Sparkwinn undertakes research for FDC’s financial services app FYXA Global

Tuesday, 9 July 2019 00:00 - - {{hitsCtrl.values.hits}}

Sparkwinn, an independent research agency, recently undertook research for the Foundation for Development Cooperation (FDC), an Australian international development organisation, to test their financial services app, FYXA Global, amongst the unbanked and financially underserved individuals in villages and communities across Sri Lanka.

Overwhelming responses were received, and the feedback confirmed that those who constitute the unbanked and financially underserved sector are not just ready for digital financial services, they are waiting for them.

FYXA Global is a digital financial marketplace administered through a mobile phone, offering a portfolio of financial products and services to the circa 1.5B underserved across Asia targeting, in particular, economic, financial and digital inclusion. Earlier this year, Sparkwinn assisted FDC in piloting FYXA Global to determine the demand for, understanding and functionality of the app.

The research findings revealed Sri Lanka to have some rather distinctive attributes that should be considered in terms of digital financial solutions. Primarily, the relatively high levels of education amongst all citizens classified as living in a poverty bracket, with 85% of respondents having attended school and 10% having completed a higher education. The other being the quality of the mobile networks and connectivity across the country, within the selected sample 75% of people in low to moderately poor areas having access to a smartphone. Moreover, it is predicted in the coming 12-24 months that Sri Lanka will see the number of smartphones increase overall, as prices are reducing and interest in the features of smartphones, such as social media, are becoming better known.

Research also found that existing and aspiring women entrepreneurs demonstrated much enthusiasm to the solutions offered by FYXA, such as the convenience of payments, specifically utilities, and the ability to access a portfolio of financial services within the one mobile application. FDC CEO Michelle Curry is pleased to have incorporated such considerations into the features of the application and recognises that by providing women with greater tools and capabilities to support their entrepreneurial missions and help generate more sustainable business will help to alleviate poverty in Sri Lanka, particularly in rural communities.

Based on feedback received from varying stakeholders across the region, FDC believes that if FYXA Global is successful it will be one of the more transformational interventions applied to the issue of poverty the region has seen.

Sparkwinn, a Colombo-based research organisation, specialises in providing data centric insights of consumer and social issues to a global and local clientele. They empower businesses and social research organisations with data science insights to compete and thrive in the modern data-driven economy.