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First Access in The Financial Times: How developing nations use tech to reach the 'underbanked'

  • Writer: First Access
    First Access
  • Apr 24, 2019
  • 1 min read

Updated: Dec 6, 2019

Lenders in Africa and the Middle East circumvent weak digital infrastructure to make progress


A Ugandan motorbike rider (left) secures a loan from UGAFODE, a microfinance lender (right) using First Access software


Read this article by Sarah Murray in the Financial Times: https://www.ft.com/content/0c6ddd3c-4b36-11e9-bde6-79eaea5acb64


“There’s a lot of potential to reduce transaction costs and increase speed,” says Nicole Van Der Tuin, co-founder and chief executive of First Access, a New York-based software platform for microfinance lenders.


In Uganda, for example, where it is estimated that less than a third of the population has an account at a financial institution, some lenders use First Access software to combine user data with internal records, making it easier to appraise customers and match them with appropriate products. In many African countries, however, weak digital and communications infrastructure and non-standardised processes threatens to hold back a shift towards digital banking.


 
 
 

19 Comments


alfredlouise1212
Feb 28

I was reading this post about First Access being featured in Financial Times on how developing nations use tech to reach the underbanked and it actually made me stop and think a bit more deeply, lol, because it’s cool to see how technology can really change people’s access to financial services. One second I’m picturing all the innovative tools and solutions they’re talking about, and the next second I’m like “oh shoot I totally forgot about that finance assignment I need to work on,” haha. Life just throws all these things at you at once sometimes, you know? Maybe it’s just me, but when I’m overwhelmed trying to figure out where to even start with research, budgeting, or organising my work…

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