Country Support Programs
Country Support Programs (CSPs) were launched in Rwanda, Indonesia, and Mozambique in 2014, in Ethiopia and Zambia in 2015, and in Pakistan, Cote d’Ivoire, and Vietnam in 2016. Selected achievements resulting from FISF supported work in these countries include:
1. National Strategic Priorities:
· The preparation and adoption of National Financial Inclusion Strategies in Ethiopia, Mozambique, and Zambia. Additionally, FISF also supported an updated NFIS for Indonesia and a National Financial Sector Development Policy for Zambia.
· The development of a national financial inclusion strategy and a financial education framework as part of the updated national curriculum in Vietnam.
· A national payments systems strategy in Pakistan.
2. Key Regulations and Policies:
· In Indonesia, the adoption of regulations on agent banking, digital financial services (e-money), alternative dispute resolution, Financial Information Service System (SLIK) credit reporting and internal dispute resolution.
· The development of laws and strengthened requirements on disclosure, financial consumer protection and credit reporting in Rwanda, as well as updates to the legal framework for microfinance, and off-site and on-site SACCO (Savings and Credit Cooperative Organization) supervision guidelines and manuals that follow international best practice.
· The approval of the payments systems oversight circular in Vietnam and the electronic money institutions regulation in Pakistan.
· In Mozambique, the adoption of banking agents and microinsurance regulations as well as the secured transactions and collateral registry law.
3. Targeted Financial Inclusion Initiatives:
· The design, testing and rollout of a financial education program for members of savings and credit cooperatives in Rwanda. Management and leaders from 135 SACCOs, who received training and financial education materials developed with FISF support, trained nearly 70,000 individuals (mostly SACCO members), 53 percent of whom were women.
· The introduction of the Asaan Mobile Account scheme, a digital transaction account model for remittances, to help build an improved ecosystem for digital financial services in Pakistan.
· Also in Pakistan, the launch of the Pakistan Mortgage Refinance Company (PMRC) to increase access to affordable housing finance for middle- and low-income populations.
· In Zambia, the roll out of a financial education as part of the digitization of a social cash transfer program, Supporting Women’s Livelihood, to over 12,000 women (jointly supported by the Social Protection & Jobs Global Practice); supporting the financial inclusion component of a National Risk Assessment on AML/CFT; and the launch of the first phase of the National Switch to ensure interoperability amongst bank ATMs.
· Also in Zambia, a financial awareness text messaging campaign to encourage savings and improve loan repayment behavior was developed, which has already reached over 75,000 adults since launching in December 2018.
4. Strengthening key units/departments:
· Banking supervision and payment departments in the Rwandan Central Bank and the financial services department in the Rwandan Ministry of Finance, the new financial complaints unit at the Rwanda Office of the Ombudsman, as well as support for the creation of the new market conduct supervision unit and Business Development Fund;
· Payments and behavioral supervision departments in the Bank of Mozambique, the establishment of the Technical Implementation Unit for Mozambique’s NFIS, and the leadership of the Access and Usage working group;
· The Agricultural Steering Committee and Financial Consumer Protection Institution (Observatoire) in Cote d’Ivoire;
· The payments department in the Indonesian Central Bank and Financial Consumer Protection department of the Indonesian Financial Services Authority;
· The new consumer protection unit in the Bank of Zambia and the National Financial Inclusion Strategy Secretariat jointly led by the Ministry of Finance and the Bank of Zambia.
5. Data and Analytics:
· In Ethiopia, the development and implementation of the financial inclusion module in the National Living Standards Measurement Study (LSMS) survey, including the publication of the final report and data.
· A demand-side assessment of financial capability, which informed the development of an NFIS and financial sector development policy (Zambia);
· The diagnostic review of financial consumer protection and financial literacy (Ethiopia), to inform a forthcoming National Financial Education Strategy;
· A study on the cost and volumes of payments, an agrifinance scoping assessment, and collection of gender-disaggregated supply-side data (Pakistan);
· An impact evaluation to assess the impact of a financial education program (Rwanda);
· An agrifinance diagnostic and options appraisal, and a mapping exercise to assess government-to-person and large employer payments for potential digitalization (Cote d’Ivoire);
· An agrifinance diagnostic, and an institutional diagnostic of the Vietnam Bank for Social Policies (Vietnam);
· And a geospatial mapping platform tracking NFIS progress (Mozambique and Pakistan).