Credit bureau TransUnion has made a minority investment and broader strategic partnership with Omnisient, a South African-founded fintech firm operating internationally that offers a privacy-preserving data collaboration and advanced analytics platform.
In a statement, TransUnion says the Omnisient platform empowers businesses to access high-value consumer data ecosystems and integrate alternative data sets to drive intelligent decision-making.
As part of the investment, it notes, a TransUnion representative will join Omnisient’s board of directors.
“The Omnisient platform allows multiple clients to use built-in advanced analytical tools to simultaneously evaluate the utility of diverse data sets, identifying those that deliver measurable value,” says Lee Naik, regional president and CEO of TransUnion Africa.
“Through this collaboration, TransUnion expects to gain access to a broader range of alternative data sources and privacy-preservation capabilities. By accelerating the integration of high-impact data into our ecosystem, we intend to enhance existing solutions and develop new, market-relevant products that better meet the evolving needs of our customers.”
According to Naik, traditional data models often fail to reflect the lived realities of African consumers, leaving millions without access to credit and the opportunities it enables.
“Financial inclusion is central to unlocking economic growth across the continent. That’s why we’re committed to leading with bold, African-born solutions designed to see the unseen and serve the credit-invisible by integrating alternative data sets alongside traditional credit data in ways that reflect uniquely African contexts and realities.”
He notes that by incorporating non-traditional indicators of financial behaviour, this approach broadens access to credit and helps the credit bureau reach more underserved communities.
“We believe accelerating the adoption of alternative data is critical to closing the credit gap at scale, enabling faster, fairer and more inclusive access to financial services for millions across the continent.”
Says Jon Jacobson, co-founder and group CEO of Omnisient: “Our privacy-preserving data collaboration platform brings financial services and consumer brands together, allowing them to discover, validate and commercialise new alternative sources of consumer behavioural and transactional data without having to exchange sensitive personal information.
“This data allows financial institutions to make better risk decisions with more confidence and security, unlocking the potential to grow financial inclusion for hundreds of millions of people around the world.”
TransUnion says this collaboration marks a natural progression in its strategy to expand financial inclusion across Africa.
Last week, TransUnion Africa, MTN and Chenosis teamed up to launch TransUnion Telco Data Score, a credit scoring solution using mobile call data records to assess financial reliability.
By leveraging privacy-enabled alternative data sets through Omnisient’s platform, TransUnion intends to strengthen its ability to help address the challenge of bringing an estimated 500 million financially excluded Africans into the formal financial ecosystem.
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