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A Series of Toolkits for Financial Service Providers

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A Series of Toolkits for Financial Service Providers HOW TO SUCCEED IN YOUR DIGITAL JOURNEY: A SERIES OF TOOLKITS FOR FINANCIAL SERVICE PROVIDERS HOWCASE STUDY #5: CREATE OWNTO MOBILE BANKINGSUCCEED CHANNEL IN YOUR DIGITAL JOURNEY: A SERIES OF TOOLKITS FOR i FINANCIAL SERVICE PROVIDERS TOOLKIT #5: CREATE OWN MOBILE BANKING CHANNEL PART 2: CASE STUDIES EQUITY BANK, UNITED REPUBLIC OF TANZANIA FIDELITY BANK, GHANA MWANGA COMMUNITY BANK, UNITED REPUBLIC OF TANZANIA By PHB ACADEMY and MICROLEAD Registration of a client at Fidelity Bank in Ghana Courtesy of Fidelity Bank HOW TO SUCCEED IN YOUR DIGITAL JOURNEY: A SERIES OF TOOLKITS FOR FINANCIAL SERVICE PROVIDERS CASE STUDY #5: CREATE OWN MOBILE BANKING CHANNEL ii ACKNOWLEDGEMENTS We would like to thank the management and staff of Equity Bank and Mwanga Community Bank in the United Republic of Tanzania as well as Fidelity Bank in Ghana for contributing to these case studies. We thank them for their time and for sharing their information, lessons learned and recommendations, to enable other financial service providers to succeed on their digital path. We would like to thank in particular the following individuals for their time and effort in preparing this toolkit: Joseph Iha, Stephen Mwaniki and Mwita Rhobi from Equity Bank Tanzania Hamisi Chimwaga from Mwanga Community Bank Daniel Amankwah-Aboagye and Merene Botsio from Fidelity Bank AUTHORS PHB Development: Fiifi Nyarko Mensah and Chris Statham REVIEW COMMITTEE PHB Development: Aurélie Wildt Dagneaux United Nations Capital Development Fund – MicroLead: Pamela Eser, Hermann Messan and Ivana Damjanov Mastercard Foundation: Ruth Dueck-Mbeba and Amos Odero EDITOR Chela Cea October 2017. 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 the views of UNCDF, the United Nations or any of its affiliated organizations or its Member States. The designations employed and the presentation of material on the maps and graphs contained in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations or UNCDF concerning the legal status of any country, territory, city or area or its authorities, or concerning the delimitation of its frontiers or boundaries. HOW TO SUCCEED IN YOUR DIGITAL JOURNEY: A SERIES OF TOOLKITS FOR FINANCIAL SERVICE PROVIDERS CASE STUDY #5: CREATE OWN MOBILE BANKING CHANNEL iii TABLE OF CONTENTS List of boxes iv Lists of figures and tables v List of acronyms vi OVERVIEW OF TOOLKIT 5 1 EXECUTIVE SUMMARY 2 CASE STUDY OF EQUITY BANK TANZANIA—JOURNEY AND OBJECTIVES 4 Introduction to Equity Bank Group 4 Equity Bank Tanzania – a greenfield approach 6 Digital journey 8 Objectives of going digital 10 CASE STUDY OF EQUITY BANK TANZANIA—APPROACH TO IMPLEMENTING AGENCY AND MOBILE BANKING 11 Conducive regulatory environment 11 Products and services 13 Distribution channels 14 Internal organization and operations 15 Technology 16 Financials 17 CASE STUDY OF EQUITY BANK TANZANIA—ACHIEVEMENTS 19 Adoption and use of the digital financial service channel 19 Fulfilment of digital finance objectives 19 Cost/Benefit analysis 21 Benefits for the financial institution 21 Benefits for the clients 22 Summary of benefits 22 CASE STUDY OF EQUITY BANK TANZANIA—KEY INFLUENCING FACTORS AND LESSONS LEARNED 23 Readiness at the time of digital financial service engagement 23 Meeting recommended prerequisites 24 Key success factors 26 Challenges experienced and mitigation strategies deployed 27 Way forward 28 HOW TO SUCCEED IN YOUR DIGITAL JOURNEY: A SERIES OF TOOLKITS FOR FINANCIAL SERVICE PROVIDERS CASE STUDY #5: CREATE OWN MOBILE BANKING CHANNEL CREATING A MOBILE BANKING CHANNEL—THE CASE OF FIDELITY BANK IN GHANA 29 Overview of the digital model 29 iv Objectives for going digital 29 Services and channels used 30 Digital journey 31 Model in action 32 Cost/Benefit analysis 33 Key success factors 34 Challenges and lessons learned 35 Next steps 36 Key figures 36 Results achieved through digital channels (March 2017) 36 Summary of benefits 37 CREATING A MOBILE BANKING CHANNEL—THE CASE OF MWANGA COMMUNITY BANK 38 IN THE UNITED REPUBLIC OF TANZANIA Key figures 38 Summary 38 Digital journey 38 Services and products offered via mobile banking for individuals 38 Alignment with rural outreach strategy – savings group linkages 38 Cost/Benefit analysis 39 Expected outcomes of strategy for agency and mobile banking for groups (savings group linkages) 40 Results (December 2015) 40 Challenges with strategy for agency and mobile banking for groups (savings group linkages) 40 Lessons learned 41 Next steps 41 Summary of benefits 41 ANNEX I: CONTEXT OF THE UNITED REPUBLIC OF TANZANIA 42 ANNEX II: CONTEXT OF GHANA 44 About Microlead 46 About PHB Academy 46 About UNCDF 47 About Mastercard Foundation 47 LIST OF BOXES Box 1: Checklist of documents to submit for agency banking application in the United Republic of Tanzania 12 Box 2: Minimum selection criteria to become an agent in the United Republic of Tanzania 12 HOW TO SUCCEED IN YOUR DIGITAL JOURNEY: A SERIES OF TOOLKITS FOR FINANCIAL SERVICE PROVIDERS CASE STUDY #5: CREATE OWN MOBILE BANKING CHANNEL LIST OF FIGURES Figure I: Equity Bank Group regional expansion plan 5 v Figure II: Equity Bank Group deposit and loan portfolio (K Sh billion) 6 Figure III: Equity Bank Tanzania distribution strategy 7 Figure IV: Digital journey taken by Equity Bank Tanzania 8 Figure V: Hub-and-spoke model of agency banking at Equity Bank Tanzania 14 Figure VI: Head office agency banking structure at Equity Bank Tanzania 16 Figure VII: Account mobilization at Equity Bank Tanzania, 2014–2016 20 Figure VIII: Agent transactions at Equity Bank Tanzania, 2014–2016 20 Figure IX: Deposits mobilized at Equity Bank Tanzania, 2013–2016 (TSh) 21 Figure X: Readiness of Equity Bank Tanzania at time of digital financial service engagement 23 Figure XI: Digital journey taken by Fidelity Bank 31 Figure XII: Agency Banking Department at Fidelity Bank 32 Figure XIII: Liquidity management model at Fidelity Bank 33 LIST OF TABLES Table 1: Number of customers, branches and agents at Equity Bank Group subsidiaries, 2017 5 Table 2: Equity Bank Tanzania at a glance 8 Table 3: Equity Bank Tanzania alternative delivery channel results, 2013–2016 9 Table 4: Equity Bank Tanzania capital and operational expenditures, 2013–2016 ($) 17 Table 5: Equity Bank Tanzania mobile banking fees and commissions 18 Table 6: Equity Bank Tanzania alternative delivery channel results, 2013–2016 19 Table 7: Fulfilment of digital finance objectives by Equity Bank Tanzania 20 Table 8: Equity Bank Tanzania cost/benefit summary, 2013–2016 21 Summary of benefits of agency and mobile banking for Equity Bank Tanzania, customers Table 9: 22 and agents Table 10: Assessment of prerequisites for Business model #5 met by Equity Bank Tanzania 24 Challenges experienced and mitigation strategies deployed by Equity Bank Group and Table 11: 27 Equity Bank Tanzania Table 12: Next steps for Equity Bank Group and Equity Bank Tanzania 28 Table 13: Fidelity Bank services offered by distribution channel 30 Table 14: Fidelity Bank capital and operational expenditures 33 Table 15: Evolution of digital channels at Fidelity Bank, 2013–2016 36 Summary of benefits of agency and mobile banking for Fidelity Bank, customers and Table 16: 37 agents Table 17: Mwanga Community Bank mobile banking performance, 2014–2016 40 Summary of benefits of agency and mobile banking for Mwanga Community Bank, Table 18: 41 customers and agents HOW TO SUCCEED IN YOUR DIGITAL JOURNEY: A SERIES OF TOOLKITS FOR FINANCIAL SERVICE PROVIDERS CASE STUDY #5: CREATE OWN MOBILE BANKING CHANNEL vi LIST OF ACRONYMS ¢ Ghanaian cedi* KYC know your customer ADC alternative delivery channel MCBL Mwanga Community Bank Limited ATM automated teller machine MIS management information system BOG Bank of Ghana MM mobile money BOT Bank of Tanzania MNO mobile network operator CapEx capital expenditures MTN Mobile Telephone Networks CBS core banking system MVNO mobile virtual network operator DFS digital finance service(s) OpEx operational expenditures EBL Equity Bank Limited PIN personal identification number EBS Equity Building Society POS point of sale FI financial institution SACCO savings and credit co-operative FSP financial service provider SMS short message service GIZ Gesellschaft für Internationale Zusammenarbeit TSh Tanzania shilling* HR human resource(s) UNCDF United Nations Capital Development Fund ID identification US$ United States dollar* IFAD International Fund for Agricultural Development USAID United States Agency for International Development IFC International Finance Corporation USSD unstructured supplementary service data IT information technology VSLA village savings and loans association K Sh Kenya shilling* KPI key performance indicator *Currency symbols: UNCDF uses the currency symbol ‘¢’ for the Ghanaian cedi, ‘K Sh’ for the Kenya shilling, ‘TSh’ for the Tanzania shilling and ‘US$’ or just ‘$’ for the United States dollar. HOW TO SUCCEED IN YOUR DIGITAL JOURNEY: A SERIES OF TOOLKITS FOR FINANCIAL SERVICE PROVIDERS CASE STUDY #5: CREATE OWN MOBILE BANKING CHANNEL 1 OVERVIEW OF TOOLKIT 5 This toolkit is the fifthin a series of six toolkits aimed at supporting Note that, as deposits (cash-in) and withdrawals (cash-out) still financial service providers to integrate digital channels into their require an agent as intermediary for a mobile banking service, service delivery approaches. an FI can decide to either leverage an existing agent network (as explored in Toolkit #3) or develop its own agent network (as It describes a fifth model a financial service provider can choose: described in Toolkit #4). Equity Bank, Fidelity Bank and Mwanga to create its own mobile banking channel internally. In this Community Bank all decided to develop their own agent network. model, a financial service provider invests in a mobile banking platform to enable its clients to perform a range of transactions In all three cases featured here, the FIs chose to create a link from their mobile phone.
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