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4. Impact Measurement

Data-Driven Impact
Impact measurement is the process by which impactMarket quantifies and assesses the effects, outcomes, or changes resulting from each of its interventions, protocols, and projects. The purpose of establishing a department for impact measurement is to determine whether impactMarket’s intended goals and objectives have been achieved, and to what extent. The processes involve collecting and analyzing data to evaluate the social, economic, psychosocial, or other effects of each intervention or action.
The outcomes we expect for communities benefiting from our financial tools is that their lives are enriched, sustainably, and to the extent of progressing out of poverty. We study this progress in our communities by using these measures on individual and community levels:
  1. 1.
    Financial independence for women and children
  2. 2.
    Increased financial literacy and inclusion for every community member, directly or indirectly
  3. 3.
    Increased access to opportunities, skills, and income
  4. 4.
    The degree to which ‘quality of life is enriched by increased access to basic facilities and services
  5. 5.
    The degree of progress out of multidimensional poverty
  6. 6.
    Socio-economic development
When measuring the impact of a technological intervention on people living in poverty, it's important to impactMarket to consider a range of social, economic, and well-being indicators. The goal is to assess how our multifaceted protocol is affecting their lives, addressing their needs, and contributing to their overall economic improvement. In addition to being guided by some of the core SDGs, the specific areas of an individual and community that we pay close attention to, and evaluate results from, are:
  1. 1.
    Income and Employment
  2. 2.
    Access to Basic facilities
  3. 3.
    Skill Development and Education
  4. 4.
    Adoption of Technology
  5. 5.
    Financial Inclusion
  6. 6.
    Gender Equality
  7. 7.
    Health and Nutrition
  8. 8.
    Family & Gender Dynamics
  9. 9.
    Social Capital and Community Development
  10. 10.
    Local Economy and Value Chain
  11. 11.
    Natural & Environment Impact
  12. 12.
    Resilience to Disasters
It's essential that the Impact Measurement Department chooses indicators that are relevant to the specific goals of each of impactMarket’s products, involve the participation of the communities, and use a combination of quantitative and qualitative methods to provide a comprehensive understanding of its impact on people in poverty. When employing these indicators to produce evidence-based results and reports, using in-app surveys, on-ground data collectors, and stored information, the type of data that the department relies on are:
  1. 1.
    On-chain data (transactional, savings, financial patterns)
  2. 2.
    Quantitative data from the protocol’s system (activity, interactions with the app)
  3. 3.
    Qualitative (from interviews, previous studies)
  4. 4.
    Ethnographic elements
  5. 5.
    Observational data from Ambassadors and Community Leaders (eg. increased use of technology)
  6. 6.
    KYC - Age, Gender, Number of children, Location)
Combining internal studies, learnings, and results with partnerships with world-renowned universities and research experts, impactMarket enables the exploration of its own products on global communities and area-specific impact, such as financial inclusion, at a global scale. This allows impactMarket’s products to be introduced and transparently evaluated on a platform that works towards global development and often contributes to discussions around using blockchain for social impact and development.
impactMarket's methodology to measure impact follows an internal ethical code, as well as obtains all necessary ethical approvals as per the country and community being studied. All research activities are centered around participatory methods, ethnographic understanding, and compassionate learning. We use innovative tools to derive the most honest and in-depth assessments, so as to transparently inform all stakeholders, gain credibility as a tool for development, and eventually influence policy decisions in the impactMarket ecosystem of our combined impact.