New models of financial data sharing in Africa

Startups are leading the race to monetise customer financial data in Africa for lucrative business cases.

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Most African businesses find themselves in a hard place when it comes to making sense of data troves. The collection and handling systems for customer data is slowly growing but not at par with the global standards. Using this data across different sectors to realise value is yet to be achieved, with outdated privacy laws across the continent compounded the issue.

Many companies and organisations hold critical information that could enhance business across different sectors but are losing a valuable market opportunity by not putting it into use. A change of strategy is needed to be a leading light into data mining.

“Companies are unable to design an appropriate data strategy that translates into business growth,” Jeph Acheampong, the founder and CEO of Blossom Academy a data analytics educator, based in Accra, Ghana said.

“The majority of the data science talent across Africa happens to be early on their data science journey. As a result, their skills are more aligned with the technical aspect, as opposed to the strategy end,” he added. Blossom Academy is aiming to train more data scientists for the African market.

“However, more often than not, African senior data scientists or data strategists rather leverage their skills by working remotely for an international company,” he explained.

His company is seeking to establish a large number of data analysts in Africa to take advantage of the nascent data mining sector in the continent. As of October 2020, the academy has trained over 200 young adults in Ghana, Nigeria, Cameroon, and Kenya to understand and communicate data, with most securing data work on the continent.

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