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Financial Inclusion for All

The Omnis Digital Platform is key financial infrastructure that enables
digital authentication of critical identity and financial information. This
enabling financial infrastructure addresses systemic challenges in an
ecosystem that hinder the ability of most marginalized population
segments to reliably prove their identities and access different
services, primarily financial services.

The platform offers two solutions:
a) The first solution, a remote identity authentication feature is a
B2B solution that allows financial service providers as well as
other institutions conducting KYC checks to reliably identify and
authenticate the identity of individuals in the normal course of
business operations. The authentications will take place directly
with the source of the identity information.

b) The second solution, akin to a financial data aggregator, allows
individuals to record and show proof of alternative financial
transactions, that can in turn be used when applying for financial
services including, but not limited to credit. FSPs use a large
amount of information drawn from different sources when
evaluating customers for credit or other financial services. In
addition to application information, this typically includes
supporting information used for credit decisions regarding an
applicant’s income, assets, liabilities, credit histories, references,
available collateral, to name a few. 

Marginalized consumers, including those in the lowest income
stratas, and particularly women, micro and small entrepreneurs,
informal workers and those living in rural communities, are often
“information poor.” These segments lack information that
traditional FSPs look for, such as pay stubs, bank balances,
sales accounting records, collateral etc. These consumers do
have financial footprints that, if leveraged, would enable FSPs to
offer more customized and tailored financial services to meet the
demands of these specific segments. These financial footprints
are also known as “alternative financial data” and are generally
not captured consistently by existing credit information systems.

Besides alleviating information asymmetries that FSPs face in
assessing the risks associated with these consumer segments, ODP
is a front end solution that will enable smaller FSPs to offer services
such as remote/mobile onboarding and account opening in a more
cost effective manner. 

Both solutions rely on consumer consent thus ensuring that consumer
and data privacy are upheld in all data exchanges.


Where we work

OFI is launching a 12-month program carried out in two phases that
test, develop and launch the Omnis Digital Platform in Honduras. Our
team has engaged with public and private sector stakeholders
extensively in the market over the past year and identified key
opportunities and market needs that validate the potential for the
Omnis Digital Platform.

In markets like Honduras, where only 14% of adults over the age of 25
borrow from a financial institution, financial exclusion is a systemic
challenge. The financial data aggregator platform seeks to address
this challenge by capturing alternative financial information to allow
the unbanked to access formal financial services by virtue of their own
information. One such alternative financial data point that ODP will
consider is remittances data. Remittances are a key alternative
financial data point, representing as much as 23% of Honduran GDP,
with 54.3% of recipient households falling in the lowest-income
quintiles and 61% of these recipients being women or women-led

Our objective is to start scaling these solutions in Honduras and other
countries in Central America after this initial launch.

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