API Business Models

Leveraging APIs to Address Financial Inclusion


The Consultative Group to Assist the Poor (CGAP), a global initiative of more than 30 development organizations which is housed at the World Bank, works to advance financial inclusion. CGAP’s portfolio of projects includes work with digital financial services providers in emerging markets to open APIs. Financial service providers like MTN in Uganda, Wave Money in Myanmar and Zoona in Zambia have the potential to provide their digital financial services as API-enabled capabilities that could then be used by third party developers to create new financial and non-financial products. This is already happening in the region: Paystack’s payments APIs are used to create the app PayLater which lets small businesses better manage their cash flow through short-term loans, while Schoolable uses Flutterwave APIs to create a school payments plan app for school administrations and for parents.

While the CGAP team is working with several partners to support demonstration projects, they have also:

Over the next year, CGAP’s delivery of new resources on open APIs is expected to increase, as the work the team has done on demonstration projects reaches fruition and they become ready to share further insights on the implementation work their partners are currently doing to make open APIs more available for use in services for the unbanked. You can also subscribe to their newsletter to keep up to date.

Mark Boyd
Mark Boyd is an API industry analyst and writer. Mark is the founder of Platformable and has been responsible for writing many reports on the open banking platforms and other types of platforms happening around the world.

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