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Digital Financial Services in Africa: Beyond the Kenyan Success Story

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Digital Financial Services in Africa: Beyond the Kenyan Success Story A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics European Investment Bank (Ed.) Research Report Digital financial services in Africa: Beyond the Kenyan success story Regional Studies and Roundtables Provided in Cooperation with: European Investment Bank (EIB), Luxembourg Suggested Citation: European Investment Bank (Ed.) (2014) : Digital financial services in Africa: Beyond the Kenyan success story, Regional Studies and Roundtables, European Investment Bank (EIB), Luxembourg This Version is available at: http://hdl.handle.net/10419/113903 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Digital Financial Services in Africa: Beyond the Kenyan Success Story December 2014 Digital Financial Services in Africa: Beyond the Kenyan Success Story December 2014 ACKNOWLEDGEMENTS The European Investment Bank and the UN Capital Development Fund’s Mobile Money for the Poor programme would like to acknowledge the support of Enclude Ltd. for all of their work in conducting the eight country scoping missions. Without their support, this study would not have been possible. The authors would also like to thank all of those who participated in interviews, including regulators, donors, providers and other stakeholders across the eight countries. Finally, the European Investment Bank and the UN Capital Development Fund would like to extend special thanks to the author, Lesley Denyes and to the editors for their contributions; Tillman Bruett, François Coupienne, Frank Betz and Xavier Mommens. This document has been produced with the financial support of both the Investment Facility for African, Caribbean and Pacific countries, managed by the European Investment Bank, and the UN Capital Development Fund. December 2014 Copyright © UN Capital Development Fund All rights reserved. The views expressed in this publication are those of the author(s) and do not necessarily represent those of the United Nations, including UNCDF, or their Member States. Copyright © European Investment Bank The views expressed in this document are those of the authors and do not necessarily reflect the position of the EIB or its shareholders. EIB - UNCDF Digital Financial Services in Africa: Beyond the Kenyan Success Story Acknowledgements Table of contents 1 INTRODUCTION AND BACKGROUND ................................................................................................ 1 2 EXECUTIVE SUMMARY ...................................................................................................................... 3 2.1 SUCCESS FACTORS IN KENYA .................................................................................................................. 4 2.2 SUMMARY OF KEY FINDINGS FROM THE 7-COUNTRY COMPARISON ................................................................ 4 2.2.1 Benin .......................................................................................................................................... 4 2.2.2 Cameroon .................................................................................................................................. 5 2.2.3 Mozambique .............................................................................................................................. 5 2.2.4 Nigeria ....................................................................................................................................... 5 2.2.5 Senegal ...................................................................................................................................... 5 2.2.6 Uganda ...................................................................................................................................... 5 2.2.7 Zambia ....................................................................................................................................... 6 3 KEY FINDINGS ELABORATED ............................................................................................................. 7 3.1 ECOSYSTEM DEVELOPMENT ................................................................................................................... 7 3.2 POLICY AND REGULATION ...................................................................................................................... 7 3.3 DELIVERY INFRASTRUCTURE ................................................................................................................... 9 3.4 PROVIDERS ........................................................................................................................................ 9 3.4.1 Structure .................................................................................................................................... 9 3.4.2 Conduct .................................................................................................................................... 11 3.4.3 Performance ............................................................................................................................ 12 3.4.4 Product specifications .............................................................................................................. 12 3.4.5 Product positioning and marketing ......................................................................................... 13 3.4.6 Financial models ...................................................................................................................... 14 3.5 AGENT NETWORKS ............................................................................................................................ 14 3.6 HIGH VOLUME .................................................................................................................................. 16 3.7 CUSTOMERS ..................................................................................................................................... 16 4 CONCLUSIONS ................................................................................................................................ 18 5 ANNEXES ........................................................................................................................................ 19 5.1 ANNEX 1 EIB UNCDF COUNTRY REPORT KENYA 5.2 ANNEX 2 EIB UNCDF COUNTRY SUMMARIES 5.2.1 Country Summary Benin 5.2.2 Country Summary Cameroon 5.2.3 Country Summary Mozambique 5.2.4 Country Summary Nigeria 5.2.5 Country Summary Senegal 5.2.6 Country Summary Uganda 5.2.7 Country Summary Zambia List of figures and tables Table 1: Economic indicators of the eight countries studied ................................................................. 1 Figure I: Digital financial services ecosystem .......................................................................................... 3 Figure II: Mobile Money for the Poor's theory of change ........................................................................ 7 Figure III: Mobile Money for the Poor's honeycomb ............................................................................... 7 Figure IV: Types of regulation ................................................................................................................... 8 Figure V: Ecosystem actors in Kenya ...................................................................................................... 11 Figure VI: Domestic remittance channels in Kenya ................................................................................. 12 Figure VII: Literacy rates of the eight countries studied .......................................................................... 17 EIB - UNCDF Digital Financial Services in Africa: Beyond the Kenyan Success Story Table of contents LIST OF ACRONYMS BCEAO Banque Central des Etats de l’Afrique de l’Ouest BICEC Banque Internationale du Cameroun pour l'Epargne et le Crédit CBA Commercial Bank of Africa CEMAC Communauté Économique et Monétaire de l'Afrique Centrale DFS digital financial services EIB European Investment Bank FMCG fast moving consumer good G2P government to person KYC know your customer MFI microfinance institution MM4P Mobile Money for the Poor MNO mobile network operator P2P person to person UNCDF UN Capital Development Fund WAEMU West African Economic and Monetary Union EIB - UNCDF Digital Financial Services in Africa: Beyond the Kenyan Success Story Acronyms 1 INTRODUCTION AND BACKGROUND In early 2014, the European Investment Bank (EIB) and the UN Capital Development Fund (UNCDF) embarked
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