A report by Ericsson has shown that mobile data analytics could bring microfinance to hundreds of millions of individuals and businesses in need of short-term credit.
The report stated that globally, the microfinance sector reaches less than 20 percent of its potential market, according to the International Finance Corporation. In affluent markets, such as North America and Western Europe, most people have generated a credit history that banks can use to decide whether to lend them money and on what terms. However, in low and middle income markets, there has been a dearth of such data.
For more on this story visit: How Mobile Data Could Enhance Microfinance?
Source: Business World