MICROCAPITAL BRIEF: FinMark Trust, Centre for Financial Regulation & Inclusion, The MasterCard Foundation to Create “insight2impact” Data Facility to Assess Banking Needs of Poor People

The FinMark Trust, a nonprofit that promotes financial inclusion and regional financial integration; the Centre for Financial Regulation & Inclusion (CENFRI), a nonprofit affiliated with FinMark Trust; and The MasterCard Foundation, a Canadian organization founded by the US-based payments firm MasterCard, recently have announced that they will launch a joint data facility named “insight2impact” (i2i). The facility, which is expected to have a budget of USD 9.6 million, is intended to assist financial services providers in assessing the financial needs of low-income populations. Its founders intend that this will contribute to the creation of “secure, affordable and convenient financial services”[1] by enabling service providers to use data more effectively to select “client-centric approaches to business decisions”[1].

Herman Smit, the technical director of CENFRI and interim lead of i2i, said that “in most developing countries, limited insights on new consumer segments undermine the ability of the financial sector to best serve them […]”[1]. Ann Miles, the director of programs, financial inclusion & youth livelihoods at The MasterCard Foundation, added that “[…] i2i is an important, collaborative effort to help the industry improve not just the range and relevance of financial products and services, but also enhance clients’ experiences and satisfaction with services being offered to them”[1].

As of 2014, The MasterCard Foundation reported approximately USD 9 billion in assets. Financial information on CENFRI and FinMark Trust are unavailable.

By Alíz Crowley, Research Associate

About Centre for Financial Regulation & Inclusion (CENFRI)

Headquartered in Cape Town, South Africa, the Centre for Financial Regulation & Inclusion (CENFRI) is a nonprofit organization that aims to support financial sector development and financial inclusion by facilitating improved financial services regulation. In addition, CENFRI conducts research, provides advice and develops capacity building programs for regulatory authorities and other stakeholders in the financial services sector. As of 2014, CENFRI focuses on microinsurance, health financing, anti-money laundering / combating the financing of terrorism (AML/CFT), retail payment systems, and money transfers. CENFRI is funded through FinMark Trust of Johannesburg, South Africa. The budget of CENFRI is not available.

About FinMark Trust

Established in 2002 in South Africa, FinMark Trust is a nonprofit trust, funded primarily by the UK’s Department for International Development (DfID). Its main goal is to “make financial markets work for the poor, by promoting financial inclusion and regional financial integration” in Africa. It does so by conducting research on financial policy and regulation, savings, consumer financial empowerment, housing finance, and payment systems. The size of the organization’s budget is not available.

About The MasterCard Foundation

Based in Toronto, Canada, The MasterCard Foundation is a private foundation with the goal of enabling people living in poverty to improve their lives through increased access to microfinance and education, primarily in Africa. The foundation was established in 2006 by a gift of shares from US-based payment processor MasterCard Worldwide during the company’s initial public offering. As of 2014, The MasterCard Foundation reported approximately USD 9 billion in assets.

Sources and Additional Resources

[1] MasterCard, Newsroom, The MasterCard Foundation Launches $US9.6 Million Initiative With Finmark Trust and Cenfri to Create Data Facility Benefitting People Living in Poverty

MicroCapital Universe Profile: Centre for Financial Regulation & Inclusion (CENFRI)

MicroCapital Universe Profile: Finmark Trust

MicroCapital Universe Profile: The MasterCard Foundation

Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/

Similar Posts: