Using Smartphones in Emerging Markets to Expand Access to Credit

Panelists include: Matt Flannery, Branch; John Esrey, Juvo; Mark Heynen, PayJoy; Jonathan Hakim, Cignifi; Moderator: Sonja Kelly, Center for Financial Inclusion at Accion.

For emerging markets the smartphone is an important part of expanding credit; currently there are 3.3 billion smartphones, a number expected to grow to 5.8 billion by 2020; smartphone adoption in the US is already high at 72% but in emerging markets this number is much lower presenting an opportunity for significant growth over the coming years; panelists represent both B2C and B2B companies who use mobile device data in different ways which they share on the panel; PayJoy allows customers to pay monthly for their smartphone and incentivizes users to pay by having the ability to shut off the phone; Branch uses mobile data such as text messages (which can include financial receipts in emerging markets), call history and GPS to build a credit score using machine learning; Cignifi works with financial institutions to expand credit and Juvo works with mobile network operators to establish a relationship with their customers by creating an identity score.