Financial Inclusion Starts with Data Insight

In an increasingly interconnected world, the question of financial inclusion remains a vital topic of discussion. With millions of individuals in Africa and other emerging markets still struggling to access fair financial services, it's clear that we need innovative strategies to bridge this gap.

Wakandi, a company dedicated to empowering cooperatives and microfinance institutions in Africa, has been at the forefront of the digital transformation that's poised to revolutionize how financial services are accessed and provided. Here, we explore how data insight inherent in Wakandi's approach is not just a tool but the very foundation of financial inclusion.

Ownership of data

Historically, financial inclusion has been impeded by geographical limitations, lack of infrastructure, and regulatory hurdles. However, data insight can leapfrog these obstacles, opening doors to anyone with a smartphone.

Wakandi’s platform acts as a neutral gatekeeper of the financial data, allowing users to control their information and selectively provide access to trusted third parties. This not only facilitates service provision but shifts the power balance, granting economic agency back to the end user.

The Value of Information

Access to fair financial services is primarily driven by insight. The more banks and financial institutions know about their clients - their needs, habits, and repayment capabilities - the lower the perceived risk in extending services becomes.

But data, without insight, is just a series of numbers. Wakandi's technology provides actionable insight, which in turn reduces the risk, and subsequently, the cost of financial services. It's a symbiotic relationship where the user's creditworthiness is enhanced, and the industry becomes more inclusive. Data are only shared when the user wants it to be shared, not taking advantage of peoples data is key.

Lets focus where the users are

To truly address financial inclusion, we must play on the user's home court - the informal economy. Within this sector, cooperatives and microfinance institutions are already embedded in the fabric of daily life. By enhancing their capabilities through digital solutions, we can bring the underbanked into the formal financial world without the expensive customer acquisition cost that comes with normal user onboarding in many emerging markets.

At Wakandi, fostering trust within these groups is as pivotal as the technology we deploy. Case in point, a cooperative member finding that through Wakandi, they can apply and receive approval for three loans without any hassle—testimony to the ease and justice technological insight can bring to the financial world.

Partnering for Progress

Partnerships with leading banks in the region and the launch of Wakandi’s credit insurance service with Sanlam highlight the importance of collaboration in scaling solutions for financial inclusion. These synergies reinforce Wakandi’s commitment to providing a robust ecosystem that supports the end user at every stage of their financial journey.

In conclusion, financial inclusion is not a stand-alone concept, but a tapestry of technology, data, and partnerships. By placing data insight at the core of our strategies, we enable a more inclusive economy that benefits everyone. Wakandi’s approach serves as a beacon of hope, illustrating that with the right combination of innovation and collaboration, we can create a financial system that works for all.