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Financial Service Provider Inventory Scan the FINANCING POTENTIAL

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Financial Service Provider Inventory Scan the FINANCING POTENTIAL Financial Service Provider Inventory Scan THE FINANCING POTENTIAL OF THE SEED SECTOR IN SUB-SAHARAN AFRICA Activity Title: Feed the Future Global Supporting Seed Systems for Development activity Activity start date and end date: Aug 24, 2018 – Aug 23, 2023 Cooperative agreement number: 7200AA18LE00004 Document title: The Financing Potential of the Seed Sector in Sub-Saharan Africa Publication date: September 30, 2019 Author’s name: Opportunity International Sub-Grantee’s name: Opportunity International Sponsoring USAID office: LOC Unit, Federal Center Plaza (SA-44)/M/CFO/CMP Technical office: USAID/RFS/CA AOR name: Daniel Bailey Activity Goal: Improved functioning of the high-impact integrated seed systems Language of document: English Submitted on behalf of: Opportunity International Submitted by: Nikaj van Wees, Chief of Party S34D activity Catholic Relief Services 228 West Lexington Street, Baltimore, MD 21201 [email protected] 1 Cover page photo credit: Georgina Smith, CIAT DISCLAIMER This report was made possible by the generous support from the American people through the U.S. Government's Feed the Future initiative and the United States Agency for International Development through Cooperative Agreement 7200AA18LE00004. The contents are the responsibility of Catholic Relief Services and do not necessarily reflect the views of USAID or the United States Government. Feed the Future Consortium Partners in the Feed the Future Global Supporting Seed Systems for Development activity: 2 Table of Contents Table of Figures ........................................................................................................................... 4 List of Acronyms .......................................................................................................................... 5 Executive Summary ..................................................................................................................... 6 Background Information ............................................................................................................. 9 Corridor (Regional) Findings ..................................................................................................... 12 Malawi ........................................................................................................................................ 22 Uganda ....................................................................................................................................... 29 Kenya ......................................................................................................................................... 36 Tanzania .................................................................................................................................... 43 Conclusions ................................................................................................................................ 48 Next Steps .................................................................................................................................. 53 Annexes ...................................................................................................................................... 55 Annex 1: S34D Overview Matrix ................................................................................................... 55 Annex 2: S34D Financial Service Provider Regulatory Frameworks and Deposit Bases .................. 56 Annex 3: S34D Financial Service Provider Capital Adequacy, Portfolio Emphasis, Cost-to-Income Ratios and Shareholders ................................................................................................................. 58 Annex 4: S34D Financial Service Provider Geographies, Growth Trajectories, Agriculture Exposures, and Portfolio Values ...................................................................................................................... 60 Annex 5: Current Scan of Loan Products, by Country .................................................................... 62 Annex 6: Annual Private Sector Credit Growth in Uganda, by Sector ............................................ 71 Annex 7: Common Banking Terms and Meanings ......................................................................... 72 3 TABLE OF FIGURES Figure 1: Total Value of Deposits, by Country ........................................................................................... 1413 Figure 2: Total Value of Loan Portfolios, by Country .................................................................................. 14 Figure 3: Median Lending and Deposit Portfolio Growth over 1 Year and Current Median Capital Adequacy, by Country .......................................................................................................................................... 15 Figure 4: Landscape of Financial Service Providers throughout the Corridor ......................................... 16 Figure 5: Strengths, Needs, and Opportunities for Financial Service Providers, by Quadrant .............. 19 Figure 6: Sample of Existing Agricultural Financial Products throughout the Corridor ........................ 21 Figure 7: Landscape of Malawian Financial Service Providers .................................................................... 24 Figure 8: Sample of Existing Agricultural Financial Products in Malawi ................................................... 25 Figure 9: Sample Malawi Fees and Interest Rates, by Loan Type and Provider ....................................... 26 Figure 10: Average Portfolio Growth Trends over 1 Year and Capital Adequacy, Malawi .................... 27 Figure 11: Landscape of Ugandan Financial Service Providers ................................................................... 31 Figure 12: Sample of Existing Agricultural Financial Products in Uganda ................................................ 32 Figure 13: Sample Uganda Fees and Interest Rates, by Loan Type and Provider .................................... 33 Figure 14: Average Portfolio Growth Trends over 1 Year and Capital Adequacy, Uganda ................... 34 Figure 15: Landscape of Kenyan Financial Service Providers ...................................................................... 38 Figure 16: Sample of Existing Agricultural Financial Products in Kenya .................................................. 39 Figure 17: Sample Kenya Fees and Interest Rates, by Loan Type and Provider ....................................... 40 Figure 18: Average Portfolio Growth Trends over 1 Year and Capital Adequacy, Kenya ..................... 41 Figure 19: Landscape of Tanzanian Financial Service Providers ................................................................. 44 Figure 20: Average Portfolio Growth Trends over 1 Year and Capital Adequacy, Tanzania ................ 46 Figure 21: Quadrants, Portfolio of Financing Capacities .............................................................................. 49 4 LIST OF ACRONYMS AgFinance Opportunity International Agriculture Finance DFI Development Finance Institution FSPs Financial Service Providers MFI Microfinance Institution OFDA Office of Foreign Disaster Assistance PASS Private Agriculture Sector Support Trust S34D Supporting Seed Systems for Development SME Small or medium-sized enterprise TADB Tanzania Agricultural Development Bank USAID United States Agency for International Development USD United States Dollar 5 EXECUTIVE SUMMARY This report provides an East Africa regional overview as well as country-level assessments for Malawi, Uganda, Kenya, and Tanzania (the ‘corridor’) of the supply-side1 financing gaps and opportunities within the agricultural financial services sector, specifically for the purpose of expanding access to financing for the seed sector. Research and analysis in this report was conducted by Opportunity International as part of the Feed the Future Global Supporting Seed Systems for Development (S34D) activity. In total, Opportunity International conducted an initial desktop market scan, through which it identified 185 regulated financial service providers throughout the four corridor countries. Of the 185 providers, 38 (20%) were found to have agricultural lending products and operations, as was determined based on publicly available marketing and financial information published by the providers. Opportunity International conducted comprehensive financial analyses on each of the 38 financial service providers (10 in Malawi, 11 in Uganda, 11 in Kenya, and 6 in Tanzania) and invited each to participate in in-depth interviews, 11 of which agreed. The goals of this study were to: 1. Conduct a market scan to review the supply-side state of agriculture finance markets in the corridor, focusing on capacity of financing for the seed sector actors where possible. 2. Assess results of the market scan to identify high-potential financial service providers to engage as partners under the S34D project and conduct initial due diligence on behalf of the S34D team. 3. Provide strategic recommendations for the S34D team to effectively increase access to appropriate agricultural financial services for seed system stakeholders. Cumulatively, the active gross loan portfolio for the 38 financial service providers analyzed in the region totaled $15.2 billion.2 Few providers published data specifically on agricultural lending, so the exact amount deployed to the agricultural sector is currently undetermined. (A small subset of financial service providers surveyed had data
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