Cignifi partners with Bank Asia and Grameenphone to increase financial inclusion in Bangladesh
5 July 2018:
Today, Bank Asia Limited in partnership with Grameenphone Limited and Cignifi Inc. introduced a first of its kind 4G device financing scheme ‘Loan Diye Phone’ in Bangladesh. Through this unique offering, Grameenphone customers will be able to buy 4G handsets with micro-finance support through Bank Asia Limited, based on big data analysis and alternative digital credit scoring thanks to Cignifi’s innovative platform.
Over 90% of the population in low and middle-income countries are without a documented credit history, meaning they’re unable to borrow or save for the products they need to improve their lives and economic prospects. McKinsey and the IFC estimate that the unmet need for credit among emerging markets businesses is $2.1 trillion to $2.5 trillion, providing a blue-sky opportunity for growth.
Cignifi’s sophisticated machine-learning platform is able to ingest large volumes of mobile data –some 200 million records a month, and growing – from mobile networks. It sorts and presents data in a way that Cignifi’s clients – banks, consumer lending companies, insurers – can easily understand and score. In doing so, it connects financial institutions to emerging consumers who need credit products.
This latest partnership is a key example of Cignifi’s platform in action and will provide emerging consumers across Bangladesh with a greater ability to access financial services and the digital world around them.