credit bureaus, can now access loans and other financial products should they give consent to use alternative data for determining their credit score. This shift not only opens new markets for banks, but also promises to enhance the economic mobility for millions by giving them access to affordable and life-changing loans.
Omnisient’s privacy-preserving data collaboration platform protects over 160 million consumer records for more than 80 of Africa’s leading banks, retailers, insurers and healthcare organisations. The company’s impactful work has earned recognition from the World Economic Forum, the United Nations and Fast Company for advancing financial inclusion.
To take advantage of this opportunity, Financial Services providers urgently need good quality consumer data. However, they are restricted by tightening privacy regulations, risk of data breach, risk of IP leakage and depreciating value of data, and lengthy times to negotiate and access new data.
Nairobi Omnisient Financial Inclusion Credit Risk Grocery Shopping Histories Anton Grutzmacher World Economic Forum United Nations Fast Company
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