First Access is a financial technology company that aims to use data to improve financial access in emerging markets. It has developed a customizable credit scoring platform for lending institutions, and has worked with microfinance institutions in Africa, Asia and Latin America.
First Access aims to create a comprehensive agricultural credit scoring engine for the use of financial service providers in agricultural markets. The unique element is that rather than creating a database of information anew, First Access hopes to harvest data from various sources relevant to the agricultural sector – from mobile phone data, crop and input data, to weather and warehousing data – to build a credit scoring system that generates deeper and more accurate insights into rural farmers’ context.
Key Areas of Scale
FRP support will be used to further develop the credit scoring system, specifically technical research and design, technical integration of different data sources, and sourcing and collection of alternative data. It will also support product testing as well as ensuring that concerns around data privacy are transparent and well-understood by users.
Projected Development Impact
- Reach of approximately 560,000 people through the financial institutions using the model
- Systemic change a potentially revolutionary product which, if successful, could dramatically reduce the cost of providing financial services to the rural consumer and therefore transform financial access
The potential for development impact on this project is very high however it is important to note that there will be a significant lag time before this is realized, due to the time required for product development and testing. It is also important to note that First Access has no direct contact with the end beneficiary – its customers are financial institutions. Therefore measurement of impact on the end beneficiary will be challenging.
- Support USD 1,000,000
- Match USD 500,000
- Period 2 years
- Start 1 January 2017