THE Financial Sector Deepening Trust (FSDT), FSD Africa and International Development Research Centre (IDRC) on Thursday launched the toolkit, aiming at guiding Financial Services Providers (FSPs) in Tanzania to unleash the power of data to transform their businesses.
According to FSDT Operations Director, Ms Irene Mlola, with more data being created at a faster rate than ever before, it could be hard for financial services providers to know what to do with the plethora of data available to them.
She was speaking during the meeting that brought together various data stakeholders.
She said many service providers access internal and external data but very few are capable of utilizing them as required.
“Many service providers are not making full use of data as some do not understand how to utilize them, inefficient processes and systems, are some of the challenges, which face service providers,” She said.
She added that the launched toolkit therefore aimed to help FSPs understand the different data sources available to them and how to use them efficiently to transform their businesses.
According to her, the toolkit draws on the valuable learning gained through the FSDT, FSD and IDRC funded data disrupt programme, which has been working in Tanzania as well as in some countries like Sierra Leone and Zambia, to build the capacity of Banks, insurance companies and financial technology (FinTechs).
She stressed that it was the right time to think about how to best utilize data to optimize business growth and performance by innovating to reach new horizon.
“In doing so, we will disrupt the current and define the future through collaboration, innovation and flexibility that leverage on data usage. For FSPs, the data toolkit provides opportune hands on guide to start this journey,” she said.
FSD Africa Director, Mr Paul Musoke said that there has been a concerted effort at government, institutional and donor levels to increase the availability of relevant data through targeted research across Africa.