This toolkit draws on the valuable learning gained through the Data Management and Analytics Capabilities (DMAC) program 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. DMAC was designed and funded by FSDA, IDRC, and FSDT and implemented by a consortium led by Oxford Policy Management.
With more data being created at a faster rate than ever before, it can be hard for FSPs 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 organizations wanting to implement programs that encourage FSPs to make more and better use of data.