DOCSLIB.ORG

2015 BROOKINGS FINANCIAL and DIGITAL INCLUSION PROJECT REPORT Measuring Progress on Financial Access and Usage

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2015 BROOKINGS FINANCIAL and DIGITAL INCLUSION PROJECT REPORT Measuring Progress on Financial Access and Usage WASHINGTON, DC | AUGUST 26, 2015 THE 2015 BROOKINGS FINANCIAL AND DIGITAL INCLUSION PROJECT REPORT Measuring Progress on Financial Access and Usage BY JOHN D. VILLASENOR, DARRELL M. WEST, AND ROBIN J. LEWIS About the Center for Technology Innovation at Brookings The Center for Technology Innovation (CTI) at Brookings focuses on delivering research that impacts public debate and policymaking in the arena of U.S. and global technology innovation. CTI’s goals include: Identifying and analyzing key developments to increase innovation; developing and publicizing best practices to relevant stakeholders; briefing policymakers about actions needed to improve innovation; and enhancing the public and media’s understanding of technology innovation. About the Brookings Institution The Brookings Institution is a nonprofit organization devoted to independent research and policy solutions. Its mission is to conduct high-quality, independent research and, based on that research, to provide innovative, practical recommendations for policymakers and the public. The conclusions and recommendations of any Brookings publication are solely those of its author(s), and do not reflect the views of the Institution, its management, or its other scholars. WASHINGTON, DC | AUGUST 26, 2015 THE 2015 BROOKINGS FINANCIAL AND DIGITAL INCLUSION PROJECT REPORT Measuring Progress on Financial Access and Usage BY JOHN D. VILLASENOR, DARRELL M. WEST, AND ROBIN J. LEWIS Comments and feedback regarding the Financial and Digital Inclusion Project can be submitted to [email protected]. THE 2015 BROOKINGS FINANCIAL AND DIGITAL INCLUSION PROJECT REPORT 1 TABLE OF CONTENTS EXECUTIVE SUMMARY ............................................................ 2 THE IMPORTANCE OF FINANCIAL INCLUSION ............................... 7 MEASURING FINANCIAL INCLUSION .......................................... 10 DIMENSIONS OF EVALUATION ................................................... 12 Overall ranking on financial inclusion ................................... 12 Country commitment ranking ............................................ 15 Mobile capacity ranking ................................................... 17 Regulatory environment ranking ........................................ 18 Adoption ranking ........................................................... 21 DIVERSE ROADMAPS TOWARD INCLUSION .................................. 23 COUNTRY PROFILES Afghanistan ................................................................. 30 Bangladesh ................................................................. 35 Brazil ........................................................................ 40 Chile ......................................................................... 45 Colombia .................................................................... 49 Ethiopia ..................................................................... 54 India .......................................................................... 57 Indonesia .................................................................... 64 Kenya ........................................................................ 68 Malawi ....................................................................... 74 Mexico ....................................................................... 78 Nigeria ....................................................................... 84 Pakistan ..................................................................... 89 Peru .......................................................................... 94 Philippines .................................................................. 99 Rwanda ...................................................................... 104 South Africa ................................................................ 108 Tanzania ..................................................................... 113 Turkey ....................................................................... 117 Uganda ...................................................................... 121 Zambia ...................................................................... 126 METHODOLOGY AND SOURCE NOTES Research process .......................................................... 130 Scoring descriptions ....................................................... 130 ENDNOTES ........................................................................... 138 ACKNOWLEDGMENTS.............................................................. 184 ABOUT THE AUTHORS ............................................................ 186 2 MEASURING PROGRESS ON FINANCIAL ACCESS AND USAGE EXECUTIVE SUMMARY KEY TAKEAWAYS • Access to and use of formal financial services provide opportunities for facilitating individual prosperity and economic development • Women and other marginalized groups can benefit from greater access to mobile money and other digital financial services • Joining multi-national financial inclusion networks, coordinating among diverse stakeholders, and setting quantifiable targets based on nationally representative data can drive progress toward greater financial inclusion • Investing in digital infrastructure that is accessible and affordable contributes to the availability and adoption of digital financial services among underserved populations • Facilitating competition by allowing non-banks to provide financial services, encouraging providers to improve interoperability, and limiting agent exclusivity through regulation helps foster the emergence and adoption of innovative and affordable services • Advancing financial literacy and ensuring reliability and accessibility of financial services will help overcome barriers to adoption any people around the world live outside the formal financial system. According to the 2014 World Bank Global Financial Inclusion (Global Findex) database, about 62 percent of adults age 15 and older around the world have access to an account at a formal financial institution M 1 2 3 or mobile money provider. That leaves about 2 billion adults globally who are not account holders. However, only 4 percent of adults without accounts surveyed for the Global Findex database indicated that the sole reason they did not have an account was that they did not need one.4 In recent years, many developing countries have made commitments to expand financial services for the poor. For example, as of May 2015 government leaders representing 54 institutions across 61 countries5 had signed the Maya Declaration on Financial Inclusion pledging to recognize the importance THE 2015 BROOKINGS FINANCIAL AND DIGITAL INCLUSION PROJECT REPORT 3 of financial inclusion, affirm the value of peer-to-peer More generally, our analysis resulted in several knowledge sharing, expand the Alliance for Financial overarching conclusions: Inclusion network, develop a financial inclusion policy, implement sound regulatory frameworks, recognize the 1. Country commitments matter. importance of consumer protection, and use data to Most of the countries that performed well in our study track progress toward financial inclusion.6 7 took their pledges seriously and made significant prog- The 2015 Brookings Financial and Digital Inclu- ress on implementing them. Of the FDIP countries sion Project (FDIP) Report and Scorecard seek to help that received the highest score for country commitment answer a set of fundamental and interrelated questions, (India, Nigeria, Pakistan, Rwanda, Tanzania, Uganda, including 1) Do country commitments make a differ- and Zambia), all completed at least one of their latest ence in progress toward financial inclusion?; 2) To what Maya Declaration targets (or, in the case of India, extent do mobile and other digital technologies advance completed targets within the Maya Declaration’s key financial inclusion?; and 3) What legal, policy, and reg- policy areas).9 While we recognize that correlation does ulatory approaches promote financial inclusion? not necessarily equal causation, the correlation alone To answer these questions, we analyzed finan- is noteworthy. cial inclusion in 21 geographically, economically, and We found four key takeaways regarding the nature politically diverse countries: Afghanistan, Bangladesh, of country commitments. Brazil, Chile, Colombia, Ethiopia, India, Indonesia, • Involvement in multinational financial inclusion-ori- Kenya, Malawi, Mexico, Nigeria, Pakistan, Peru, the ented networks can drive development of country Philippines, Rwanda, South Africa, Tanzania, Turkey, commitments and facilitate knowledge-sharing Uganda, and Zambia. Each of these nations has com- among groups (and in this sense, the link is causal mitted to improving financial access and usage, and because membership in those networks by defi- collectively they represent a diverse range of geogra- nition promotes engagement aimed at advancing phies, cultures, and political and economic systems. inclusion). For the purposes of our study, we considered financial inclusion as “both access to and usage of appropriate, • Creating a national financial inclusion strategy with affordable, and accessible financial services.”8 measurable targets is often an important compo- The top-scoring countries in our analysis included nent of financial inclusion.10 Kenya (achieving 89 percent of the total possible points), South Africa (80 percent), Brazil (78 percent), Rwanda • Coordinating across government agencies and and Uganda (tied with 75 percent each), and Chile, between public and private sectors is vital for
Load more

Recommended publications
  • MTN Rwandacell Plc ANNUAL REPORT 2020
    MTN Rwandacell Plc ANNUAL REPORT 2020 1 MTN Rwandacell Plc ANNUAL REPORT 2020 2 MTN Rwandacell Plc ANNUAL REPORT 2020 TABLE OF CONTENTS Section 1: 2020 Overview 1.1 Chairperson's Statement 7 1.2 Chief Executive Officer's Statement 8 Section 2: Financial Highlights i) Summary Income Statement 11 ii) Summary Balance Sheet 11 iii) Summary Cashflow Statement 12 Section 3: Non-Finanical Highlights i) Customer Market Share 15 ii) Commercial Performance Indicators 15 Section 4: Strategy Update 19 Section 5: Corporate Social Investment - MTN Foundation 24 Section 6: Corporate Governance 6.1 Board of Directors 28 6.2 Board Committees 28 6.3 Director Fees and Allowances Paid in the year 2020 29 6.4 Current Board Director Profiles and Directorship Disclosure 31 6.5 Executive Management Organizational Structure 35 6.6 Employees 38 Y’ello3 MTN Rwandacell Plc ANNUAL REPORT 2020 Section 7: Audited Financial Statements for Year Ending 2020 7.1 Reports Directors’ Report 41 Statement of Directors’ Responsibilities 43 Report of the Independent Auditor 44 7.2 Financial Statements Statement of Comprehensive Income 48 Statement of Financial Position 49 Statement of Changes in Equity 50 Statement of Cash Flows 51 Notes 52 Section 8: Attachments 8.1 Profiles of New Directors 106 8.2 Annual General Meeting Notice 109 8.3 Proxy Forms 112 4 MTN Rwandacell Plc ANNUAL REPORT 2020 2020 Overview SECTION 1 of MTN Rwanda 5 MTN Rwandacell Plc ANNUAL REPORT 2020 Belief Statement Everbody deserves the benefits of a modern connected life Vision Leading digital solutions for Rwanda's progress 6 MTN Rwandacell Plc ANNUAL REPORT 2020 Chairperson’s statement It is my pleasurepleasure toto presentpresent toto youyou thethe firstfirst AnnualAnnual ReportReport of MTN Rwandacell PLC since it was listedlisted inin MayMay thisthis year.year.
    [Show full text]
  • Annual Report 2019 East African Development Bank
    Your partner in development ANNUAL REPORT 2019 EAST AFRICAN DEVELOPMENT BANK 2 2019 ANNUAL REPORT EAST AFRICAN DEVELOPMENT BANK EAST AFRICAN DEVELOPMENT BANK EAST AFRICAN DEVELOPMENT BANK ANNUAL REPORT 2019 3 2019 ANNUAL REPORT EAST AFRICAN DEVELOPMENT BANK CORPORATE PROFILE OF EADB Uganda (Headquarters) Plot 4 Nile Avenue EADB Building P. O. Box 7128 Kampala, Uganda Kenya Country office, Kenya 7th Floor, The Oval Office, Ring Road, Rwanda REGISTERED Parklands Westland Ground Floor, OFFICE AND P.O. Box 47685, Glory House Kacyiru PRINCIPAL PLACE Nairobi P.O. Box 6225, OF BUSINESS Kigali Rwanda Tanzania 349 Lugalo/ Urambo Street Upanga P.O. Box 9401 Dar es Salaam, Tanzania BANKERS Uganda (Headquarters) Standard Chartered –London Standard Chartered – New York Standard Chartered - Frankfurt Citibank – London Citibank – New York AUDITOR Standard Chartered – Kampala PricewaterhouseCoopers Stanbic – Kampala Certified Public Accountants, Citibank – Kampala 10th Floor Communications House, 1 Colville Street, Kenya P.O. Box 882 Standard Chartered Kampala, Uganda Rwanda Bank of Kigali Tanzania Standard Chartered 4 2019 ANNUAL REPORT EAST AFRICAN DEVELOPMENT BANK EAST AFRICAN DEVELOPMENT BANK ESTABLISHMENT The East African Development Bank (EADB) was established in 1967 SHAREHOLDING The shareholders of the EADB are Kenya, Uganda, Tanzania and Rwanda. Other shareholders include the African Development Bank (AfDB), the Netherlands Development Finance Company (FMO), German Investment and Development Company (DEG), SBIC-Africa Holdings, NCBA Bank Kenya, Nordea Bank of Sweden, Standard Chartered Bank, London, Barclays Bank Plc., London and Consortium of former Yugoslav Institutions. MISSION VISION OUR CORE To promote sustain- To be the partner of VALUES able socio-economic choice in promoting development in East sustainable socio-eco- Africa by providing nomic development.
    [Show full text]
  • Annual Report & Financial Statements
    2014 ANNUAL REPORT & FINANCIAL STATEMENTS EASTERN AND SOUTHERN AFRICAN TRADE AND DEVELOPMENT BANK TABLE OF CONTENTS LETTER OF TRANSMITTAL 3 CHAIRMAN’S STATEMENT 5 PRESIDENT’S STATEMENT 8 Strategic Overview 8 Operations 11 Project and Infrastructure Finance (PIF) 11 Trade Finance 11 Funds Management 11 Risk Management 11 Resource Mobilization 12 International Ratings 13 Financial Management 14 Human Resources and Administration 15 Conclusion 15 3 STATEMENT ON CORPORATE GOVERNANCE 16 SUSTAINABILITY REPORTING STATEMENT 20 ECONOMIC ENVIRONMENT 24 FINANCIAL MANAGEMENT & TREASURY 30 OPERATIONS 36 Project and Infrastructure Finance 38 Trade Finance 40 Funds Management 43 Portfolio Management 44 Compliance and Risk Management 45 Human Resources and Administration 47 2014 Annual Report & Financial Statements & Financial Annual Report 2014 Information Technology 48 ANNUAL REPORT & FINANCIAL STATEMENTS 2014 49-151 FINANCIAL HIGHLIGHTS 24% 30% LOAN ASSETS EQUITY CAPITAL US$ 2.51billion US$ 622 million 16% 31% NET PROFIT NON-PERFORMING US$ 77 million LOANS 3.04% LETTER OF TRANSMITTAL 5 The Chairman Board of Governors Eastern and Southern African Trade and Development Bank Dear Mr. Chairman, In accordance with Article 35(2) of the Bank’s Charter, I have the honour, on behalf of the Board of Directors, to submit herewith the Annual Report of the Bank for the period 1 January to 31 December 2014. The report covers the year’s activities and audited financial statements for the period. 2014 Annual Report & Financial Statements & Financial Annual Report 2014 Mr. Chairman, please accept the assurances of my highest consideration. MR. RUPERT HORACE SIMEON Chairman of the Board of Directors 6 2014 Annual Report & Financial Statements & Financial Annual Report 2014 CHAIRMAN’S STATEMENT Chairman’s Statement The African and International Economic Context subscribed up to 98% of the General Capital Increase launched in 2007.
    [Show full text]
  • Bank Supervision Annual Report 2019 1 Table of Contents
    CENTRAL BANK OF KENYA BANK SUPERVISION ANNUAL REPORT 2019 1 TABLE OF CONTENTS VISION STATEMENT VII THE BANK’S MISSION VII MISSION OF BANK SUPERVISION DEPARTMENT VII THE BANK’S CORE VALUES VII GOVERNOR’S MESSAGE IX FOREWORD BY DIRECTOR, BANK SUPERVISION X EXECUTIVE SUMMARY XII CHAPTER ONE STRUCTURE OF THE BANKING SECTOR 1.1 The Banking Sector 2 1.2 Ownership and Asset Base of Commercial Banks 4 1.3 Distribution of Commercial Banks Branches 5 1.4 Commercial Banks Market Share Analysis 5 1.5 Automated Teller Machines (ATMs) 7 1.6 Asset Base of Microfinance Banks 7 1.7 Microfinance Banks Market Share Analysis 9 1.8 Distribution of Foreign Exchange Bureaus 11 CHAPTER TWO DEVELOPMENTS IN THE BANKING SECTOR 2.1 Introduction 13 2.2 Banking Sector Charter 13 2.3 Demonetization 13 2.4 Legal and Regulatory Framework 13 2.5 Consolidations, Mergers and Acquisitions, New Entrants 13 2.6 Medium, Small and Micro-Enterprises (MSME) Support 14 2.7 Developments in Information and Communication Technology 14 2.8 Mobile Phone Financial Services 22 2.9 New Products 23 2.10 Operations of Representative Offices of Authorized Foreign Financial Institutions 23 2.11 Surveys 2019 24 2.12 Innovative MSME Products by Banks 27 2.13 Employment Trend in the Banking Sector 27 2.14 Future Outlook 28 CENTRAL BANK OF KENYA 2 BANK SUPERVISION ANNUAL REPORT 2019 TABLE OF CONTENTS CHAPTER THREE MACROECONOMIC CONDITIONS AND BANKING SECTOR PERFORMANCE 3.1 Global Economic Conditions 30 3.2 Regional Economy 31 3.3 Domestic Economy 31 3.4 Inflation 33 3.5 Exchange Rates 33 3.6 Interest
    [Show full text]
  • GCR Affirms Bank of Kigali Plc's and BK Group Plc's National Scale Issuer Ratings of AA+<Sub>(RW)</Sub> and AA&L
    GCR affirms Bank of Kigali Plc’s and BK Group Plc’s national scale issuer ratings of AA+(RW) and AA(RW), respectively; Outlooks Stable Rating Action Johannesburg, 23 September 2020, GCR Ratings (‘GCR’) has affirmed the Rwandan long and short- term issuer ratings on Bank of Kigali Plc (‘Bank of Kigali’, ‘the bank’) of AA+(RW) and A1+(RW), respectively, with outlook accorded as Stable. At the same time, GCR has affirmed BK Group Plc’s (‘BK Group’, ’the group’) national scale long and short-term issuer ratings of AA(RW) and A1+(RW), respectively, with a Stable Outlook. Rated Entity / Issue Rating class Rating scale Rating Outlook / Watch Bank of Kigali Plc Long Term issuer National AA+(RW) Stable Outlook Short Term issuer National A1+(RW) Rated Entity / Issue Rating class Rating scale Rating Outlook / Watch BK Group Plc Long Term issuer National AA(RW) Stable Outlook Short Term issuer National A1+(RW) Rating Rationale Bank of Kigali is the largest subsidiary of BK Group, a holding company with three other subsidiaries, namely BK General Insurance, BK TecHouse and BK Capital Ltd. The smaller subsidiaries are growing revenue contributions and represented approximately 10% of PAT of the group at HY20. We think that Bank of Kigali will continue to be the most significant subsidiary of the group for the foreseeable future and will therefore continue to drive the rating accorded to the group. The ratings on the bank balance its position as a market leader in Rwanda, strong capitalisation, sound funding structure, good liquidity with its modest risk position.
    [Show full text]
  • Evaluation of Microfinance Services and Potential to Finance Forest Land Restoration (FLR) Investments
    Evaluation of Microfinance Services and Potential to Finance Forest Land Restoration (FLR) Investments Final Report Prepared by Azimut Inclusive Finance SPRL November 2016 Azimut Inclusive Finance SPRL TVA : BE 0555.784.066 www.azimut-if.com – [email protected] Evaluation of Microfinance Services and Potential to Finance Forest Land Restoration (FLR) Investments Table of Content EXECUTIVE SUMMARY 3 1 CONTEXT 4 1.1 BACKGROUND 4 1.2 RATIONALE OF THE STUDY 4 1.3 SPECIFIC OBJECTIVES 4 2 FINANCIAL SECTOR AND REGULATORY ENVIRONMENT 5 2.1 BRIEF OVERVIEW OF THE FINANCIAL SECTOR IN RWANDA 5 2.1.1 FINANCIAL SERVICES PROVIDERS 5 2.2 THE MICROFINANCE SERVICE SECTOR 7 2.2.1 THE CONCEPT OF MICROFINANCE 7 2.2.2 THE MICROFINANCE SERVICE PROVIDERS 7 2.2.3 THE INFORMAL SECTOR 8 2.3 FINANCIAL INCLUSION 10 2.4 RELATED POLICIES AND LAWS 12 2.4.1 POLICY ENVIRONMENT 12 2.4.2 MICROFINANCE POLICY, LEGAL FRAMEWORK AND SUPERVISION 13 3 MICROFINANCE PRODUCTS AND SERVICES AND FLR EFFORTS 15 3.1 EXISTING PRODUCTS AND SERVICES 15 3.1.1 COMMERCIAL BANKS 15 3.1.2 MICROFINANCE INSTITUTIONS (MFIS) 19 3.2 ADAPTABILITY OF THE MICROFINANCE PRODUCT AND SERVICES TO SUPPORT FLR INITIATIVES (IN GATSIBO AND GICUMBI) 25 3.2.1 OPPORTUNITIES TO SUPPORT FLR INITIATIVES THROUGH MICROFINANCE INSTITUTIONS 25 3.2.2 CHALLENGES TO SUPPORT FLR INITIATIVES THROUGH MICROFINANCE INSTITUTIONS 28 3.2.2.1 Challenges related to the microfinance sector 28 3.2.2.2 Other challenges relating to the funding of FLR activities 29 4 RECOMMENDATIONS 30 FINANCIAL TERMS AND DEFINITIONS 35 ANNEXES 36 2 Evaluation of Microfinance Services and Potential to Finance Forest Land Restoration (FLR) Investments Executive Summary Rwanda has made international challenges, notably in terms of credit commitments via the Bonn Challenge to management policies, product restore 2 million hectares of degraded development, weak staff capacities and land.
    [Show full text]
  • Rwanda Green Well Potential for Investment In
    Rwanda’s Green Well Opportunities to engage private sector investors in Rwanda’s forest landscape restoration Global Forest and Climate Change Programme Rwanda’s Green Well Opportunities to engage private sector investors in Rwanda’s forest landscape restoration i The designation of geographical entities in this book, and the presentation of the material, do not imply the expression of any opinion whatsoever on the part of IUCN or other participating organisations concerning the legal status of any country, territory, or area, or of its authorities, or concerning the delimitation of its frontiers or boundaries. The views expressed in this publication do not necessarily reflect those of IUCN or other participating organisations. This report has been produced by IUCN’s Global Forest and Climate Change Programme, funded by UKaid from the UK government. Published by: IUCN, Gland, Switzerland Copyright: © International Union for Conservation of Nature and Natural Resources Reproduction of this publication for educational or other non-commercial purposes is authorized without prior written permission from the copyright holder provided the source is fully acknowledged. Reproduction of this publication for resale or other commercial purposes is prohibited without prior written permission of the copyright holder. Citation: IUCN (2015). Rwanda’s Green Well: Opportunities to engage private sector investors in Rwanda’s forest landscape restoration. Gland, Switzerland: IUCN. xii+85pp. Cover Photo: Craig Beatty/IUCN 2016 Layout by: Chadi Abi Available From: IUCN (International Union for Conservation of Nature) Global Forest and Climate Change Programme Rue Mauverney 28 1196 Gland, Switzerland [email protected] www.iucn.org/FLR ii Executive summary Rwanda has pledged to plant two million Rwanda has a complex policy environment as hectares of trees by 2020.
    [Show full text]
  • BK Group Plc Investor Presentation Q1 2020
    BK Group Plc Investor Presentation Q1 2020 Page 1 Agenda 1. Key Investment Highlights 2. Country Overview Information 3. Banking Sector Overview 4. Bank Overview 5. Corporate Governance 6. Business Overview 7. Review of Financial Performance 8. Strategic Outlook 9. Contact Information Page2 2 Key Investment Highlights Best Bank in Rwanda 2019 Politically stable country with sound governance; Very attractive demographic profile: population of 12.4 Million; Sound Macro Robust economic growth averaging 8% pa in the last 5 years, expecting double digit GDP growth into 2020; Fundamentals Moderate inflation with rate of 13.1% as at March 2020; The 2019 World Bank Doing Business Report ranked Rwanda as the 38th out of 190 economies in terms of ease of doing business and 2nd in Africa Euromoney Award for Excellence 2019 Well regulated banking sector: fairly conservative regulator relative to other regulators in the EAC; Significant Significant headroom for growth given under-banked and excluded population; Banking Sector Potential Number of financially excluded population reduced from 11% in 2016 to only 7% in 2020; Total assets/GDP of 38.2% as at 31st December 2019. Strong Market positioning & sustainable leadership; Total assets FRw 1,1 billion, 29.9% market share as at March 31st, 2020; Market Net Loans FRw 678.6 billion, 33.3% market share as at March 31st, 2020; AA+/A1+ Credit Rating Leadership Customer Deposits FRw 685.1 billion, 30.2% market share as at March 31st, 2020; Shareholders’ Equity FRw 224.9 billion, 34.3% market share as at March 31st, 2020. Relatively high capital adequacy ratios since 2010 averaging > 20%; The rating reflects the Bank’s established domestic franchise value, Conservative Manageable level of non-performing 5.7% of gross loans as at March 31st, 2020; strong capital position, its systemic Business Liquid assets holding of 48.1% (minimum requirement 20%) at March 31st, 2020; importance, strong asset quality and Model financial performance.
    [Show full text]
  • GCR Upgrades Bank of Kigali Plc's Long Term Rwandan National Scale Rating to AA+(RW); Outlook Stable. Rating Action Rating Ra
    Credit Rating Announcement GCR upgrades Bank of Kigali Plc’s long term Rwandan national scale rating to AA+(RW); Outlook Stable. Rating Action Johannesburg, 15th November 2019 - GCR Ratings (‘GCR’) has reviewed the ratings of Bank of Kigali Plc (‘BK’, ‘the bank’) under the recently released Criteria for Rating Financial Institutions, May 2019. BK’s long term Rwanda national scale rating has been upgraded to AA+(RW) from AA-(RW) while the short term Rwandan national scale issuer rating has been affirmed at A1+(RW). GCR has also assigned long and short term Rwandan national scale issuer ratings for BK Group Plc (‘BK Group’, ’the group’) of AA(RW) and A1+(RW), respectively. The outlooks are stable. Rated Entity / Issue Rating class Rating scale Rating Outlook / Watch Issuer Long Term National AA+(RW) Stable Outlook Bank of Kigali Plc Issuer Short Term National A1+(RW) n.a Rated Entity / Issue Rating class Rating scale Rating Outlook / Watch Issuer Long Term National AA(RW) Stable Outlook BK Group Plc Issuer Short Term National A1+(RW) n.a On May 22, 2019 GCR announced that it had released new criteria for all banks and bank-like entities. This methodology is titled Criteria for Rating Financial Institutions. As a result, the ratings were placed “Under Criteria Observation”. Subsequently, GCR has finalised the review under the new methodology. As a result, the ratings have been removed from ‘Under Criteria Observation’ and the rating revised in line with the new methodology. Rating Rationale The below ratings factor in the following core elements of Rwandan Country and Financial Institutions Sector risk into the assessment.
    [Show full text]
  • AGRF DELEGATE LOGISTIC GUIDILINE V2.Indd
    GENERAL DELEGATE INFORMATION GUIDE 2018 5-8 SEPTEMBER KIGALI, RWANDA www.agrf.org 5-8 SEPTEMBER KIGALI, RWANDA AGRF2018 Dear Delegate, We are delighted to have you join us at this year’s AGRF. We have put together these guidelines and resources to ensure you have a world-class experience as you prepare for and during the Forum. Please have a look and let us know if you still have any questions. Both the AGRF Secretariat and the Government of Rwanda; our host, are on standby to ensure that your participation in the Forum is convenient. The 2018 AGRF will take place in Rwanda at Kigali Convention Center (KCC) from 5th to 8th September 2018. 2 2018 5-8 SEPTEMBER KIGALI, RWANDA About AGRF www.agrf.org The AGRF is considered the world’s most important and impactful forum for African agriculture, pulling together stakeholders in the agricultural landscape to take practical actions and share lessons that will move African agriculture forward. First established in 2010, following a three-year series of African Green Revolution Conferences (AGRC) held in Oslo, Norway from 2006-2008, the AGRF has emerged as Africa’s leading “platform of agriculture platforms” that brings together a range of critical stakeholders in the African agriculture landscape to discuss and commit to programs, investments, and policies that can counter the major challenges a ecting the agriculture sector on the continent. Since the fi rst AGRF was held in Ghana in 2010 under the leadership of H.E. President Mills, the Forum has annually brought together Heads of State, Ministers, business leaders, development partner leadership, researchers, thought leaders, farmer organization representatives, youth entrepreneurs, and other critical stakeholders to focus on the actions and policies needed to move the continental agenda forward.
    [Show full text]
  • World Bank Document
    The World Bank RESTRUCTURING ISDS Rwanda Housing Finance Project (P165649) Public Disclosure Authorized Integrated Safeguards Data Sheet Restructuring Stage Public Disclosure Authorized Restructuring Stage | Date ISDS Prepared/Updated: 30-Jun-2020| Report No: ISDSR30028 Public Disclosure Authorized Regional Vice President: Hafez M. H. Ghanem Country Director: Keith H. Hansen Regional Director: Asad Alam Practice Manager/Manager: Niraj Verma Task Team Leader(s): Brice Gakombe, Leyla V. Castillo Public Disclosure Authorized The World Bank RESTRUCTURING ISDS Rwanda Housing Finance Project (P165649) Note to Task Teams: The following sections are system generated and can only be edited online in the Portal. I. BASIC INFORMATION 1. BASIC PROJECT DATA Project ID Project Name P165649 Rwanda Housing Finance Project Task Team Leader(s) Country Brice Gakombe, Leyla V. Castillo Rwanda Approval Date Environmental Category 29-Nov-2018 Financial Intermediary Assessment (F) Managing Unit EAEF1 PROJECT FINANCING DATA (US$, Millions) SUMMARY-NewFin1 Total Project Cost 150.00 Total Financing 150.00 Financing Gap 0.00 DETAILS-NewFinEnh1 World Bank Group Financing International Development Association (IDA) 150.00 IDA Credit 150.00 2. PROJECT INFORMATION The World Bank RESTRUCTURING ISDS Rwanda Housing Finance Project (P165649) PROG_INF O Current Program Development Objective To expand access to housing finance to households and to support capital market development in Rwanda. Note to Task Teams: End of system generated content, document is editable from here. 3. PROJECT DESCRIPTION A. Project Status 1. The Rwanda Housing Finance Project (RHFP) is a US$150 million five-year project aiming at expanding access to housing finance to households and to support capital market development in Rwanda.
    [Show full text]
  • FDH Bank Financials 2019 FINAL
    SUMMARY AUDITED FINANCIAL STATEMENTS FDH BANK FDH Bank FOR THE YEAR ENDED 31 DECEMBER 2019. LIMITED Main Highlights Net interest Income 7% Total Income Non Interest income 23% 10 40 K34.3 K7.8 Billion Corporate Social Responsibility 21% Billion K29 8 Billion a a 2019 K5.9 30 ach Billion 2019 ach Total Assets 24% Kw 6 Kw 2018 2018 20 4 Loan Book Growth 40% 10 Amount in Billion 2 32% Amount in Billion 18% Increase Increase Return on Equity 35% 0 0 NPL Ratio down to 0.80% K Customer Deposits Basic Earnings per Introduced WhatsApp Banking Share (Tambala) K137.1 Billion New Branch Goliati - Thyolo 150 2000 K112.5 1,696 Tambala a Billion 2019 1,289 Tambala ach 1500 Upgraded Branches Mulanje, Chiponde, Mzimba, Kw 100 2019 and Agencies Chitipa, Jenda & Neno 2018 ambala 2018 1000 50 Amount in T 500 Amount in Billion 22% 32% Increase Increase 0 0 FDH BANK LIMITED FINANCIAL RESULTS FOR Malawi GDP growth rate is projected to average between 5% and 6%, according to the Reserve Bank of Malawi. YEAR ENDED 31 DECEMBER 2019. Private sector credit annual growth in 2019 was 21.3% up from 11.5% in 2018. The The Directors present the audited summarised financial statements of FDH Bank stronger growth in private sector credit in 2019 is a reflection of reduced interest rates. Limited for the year ended 31 December 2019. We anticipate the low interest rates regime to continue and spur private sector credit growth in 2020. PERFORMANCE The Bank continues to consolidate and improve on the convenient delivery channels The Directors report a profit after tax of K7.846 billion for the year ended 31 through its digital products and providing innovative first class financial solutions.
    [Show full text]