MicroSave project completion report - FSD Kenya

32 • MICROSAVE PROJECT COMPLETION REPORT
FINMARK TRUST, SOUTH AFRICA
Project details: 3 years, US$10m, DFID-funded trust
Context: Low reach of financial services (38% at project start)
among low-income groups, excludes them from the mainstream
economy and restricts their contribution to growth.
Goal: To make financial services markets work more effectively for
the poor.
Challenge: Understanding and addressing a range of systemic
constraints in a politicised and divided context.
Distinctive approach: Rather than setting up a“provider for the poor”
or changing isolated regulations, FinMark worked to address the
underlying causes of low access – information, innovation,
stakeholder relationships and regulatory processes.
Main activities: Multiple – building a shared view of the industry’s
future, supporting service innovation, developing information
services, improving regulatory process, stimulating consumer
education.
Achievements: Increase in “banked” population to 46.5% (2.3m
people), new information services, stronger public roles.
References
Elliot, D, Gibson, A & Hitchins, R (2008); The Making Markets Work
for the Poor (M4P) Approach; DFID & SDC (2008) (forthcoming)
Gibson, A (2006); Developing Financial Services Markets for the Poor;
FinMark in South Africa; Making Markets Work for the Poor Cases
Study series; Employment and Income Division, SDC
Anderson, G and Hitchins, R (2007); Expanding the Poor’s Access to
Business Information and Voice through FM radio in Uganda; Making
Markets Work for the Poor Case Study series; Employment and
Income Division, SDC
Anderson, G & Elliott, D (2007); The Role and Impact of Radio in
Reforming the Rural Business Environment in Africa; Working paper;
Employment and Income Division, SDC
Gibson, A (2005); Bringing knowledge to vegetable farmers.
Improving embedded information in the distribution system; The
Katalyst cases; Case Study no. 1; Katalyst, Bangladesh