DOCSLIB.ORG

Digital Access: the Future of Financial Inclusion in Africa Acronyms

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Digital Access: the Future of Financial Inclusion in Africa Acronyms DIGITAL ACCESS: THE FUTURE OF FINANCIAL INCLUSION IN AFRICA ACRONYMS ADC Alternative Delivery Channel ISO International Organization for Standardization AFSD African Financial Sector Database IT Information Technology ARPU Average Revenue Per User KES Kenyan Shilling API Application Programming Interface KPI Key Performance Indicator ATM Automated Teller Machine KYC Know Your Customer B2P Business to Person LAPO MfB Lift Above Poverty Organization BCEAO Central Bank of West Africa (Banque Centrale Microfinance Bank des Etats de l’Afrique de l’Ouest) M-banking Mobile Banking BOI Banking Operations Intermediary M-wallet Mobile Wallet BVN Bank Verification Number MFI Microfinance Institution CEO Chief Executive Officer MM Mobile Money CBA Commercial Bank of Africa MSME Micro, Small and Medium Enterprise CBN Central Bank of Nigeria MTN Mobile Telephone Network CFA West African Franc, or Central African Franc MNO Mobile Network Operator CGAP Consultative Group to Assist the Poor MVNO Mobile Virtual Network Operator CRM Customer Relationship Management NFC Near Field Communication DFS Digital Financial Services OTC Over the Counter DJ Disc Jockey P2B Person to Business DVD Digital Versatile Disc P2P Person to Person E-banking Electronic Banking PC Personal Computer EFT Electronic Funds Transfer PIN Personal Identification Number EMI e-Money Issuer POS Point of Sale E-money Electronic Money PSP Payment Service Provider E-wallet Electronic Wallet E-warehousing Electronic Warehousing QR Quick Response FCMB First City Monument Bank RCT Randomized Control Trial FSD Financial Sector Deepening RFP Request for Proposal FSP Financial Services Provider SACCO Savings and Credit Co-operative Organization G2P Government to Person SGBS Société Générale de Banques au Sénégal GDP Gross Domestic Product SIB La Société Ivoirienne de Banque GhIPSS Ghana Interbank Payments and SIM Subscriber Identification Module Settlement System SME Small and Medium Enterprise GSM Global System for Mobile Communications SMS Short Message Service GSMA GSM Association TZS Tanzanian Shilling HCD Human Centered Design UBA United Bank for Africa IBO Intermediary in Banking Operations UOB United Overseas Bank ICT Information and Communication Technology USD United States Dollar ID Identification Document USSD Unstructured Supplementary Service Data IFC International Finance Corporation WAEMU West Africa Economic and Monetary Union IMF FAS International Monetary Fund Financial Access Survey WAMZ West Africa Monetary Zone Front cover: Mwansa, a Zoona payments service user, in Lusaka, Zambia, on 10 January 2018. 3 DIGITAL ACCESS Mercy Trinidad Lutepu (left), a Zoona agent who owns three outlets, with a teller at one of her booths in Lusaka, Zambia, on 10 January 2018. 4 DIGITAL ACCESS 5 DIGITAL ACCESS access to mobile money services has increased daily per FOREWORD capita consumption levels of households, lifting them out of extreme poverty. Mobile money services have changed lives – for example, helping women to move Financial inclusion is one of from subsistence farming to business occupations and Africa’s great success stories sustainable livelihoods. In total, our partnership with 14 African financial services providers from 2012 to 2016 over the past decade. have resulted in 7.2 million new digital financial services users on the continent (a 250 percent increase from the baseline), 45,000 new banking agents, and $300 million in monthly transactions. The launch and growth of digital financial services has led to an unprecedented increase in the number More than ever, we know that financial inclusion is a of people enjoying access to formal financial services. means to an end. It is a catalyst for equitable development Today, Africa is home to more digital financial and inclusive economic growth. Our ambition with the services deployments than any other region in the Partnership for Financial Inclusion has always been to world, with almost half of the nearly 700 million improve the capacity of the financial sector to better serve individual users worldwide. Mobile money solutions all people in Africa, and to share the lessons learned from and agent banking now offer affordable, instant, those efforts with the global development community. and reliable transactions, savings, credit, and even By working with pioneers of low-cost financial services insurance opportunities in rural villages and urban across the continent to design, develop, and test new neighborhoods where no bank had ever established technological approaches and innovative business a branch. This is, quite literally, banking at your models, we have highlighted both the opportunities and fingertips – for everyone. It is revolutionary. the challenges in furthering financial inclusion. The impact, however, extends beyond the individual. This publication brings to the fore the voices of What makes a difference for a small-scale entrepreneur Africa’s consumers, as well as those of financial services or a smallholder farmer translates into broader gains industry leaders. We believe that they offer deep and for society. Ten years after the breakthrough of thoughtful analysis for everyone working in this area of digital financial services in Sub-Saharan Africa, we international development. We trust that you will find are seeing evidence of this. Field studies show that this a valuable read. Reeta Roy Philippe Le Houérou President and CEO CEO Mastercard Foundation International Finance Corporation (IFC) Rokiatou Doumbia, owner of Café Vert in Abidjan, Côte d’Ivoire, with Steve Bedan, MTN MoMo Pay sales team supervisor, as she learns to use a point-of-sale device. 6 DIGITAL ACCESS 7 DIGITAL ACCESS Acronyms 3 1 l STRATEGY 6 l PRODUCT DEVELOPMENT 9 l DATA ANALYTICS Foreword 7 Strategy is the first crucial step on a DFS journey 44 Customers take the lead on product development 106 Big Data can deliver big impact 148 A word from the Advisory Committee 10 How to date successfully in the DFS era 45 What is a fair price for DFS? 107 Beautiful data, big and small 149 Digital financial services are key to the future Market overview: Ghana 46 Market overview: Zambia 108 Market overview: Cameroon 150 of Africa’s banking sector 14 Industry opinion: Who will be the leading provider of Industry opinion: What product will lead DFS The business case for digital financial services 14 mass market financial services in Sub-Saharan Africa Industry opinion: What constitutes the most useful adoption in the near future? 109 in 10 years’ time? 47 data for DFS providers? 151 From revolution to evolution: digital finance in Africa 22 Research focus: Leveraging alternative data to develop Research focus: Turning digital strategies into reality 48 Research focus: How to deliver data-driven solutions Building a new market with knowledge 30 new credit products 110 Impact feature: Digital loans offer instant growth for financial inclusion 152 Financial inclusion in Africa: what the numbers tell us 33 Impact feature: Ugandan DFS users enjoy a diversity power to Madagascar’s entrepreneurs 52 Impact feature: Data-driven decisions help Zoona of products 114 Industry opinion: What does the future of DFS in agents thrive 156 Africa look like? 34 2 l TECHNOLOGY 7 l CUSTOMER ACQUISITION A tough choice: selecting the right technology 62 10 l AGRICULTURAL VALUE CHAINS Digital banking is not equal to technology 63 Agents are the key to active customers 122 DFS could be the key to banking small-scale farmers 166 Market overview: Kenya 64 We must protect the consumer 123 Finding the sweet spot in digitizing the cocoa Industry opinion: What is the most important Market overview: Uganda 124 value chain 167 application of blockchain technology? 65 Industry opinion: What is the most important factor Market overview: Madagascar 168 Research focus: Twelve steps to leverage new in attracting new DFS users? 125 technology for financial inclusion 66 Industry opinion: Where is the biggest challenge to Research focus: Historical, social and cultural factors banking smallholder farmers? 169 influence uptake of DFS 126 3 l AGENTS Impact feature: Saving for the future – one dollar Research focus: Farmers who save fare better than others 170 DFS providers rely on their agent networks 70 at a time 130 DFS = digital financial services The three keys to a successful agent network 71 Market overview: Democratic Republic of Congo 72 11 l INTEROPERABILITY = financial services accessed 8 l RISK MANAGEMENT Industry opinion: Do you believe that the importance More than a technological challenge 174 and delivered through of agents will decline over time? 73 New opportunities bring new risks 140 Why the industry should take the lead 175 digital channels Research focus: Women make better DFS agents 74 Striking a balance between growth and risk 141 Market overview: Nigeria 142 Market overview: Tanzania 176 4 l MERCHANTS Industry opinion: Which type of fraud do you Industry opinion: What is the most effective approach currently experience as the biggest risk to DFS? 143 for achieving interoperability? 177 Digital merchant payments is the next big step 78 Research focus: The need for a DFS risk Research focus: Achieving interoperability in digital Merchants are the key to a broader digital ecosystem 79 management framework 144 financial services 178 Market overview: Côte d’Ivoire 80 Industry opinion: Who should pay to incentivize adoption of merchant payments? 81 Research focus: Are interoperable DFS merchant payments the future? 82 Our team 184 Impact feature: Mobile money to replace pocket Acknowledgments 186 change in Abidjan’s shops 86 Our publications 187 References 188 5 l MARKET RESEARCH Focusing on the people you serve 98 No single dataset will tell you the market 99 Market overview: Senegal 100 Industry opinion: In what area have you employed market research to change the way you do business? 101 Research focus: The mobile money customer that isn’t 102 8 DIGITAL ACCESS 9 DIGITAL ACCESS At the time, only about a quarter of adult day pursuing the opportunities and benefits A WORD FROM Africans enjoyed the benefits of access to offered by digital financial services, putting the financial tools required to be able to the customer at the center of development.
Load more

Recommended publications
  • Public Notice
    PUBLIC NOTICE PROVISIONAL LIST OF TAXPAYERS EXEMPTED FROM 6% WITHHOLDING TAX FOR JANUARY – JUNE 2016 Section 119 (5) (f) (ii) of the Income Tax Act, Cap. 340 Uganda Revenue Authority hereby notifies the public that the list of taxpayers below, having satisfactorily fulfilled the requirements for this facility; will be exempted from 6% withholding tax for the period 1st January 2016 to 30th June 2016 PROVISIONAL WITHHOLDING TAX LIST FOR THE PERIOD JANUARY - JUNE 2016 SN TIN TAXPAYER NAME 1 1000380928 3R AGRO INDUSTRIES LIMITED 2 1000049868 3-Z FOUNDATION (U) LTD 3 1000024265 ABC CAPITAL BANK LIMITED 4 1000033223 AFRICA POLYSACK INDUSTRIES LIMITED 5 1000482081 AFRICAN FIELD EPIDEMIOLOGY NETWORK LTD 6 1000134272 AFRICAN FINE COFFEES ASSOCIATION 7 1000034607 AFRICAN QUEEN LIMITED 8 1000025846 APPLIANCE WORLD LIMITED 9 1000317043 BALYA STINT HARDWARE LIMITED 10 1000025663 BANK OF AFRICA - UGANDA LTD 11 1000025701 BANK OF BARODA (U) LIMITED 12 1000028435 BANK OF UGANDA 13 1000027755 BARCLAYS BANK (U) LTD. BAYLOR COLLEGE OF MEDICINE CHILDRENS FOUNDATION 14 1000098610 UGANDA 15 1000026105 BIDCO UGANDA LIMITED 16 1000026050 BOLLORE AFRICA LOGISTICS UGANDA LIMITED 17 1000038228 BRITISH AIRWAYS 18 1000124037 BYANSI FISHERIES LTD 19 1000024548 CENTENARY RURAL DEVELOPMENT BANK LIMITED 20 1000024303 CENTURY BOTTLING CO. LTD. 21 1001017514 CHILDREN AT RISK ACTION NETWORK 22 1000691587 CHIMPANZEE SANCTUARY & WILDLIFE 23 1000028566 CITIBANK UGANDA LIMITED 24 1000026312 CITY OIL (U) LIMITED 25 1000024410 CIVICON LIMITED 26 1000023516 CIVIL AVIATION AUTHORITY
    [Show full text]
  • A Thesis Presented to the School of Arts and Communication, Malmö University; in Partial Fulfilment of the Requirements for the Award of Master of Arts (M.A.) Degree
    1 UNIVERSITY OF MALMÖ SWEDEN FACULTY OF CULTURE AND SOCIETY (SCHOOL OF ARTS AND COMMUNICATION) M.A. THESIS HOW CAN ICTs AND NEW/SOCIAL MEDIA REMEDY THE PROBLEM OF VITAL STATISTICS DEFICIENCIES IN GHANA? (THE CASE OF GHANA BIRTHS AND DEATHS REGISTRY DEPARTMENT): A THESIS PRESENTED TO THE SCHOOL OF ARTS AND COMMUNICATION, MALMÖ UNIVERSITY; IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF MASTER OF ARTS (M.A.) DEGREE. BY STEPHEN BAIDOO SUPERVISED BY: Ms. Helen Hambly Odame(PhD). Associate professor, University of Guelph, Canada. JUNE, 2012 2 CONTENT TABLE OF CONTENT…………………………………………………………………………………………….. 2 DECLARATION……………………………………………………………………………………………………….5 DEDICATION………………………………………………………………………………………………………….5 ACKNOWLEDGEMENT ............................................................................................6 PREFACE………………………………………………………………………………………………………………..7 CHAPTER 1: INTRODUCTION 1.0. GENERAL INTRODUCTION…………………………………….……………………………………9 1.1. PREVIOUS STUDY………………………………………………………………………………………..9 1.2. CURRENT STUDY…………………………………………………..………………………………..….11 1.3. THE GOAL OF THIS STUDY………………………………………………………..…………………12 1.4. RESEARCH OBJECTIVES…………………………………………………….…………………………12 1.5. RESEARCH QUESTIONS/HYPOTHESES…………………………………..……………………..13 1.6. IMPORTANCE OF THIS STUDY……………………………………………………………………….13 1.7. PROJECT RELEVANCE TO COMDEV…………………………………………..………………….14 1.8. FIELD PROBLEMS ENCOUNTERED………………………………………………….…………..,.14 CHAPTER 2. THEORY AND CONCEPT 2.0. INTRODUCTION………………………………………………………………………..………………………15 2.1.0. THEORITICAL FRAMEWORK……………………………………………………………………………15
    [Show full text]
  • Africa Beyond Covid-19: President George Weah, US Senator Chris
    Africa Beyond Covid-19: President George Weah, US Senator Chris Coons, Tony Elumelu and Other Global Leaders at the 2nd UBA Africa Day Conversations Urge Government and Private Sector Collaboration . Demand a new deal in and for Africa . Advocate speedy implementation of AFCFTA . Call for Increased Investment in Digital Connectivity United Bank for Africa (UBA) celebrated Africa Day 2020, by bringing together global leaders at the 2nd UBA Africa Day Conversations, screened live across the continent. UBA helps set the debate around African economic development through its series of “Africa Conversations”. This year, the focus was on the Sustainable Development Goals (SDGs) and the Covid-19 pandemic. Leaders emphasised the need for meaningful collaboration between governments and the private sector, as a requirement for the quick recovery of the economy of the African continent post Covid-19. The panel included the President of Liberia, H.E George Weah; United States Senator Chris Coons; the President & Chairman of the Board of Directors of the African Export–Import Bank (AFREXIMBANK), Professor Benedict Okey Oramah; President, International Committee of the Red Cross (ICRC), Peter Maurer; and was moderated by the Group Chairman, UBA Plc, Tony O. Elumelu. Other leading voices contributing were the Founder, Africa CEO Forum, Amir Ben Yahmed; the Secretary-General of the African Caribbean and Pacific Group of States (ACP), H.E George Chikoti; Administrator, United Nations Development Program (UNDP), Achim Steiner and Donald Kaberuka, the former President of the African Union. Elumelu spoke on the need to mobilise quickly and explained the necessity to identify a more fundamental solution to Africa’s challenges.
    [Show full text]
  • Competitive Strategies and Performance of Equity Bank in Kenya
    COMPETITIVE STRATEGIES AND PERFORMANCE OF EQUITY BANK IN KENYA NYAGA ANDREW IRERI A RESEARCH PROJECT SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION SCHOOL OF BUSINESS UNIVERSITY OF NAIROBI MAY, 2016 DECLARATION This research project is my original work and has not been presented for examination in any other university. Signature...................................... Date......................................... NYAGA ANDREW IRERI (D61/72455/2014) This research project has been submitted for examination with my approval as the University Supervisor. Signature...................................... Date......................................... DR. JOHN YABS SENIOR LECTURER DEPARTMENT OF BUSINESS ADMINISTRATION SCHOOL OF BUSINESS UNIVERSITY OF NAIROBI ii ACKNOWLEDGEMENT I thank the almighty God for seeing me through my entire Master‟s Degree course. Indeed God‟s providence and unfailing mercy have made this possible. I wish to acknowledge the University of Nairobi for the support accorded to me during the entire course. I am indeed grateful to my supervisor, my moderator and lecturers for the support, encouragement, guidance and constructive criticism which I was able to complete my project. I thank all the respondents who spend their precious time and participated in the research and answered my questions in the interview guide. iii DEDICATION This project is dedicated to parents who inspired me to acquire my academic potential and supporting me throughout my MBA. I highly cherish your love, encouragement, support, and guidance throughout all these years. May the Almighty God bless you. iv ABSTRACT Modern banking sector operates in a dynamic and turbulent environment faced with variety of challenges brought about by competition in the sector.
    [Show full text]
  • Societe Generale Ghana 2019 Annual Report
    ANNUAL REPORT 2019 2019 ANNUAL REPORT AND FINANCIAL STATEMENTS 2019 Major Events WE INTRODUCED NEW INNOVATIONS Electronic billboard to communicate Our 24/7 drive-in ATM to the public about our product offers at Achimota branch & Our solar project. A cleaner, more effective energy source at our head office WE LAUNCHED NEW SERVICES 2019 Major Events WE LAUNCHED EXCITING COMMERCIAL PROMOTIONS & CAMPAIGNS Loans Promotion Deposit and Win Promotion WE OPENEDM ORE OUTLETS Achimota Branch Osu Branch TABLE OF CONTENTS Overview 02 Notice and agenda for annual general meeting Corporate Governance 03 Corporate information 04 Profile of the board of directors 07 Key management personnel Strategic report 10 Chairman's statement 13 Managing director’s review Financial statements 16 Report of the directors 31 Statement of directors responsibilities 32 Independent report of the auditors 36 Financial highlights 38 Statement of profit or loss and other comprehensive income 39 Statement of financial position 40 Statement of changes in equity 41 Statement of cash flows 42 Notes to financial statement 94 Proxy form 95 Resolutions 97 Branch network 2019 ANNUAL REPORT & FINANCIAL STATEMENTS 1 Notice and Agenda NOTICE AND AGENDA FOR ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN THAT the 40th Annual General Meeting of Societe Generale Ghana Limited (the “Company”) will be held on Thursday, 26 March 2020 at 11am at the Alisa Hotel, Ridge Arena, Accra Ghana for the following purpose:- Ordinary Business: Ordinary Resolutions 1. To elect Directors, the following directors appointed 5. To approve Directors’ fees. during the year and retiring in accordance with Section 72(1) of the Company’s Regulations: 6.
    [Show full text]
  • Positioning Strategies on Mobile Money Transfer at Safaricom Limited
    POSITIONING STRATEGIES ON MOBILE MONEY TRANSFER AT SAFARICOM LIMITED BY ROSEMARY ATIENO ADONGO SUPERVISOR DR. FLORENCE MUINDI A RESEARCH PROJECT PRESENTED IN PARTIAL FULFILMENT OF THE REQUIREMENT FOR THE AWARD OF THE DEGREE OF MASTER OF BUSINESS ADMINISTTRATION, SCHOOL OF BUSINESS, UNIVERSITY OF NAIROBI NOVEMBER, 2017 DECLARATION This research proposal is my original work and has not been presented for a degree in any other university. Signature............................................................... Date................................ Rosemary Atieno Adongo Reg No: D61/75015/2014 This research proposal has been submitted for examinations with my approval as the university supervisor. Signature...................................................... Date.............................. Dr. Florence Muindi School of Business, University of Nairobi. ii ACKNOWLEDGEMENT I thank to the Almighty God, who has made the completion of this project possible through good health, peace of mind, supportive supervisor, friends and family who have been of great help towards the completion of this project. Most sincerely I thank Supervisor Dr. Florence Mundi for her patience, availability, professional advice; guidance and encouragement that helped me meet the deadline and success of this project. Finally I appreciate the efforts of my husband James Adunya, my children Sharon, Felix, Calistor and Allan who relentlessly encouraged me to move on regardless of the hurdles that came on my way. iii DEDICATION This project is dedicated to my family for their support their guidance and contribution in getting to where I am today and for their patience and support as I spent time and resources towards attaining my master‟s degree. iv ABSTRACT Organizations that operate in an industry with more than one firm face substantial competition if not fierce competition.
    [Show full text]
  • United Bank of Africa Customer Success Story
    CUSTOMER SUCCESS STORY United Bank for Africa Invests in Polycom® RealPresence® Platform to Drive Polycom UC Solution Across its Global Network Industry Overview Finance United Bank for Africa (UBA) Group is one of Africa’s leading financial institutions offering banking services to more than seven million customers via Daily use 750 branches in 18 African countries. With further offices in New York, London • Executive briefings and Paris, UBA is connecting people and businesses across the world through retail and corporate banking, innovative cross-border payments, trade finance • Board meetings and investment banking. • Quarterly business reviews • Corporate training Over the past three years, UBA had undergone a period of rapid expansion that had seen affiliate banks in 16 African countries come on board. This expansion Solution has naturally put the group’s communication infrastructure under pressure. A flexible unified communications platform In order for the Group to improve and extend its communication network at the that delivered an integrated telephony same time as alleviating the increasing pressure on travelling executives it sought and video conferencing solution to an integrated communications platform to deliver the flexibility and dynamic accommodate the growing number of resource allocation they needed for unified communications (UC). disparate and geographically-dispersed end-points. The Group stated “We required a platform to deliver an integrated telephony and video conferencing solution with the flexibility to accommodate the growing Results and benefits number of disparate and geographically-dispersed end-points.” • Increased productivity meetings The IT team was asked to lead an investigation on the best solutions • Savings in travel costs available.
    [Show full text]
  • National Pensions Regulatory Authority
    NATIONAL PENSIONS REGULATORY AUTHORITY NPRA PUBLIC NOTICE á LIST OF REGISTERED PENSIONS FUND CUSTODIANS THAT HAVE FULFILLED THE PRESCRIBED REQUIREMENTS OF THE AUTHORITY FOR THE 2020 AUTHORISATION PROCESS. THE LICENCES ARE VALID UNTIL 31ST JULY, 2021 LICENCE / TELEPHONE NO. NAME OF SERVICE PROVIDER REGISTRATION PHYSICAL ADDRESS CONTACT PERSON NUMBERS NO. 1. Prudential Bank Limited FC12007 8 John Hammond Seth Kyeremeh 0244-762652 Street, Ring Road Central, Accra 2. Access Bank Ghana Limited FC20002 Starlets '91 Road Franklin Ayensu- 0244-128163 Opposite Accra Nyarko Sports Stadium, Osu 3. First National Bank Ghana FC20001 6th Floor Accra Hilda Esenam 0242-435156 Limited Financial Centre, Odame-Gyenti 0501-632441 Liberia Road. 4. Agricultural Development FC12005 Accra Financial Elorm Aidam 0244-253181 Bank Centre, 3rd Ambassadorial Development Area, Ridge-Accra 5. GCB Bank Limited FC18002 No. 2 Thorpe Road, John Ekow 0557-410577 Accra Appiah-Sam 6. Ecobank Ghana Limited FC12001 Ecobank Ghana Albert Amekugee 0244-427476 Head Office, Accra 7. Zenith Bank Ghana Limited FC12013 31 Independence Alvin Abbah-Foli 0242-729012 Avenue, Accra Website: www.npra.gov.gh , e-mail: [email protected] “Ensuring Retirement Income Security” NATIONAL PENSIONS REGULATORY AUTHORITY NPRA PUBLIC NOTICE á LICENCE / TELEPHONE NO. NAME OF SERVICE PROVIDER REGISTRATION PHYSICAL ADDRESS CONTACT PERSON NUMBERS NO. 8. Republic Bank Ghana FC12006 No 48A Sixth Audrey Smith 0208-737616 Limited Avenue, North Dadzie Ridge, Accra 9. Fidelity Bank Ghana Limited FC12011 1st Floor, Ridge Rebecca Gyebi 0544-338784 Towers, Accra Elias Augustine 0576-036467 Dey 10. Guaranty Trust Bank FC12008 25A Castle Road Michael Yevu 0504-100158 (Ghana) Limited Ambassadorial Area, Ridge, Accra 11.
    [Show full text]
  • 16045 KPMG Africa P4 Web.Indd
    Africa Banking Industry Retail Customer Satisfaction Survey September 2016 kpmg.com About this survey To succeed in today’s banking environment, bank executives need to understand their customers: their preferences, their channel usage, their needs and their satisfaction. That is why we talked with more than 33,000 Understanding the methodology retail banking customers spread across 18 different African markets. We asked them what was important to them in a banking relationship. We asked them For this report (and our previous report in 2013), we what channels they currently use and what channels used our Customer Service Index (CSI) methodology they would like to use. And we asked them how to determine customer satisfaction. The CSI is a their current banks compared to their expectations. weighted score that reflects the relationship between the importance rating allocated by customers to certain measures and their satisfaction with the same Through the eyes of the customer measures. The data we collected from our conversations The CSI ranks importance and satisfaction across reflect the opinions of real banking customers. six key measures: As such, they reflect only the perceptions of customers and – as a result – they may not always be fair. Perceptions are, by defi nition, subjective. Branding To be clear: the data reported in this survey does not refl ect the opinions of KPMG member fi rms. Rather, it illustrates the feelings and experiences Value for Customer of customers based on the service they received money care at their particular banks. Delivering a balanced view Products Convenience and services For this survey, we talked with retail banking customers across 18 sub-Saharan countries Executional in Africa.
    [Show full text]
  • AGYAKWA KUSI SENIOR.Pdf
    KWAME NKRUMAH UNIVERSITY OF SCIENCE AND TECHNOLOGY KUMASI COLLEGE OF ARTS AND SOCIAL SCIENCES DEPARTMENT OF ACCOUNTING AND FINANCE SCHOOL OF BUSINESS THE EFFECT OF LOAN DEFAULT ON THE PROFITABILITY OF COMMERCIAL BANKS IN GHANA By AGYAKWA KUSI SENIOR. (BA. ECONOMICS) (PG9613313) A thesis submitted to the Department of Accounting and Finance, Kwame Nkrumah University of Science and Technology in partial fulfilment of the requirements for the degree of MASTERS OF BUSINESS ADMINISTRATION (FINANCE OPTION) JULY, 2015 1 DECLARATION I hereby declare that this submission is my own work towards the Masters of Business Administration (Finance Option) Degree and that, to the best to my knowledge, it contains no material previously published by another person nor material which has been accepted for the award of any other degree of the University, except where due acknowledgement has been made in the text. Agyakwa Kusi Senior ………………………………… ………………… (PG9613313) Signature Date Certified by: Michel Adusei ………………………………... ……………….. Supervisor Signature Date Certified by: Dr. K.O. Appiah ………………………………. ……………….. Head of Department Signature Date i ABSTRACT The focus of this study was to ascertain the effects of loan default on the profitability of commercial banks in Ghana. Secondary data in the form of end of year financial statements from 2007 to 2014 was acquired from four commercial banks in Ghana (UT bank, Ecobank, CAL bank and Fidelity bank,. The Ordinary Least Square regression was employed to estimate the effect of loan default on profitability. It was discovered from the OLS results that, loan default, cost income ratio, total revenue and liquidity ratio were statistically significant. The liquidity risk was not statistically significant.
    [Show full text]
  • Bank Recapitalization and Market Concentration in Ghana's Banking
    GLOBAL JOURNAL OF BUSINESS RESEARCH ♦ VOLUME 7 ♦ NUMBER 3 ♦ 2013 BANK RECAPITALIZATION AND MARKET CONCENTRATION IN GHANA’S BANKING INDUSTRY: A HERFINDAHL-HIRSCHMAN INDEX ANALYSIS Samuel Yaw Akomea, Kwame Nkrumah University of Science and Technology, Ghana Michael Adusei, Kwame Nkrumah University of Science and Technology, Ghana ABSTRACT Using Concentration Ratio and Herfindahl-Hirschman Index techniques, the paper investigates the concentration levels of the banking industry in Ghana and forecasts the future concentration levels of the industry should consolidations triggered by the new bank recapitalization policy occur in the industry. The study finds that the HHI indices provide evidence for the contention that for the past eight years the banking industry in Ghana has been highly competitive with no signs of concentration. Evidence also exists to underpin the conclusion that any consolidation of four banks or less stimulated by the new bank recapitalization policy will not upset the existing market concentration. However, consolidation of five or more banks will culminate in high concentration which will be inimical to the interest of customers. The paper, therefore, recommends that, all things being equal, policy makers should permit consolidation of four or less banks if that is the only way the banks will meet the new bank recapitalization requirement. JEL: D40, D41, E02, G21 KEYWORDS: Banking, Market Concentration, Herfindahl-Hirschman Index, Ghana INTRODUCTION riven, ostensibly, by the desire to promote prudent management of banks in Ghana, the Bank of Ghana introduced a bank recapitalization policy in 2007. In this policy, universal banks operating D in Ghana were required to recapitalize from GH¢ 7 million to GH¢ 60 million (approximately US$ 60 million at the time) by the end of 2012.
    [Show full text]
  • Equity Group Foundation
    Investor Briefing FY 2017 Performance Macroeconomic Environment Indicators & Trends 1 % Jan-13 Inflation has been on a sustained recovery since mid 2017. Inflationary pressure now now pressure Inflationary 2017. mid since recovery sustained a on been has Inflation Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 within the targeted range targeted the within Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Inflation Mar-15 , May-15 inflation rate at a new low level of 4.46% of level low new a at rate inflation Jul-15 Sep-15 – Nov-15 Kenya 12 Jan-16 11 Mar-16 10 May-16 9 Jul-16 8 Sep-16 7 Nov-16 6 Jan-17 5 Mar-17 restrained 4 May-17 3 Jul-17 2 Sep-17 and currently currently and 1 Nov-17 0 Dec-17 Feb-18 band Lower Inflation Target band Upper CBR 2 Foreign Exchange – Kenya The Kenyan Shilling has been relatively stable in 2017 with the largest volatility between January and March driven by increased importation of food. 2018 continues to see a recovering Shilling. 105 104 KES/USD 103 102 101 100 99 98 2 1 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2016 2017 3 reserves accumulation reserves down slowed however has prices oil global in recovery continued The 4 months. recommended the against level stable remainFX reserves 2017 Jun since recovery a started have markets international Oil in the Crudeof prices Average Source: CBK Source: Cover Import of Months Recommended Import Cover Import of Months Foreign Reserves Reserves Foreign Jan-17 Feb-17 Mar-17 Apr-17 – May-17 Kenya Jun-17 Jul-17 Aug-17
    [Show full text]