Omnisient co-founder Anton Grutzmacher accepting Africa Bank Award

Pictured: Anton Grutzmacher (Co-founder of Omnisient) accepting award for Omnisient at the 2024 Africa Bank Summit held in Nairobi, Kenya.

Omnisient recognised for impact on growing financial inclusion in Africa

South African fintech, Omnisient, has enabled banks to use consumer shopping behaviour to qualify 3.2 million individuals for credit who would have previously been declined.

Nairobi, Kenya – 31 May 2024: Omnisient, the global leader in privacy-preserving data collaboration, was recognised at the 14th Africa Bank 4.0 Summit Pan Africa event held in Nairobi this week for the impact it is having on growing financial inclusion in Africa. This accolade highlights a groundbreaking initiative that has enabled banks to assess credit risk and qualify millions of previously underserved individuals by analysing their grocery shopping histories.

As a result, banks have been able to evaluate the financial reliability of 8 million people who have no formal credit history and deemed 3.2 million of them as low-risk and eligible for affordable financial services.

Anton Grutzmacher, co-founder of Omnisient, commented upon accepting the award, “By leveraging everyday shopping data, we’ve unlocked new opportunities for financial inclusion. This recognition underscores the significant impact that cross-industry collaboration on first-party consumer data can have on improving people’s lives.”

The implications of this development are profound. For the first time, a substantial segment of the population, previously invisible to the traditional credit bureaus, can now access loans and other financial products should they give consent to use alternative data for determining their credit score. This shift not only opens new markets for banks but also promises to enhance the economic mobility for millions by giving them access to affordable and life-changing loans.

Omnisient’s platform enables organisations to share their consumer insights with their collaboration partners without ever sharing raw data. Consumer data is anonymised within the data owner’s local environment, protected through advanced cryptography, and only then uploaded into a secure and neutral environment where data can be analysed but cannot be removed or downloaded. This ensures compliance with global consumer privacy regulations and protects data owners from data breach or loss of company IP.

Omnisient’s privacy-preserving data collaboration platform protects over 160 million consumer records for more than 80 of Africa’s leading banks, retailers, insurers, and healthcare organisations. The company’s impactful work has earned recognition from the World Economic Forum, the United Nations, and Fast Company for advancing financial inclusion.

The award ceremony at the 14th Africa Bank 4.0 Summit Pan Africa event brought together leaders from the banking and financial technology sectors, emphasizing innovations that are transforming financial services across the continent.

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About Omnisient

Data collaboration enables world changing opportunities for businesses and communities. One of the world-changing opportunities is growing financial inclusion for millions around the world.

To take advantage of this opportunity, Financial Services providers urgently need good quality consumer data. However, they are restricted by tightening privacy regulations, risk of data breach, risk of IP leakage and depreciating value of data, and lengthy times to negotiate and access new data.

Enter Omnisient. Omnisient is the award-winning privacy preserving data collaboration platform that is enabling financial services businesses to securely access high-value consumer data ecosystems in a regulatory compliant manner using advanced Cryptography and AI.

Omnisient is a member of the World Economic Forum’s Technology Pioneer Community, a TechCrunch Startup Battlefield 200 participant, a member of the United Nations Privacy Enhancing Technologies committee, and a Fast Company “Next Big Things in Tech” startup, among other accolades.

Established in 2019 in Cape Town, South Africa, Omnisient protects over 150 million consumer profiles for over 80 large businesses.

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Media Contact: For an interview or any questions, please contact: Julian Diaz – [email protected]

About the Author

Julian Diaz is Omnisient’s CMO. Julian is a B2B tech marketer for start-ups with over 20 years of experience marketing in USA, UK, Europe and South Africa.