Data for Underwriting MSEs in Emerging Markets


FinRegLab is investigating the financial inclusion and consumer protection implications of using new data sources for credit underwriting of micro and small enterprises (MSEs) in Kenya with a particular focus on women-owned small businesses.

This exploration leverages FinRegLab’s five years of working with financial services stakeholders to empirically evaluate alternative financial data to advance responsible and inclusive credit credit access for consumers and small businesses in the United States.

As a follow up to our market context report, FinRegLab is initiating an empirical study of potential non-conventional data sources for credit underwriting in 2024. This initiative will help to generate insights and resources for policymakers and market actors seeking to provide responsible credit and ensure inclusive credit reporting ecosystems. This work will also inform global financial inclusion efforts and open banking policy, and it will contribute to the growing body of research on the use of alternative data and advanced analytics in credit underwriting.

Related Publications

  • Alternative Data and Market Dynamics in MSEs Lending in Kenya: Market Context Report

    The market context report finds that current market conditions may present a unique window to build on substantial interest among industry, advocates, and policymakers in using non-conventional data sources such as digital wallet information and supply chain records for credit scoring and underwriting.

Funding for the project was provided by


About FinregLab

FinRegLab is an independent, nonprofit organization that conducts research and experiments with new technologies and data to drive the financial sector toward a responsible and inclusive marketplace. The organization also facilitates discourse across the financial ecosystem to inform public policy and market practices. To receive periodic updates on the latest research, subscribe to FRL’s newsletter and visit Follow FinRegLab on LinkedIn and Twitter (X). | 1701 K Street Northwest, Suite 1150, Washington, DC 20006