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May 2014 in THIS ISSUE May 2014 #access Why savings is key to the future of mobile money – Ignacio Mas Reeta Roy on building Africa from the base of the pyramid IN THIS ISSUE Innovation: the latest trends in mobile financial services Challenges in regulation – Bank of Tanzania Rural Banking Investment AB launches new Interest in African MFIs on agri-loan in Tanzania the rise IN PARTNERSHIP WITH This issue of #access was produced for the Partnership for Financial Inclusion, a joint initiative of IFC and The MasterCard Foundation to expand microfinance and advance mobile financial services in Sub-Saharan Africa. The Partnership is also supported by the Bill & Melinda Gates Foundation and the Development Bank of Austria (OeEB, Oesterreichische Entwicklungsbank AG), and collaborates with knowledge partners such as the World Bank and the Consultative Group to Assist the Poor (CGAP). #access May 2014 IFC Sub-Saharan Africa 14 Fricker Road, Illovo, 2196 editorial Johannesburg, South Africa Tel: +27 11 738 3000 hese are exciting times in Africa. Not only is the continent enjoying strong economic growth, Editorial it is also an innovator in applying new technologies to increase access to financial services Greta Bull, Anna Koblanck Tfor large parts of the population. We’re not just talking about M-Pesa, Kenya’s world-famous mobile money provider. Look at Tanzania, for example. In just four years, the rate of formal financial Research & Editing inclusion has increased from 15.8 percent to 57.4 percent, primarily because of the implementation of Gcinisizwe Mdluli, Chloe Dugger, Lucille Gavera mobile financial services. Design & Layout Why is this important? Because it holds the promise of even better things to come. When people have Bonny Jennings, www.itldesign.co.za access to reliable and sustainable banking services, they are also able to make productive economic choices for themselves, their families and businesses. Access to finance promotes inclusive economic Photography growth. It is a tool to reduce poverty and to help ensure that the growing prosperity in Africa is Ric Francis, Anna Koblanck enjoyed by all. To reach the goal of full global financial inclusion by 2020, we all have to work together and learn from each other. This magazine features some of the most prominent practitioners and thinkers in the field DISCLAIMER of financial inclusion, generously offering their varied perspectives on innovation, implementation, This journal was commissioned by IFC, a member of the World Bank Group, through its Access investment and the road ahead. If there is one thing they all have in common, it is a sense of to Finance department in Sub-Saharan Africa and the Partnership for Financial Inclusion. The optimism. We share that. conclusions and judgments contained in this publication should not be attributed to, and do not necessarily represent the views of IFC, its Board of Directors, or the World Bank or its Executive Directors, or the countries they represent. IFC and the World Bank do not guarantee the accuracy of the data in this publication and accept no responsibility for any consequences of their use. Peer Stein Greta Bull, Director, IFC Access to Finance Program Manager, Partnership for Financial Inclusion #access 1 ACRONYMS AND GLOSSARY in ANM Agent Network Management 18 Saving [for] the future a dollar at a ATM Automatic Teller Machine time BCEAO Banque Centrale des Etats de l’Afrique de l’Ouest (Central Bank of West African States) this 24 Why do partnerships in the mobile CDD Customer Due Diligence financial services industry stuggle? CEO Chief Executive Officer 26 Mobile money success factors COO Chief Operations Officer DFI Development Finance Institution issue 36 Mobile micro-insurance answers the call FSP Financial Services Provider for broader access to insurance G2P Government to Person 40 Africa’s rapid progress in mobile money GSM Global System for Mobile Communications solutions offers exciting possibilities (originally Groupe Spécial Mobile) IT Information Technology 54 Four questions for the future KYC Know Your Customer MFI Microfinance Institution MFS Mobile Financial Services MNO Mobile Network Operator NGO Nongovernmental Organization columns also... OTC Over the Counter Perspective 6 4 Contributors P2B People to Business Building Africa from the base of 12 Interview: Ignacio Mas, independent P2P Person to Person, Peer to Peer the pyramid consultant POS Point of Sale Insight 9 28 Interview: Roland Coulon, CEO, AccessBank PSP Payments Service Provider Bill Gates Tanzania SMS Short Message Service 31 Interview: Jeffrey Lee, CEO, Urwego SME Small and Medium Enterprise Compass 10 Opportunity Bank Rwanda Partners for SSA Sub-Saharan Africa Financial Inclusion 34 Interview: Lucy Kinunda, Director: National Greenfield Start-up local MFI backed by international Payment Systems, Bank of Tanzania holding company/network Investment 46 42 The future at hand: innovation in digital CGAP Consultative Group to Assist the Poor Growing African microfinance sector financial services attracts investors GSMA Global System for Mobile 44 Interview: Alex Lazarow, investment Communications Association Outlook 48 associate, Omidyar Network MIX (Market) Microfinance Information Exchange, Inc. African greenfield microfinance 58 Towards full financial inclusion – the road coming of age to 2020 2 #access #access 3 contributors Margarete Biallas leads IFC’s Advisory Services Payment Practice. Previously, she managed IFC’s Margarete Biallas Greta Bull Julie Earne Mark Flaming Tor Jansson payments portfolio in East Asia and the Pacific, as well as the Access to Finance program in the Mekong. Prior to joining IFC, she worked with KfW as Senior Risk Manager. Greta Bull Julie Earne Mark Flaming is the Program Manager for the leads IFC’s Access to Finance is Chief Operating Officer Partnership for Financial Inclusion program in Myanmar, spanning of MicroCred Group and a and also manages IFC’s micro- engagements with banks, development specialist with retail advisory services programs microfinance institutions, mobile over 25 years of international in Sub-Saharan Africa, covering financial services, and financial experience in developing Anna Koblanck Antonique Koning Aiaze Mitha Peter Zetterli microfinance, mobile financial infrastructure clients. She is a financial institutions, regulatory services and insurance. She has contributing author and co- frameworks and funding market over 20 years of experience in editor of The New Microfinance instruments. international development and Handbook, published in 2013. development finance. Tor Jansson Anna Koblanck Antonique Koning Aiaze Mitha Reeta Roy Peter Zetterli is a Principal Investment Officer is the IFC Communications works with CGAP, as part of the is the founder of Amarante is President and CEO of The is part of the global CGAP in the Financial Institutions Specialist for the Partnership Customers at the Center Initiative, Consulting and a consultant MasterCard Foundation, a leading initiative on inclusive payment Group of the IFC. Since 2007 for Financial Inclusion. She was on customer empowerment. In advising mobile operators, philanthropic organization focused ecosystems and leads that he has been responsible for previously Africa Correspondent the last few years she has focused financial institutions and on financial inclusion and youth work in Ghana, Tanzania and IFC’s microfinance investment for Dagens Nyheter, the leading on issues related to responsible policymakers on their mobile learning initiatives. Under her Nigeria. activities in Sub-Saharan Africa. morning newspaper in Sweden. finance and she is a member of money financial services leadership, the Foundation has He was previously responsible the Social Performance Task Force initiatives, providing strategic prioritized Africa to make its for IFC’s microfinance Steering Committee. guidance, regulatory advice, most substantial commitments. investment activities in Latin product development and She is a member of the Aspen America. implementation support. Philanthropy Group and the World Economic Forum Council on Social Innovation. 4 #access #access 5 PERSPECTIVE Building Africa from the base of the pyramid (Photo above: GSMA Mobile for Development) By Reeta Roy, President and CEO, of odd-jobs, are prone to wide fluctuations. To macroeconomic picture. Take the agricultural terminals that can The MasterCard Foundation cope, they rely on an array of tactics. Money sector as an example. The African Development be transported into is often saved under the mattress. In times of Bank estimates that improving access to finance previously unbanked Mobile frica is in transition. Economic need, people borrow from friends and family, or for smallholder farmers could triple the value of communities. These technology growth, increasing political stability community-based groups that help pool available the continent’s agricultural output from innovations promise Aand technological innovation have resources. In worst-case scenarios, families either $280 billion to $880 billion. to offer a whole host has enormous led many to hope for major transformation, sell assets or turn to local moneylenders, often of services that could Official development agencies, philanthropists potential for one that will lead to a significant reduction in paying exorbitant costs. As a consequence, basic be of benefit to those and social investors have done important work poverty and more inclusive prosperity. Today, financial decisions, such as when to buy food, living in poverty. change.
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