Financial Sector Development in Africa: Opportunities ... - World Bank

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xx Abbreviations FSB FSD FSDT FSI GhIPSS GIZ GPFI GSM KCB KWFT KYC IFIs IFS IPO IRB IT ITU MFI MIX MNO MRFC NGO NIBSS OIBM PAR POS RIM RTGS SMEP SME SMS SACCOs SOE UCB USSD Financial Stability Board Financial Sector Deepening Financial Sector Deepening Trust Financial Stability Institute Ghana Interbank Payment and Settlement Systems Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH Global Partnership on Financial Inclusion global system for mobile communications Kenyan Commercial Bank Kenya Women’s Finance Trust know-your-customer international financial institutions International Financial Statistics initial public offering internal ratings-based approach information technology International Telecommunication Union microfinance institution Microfinance Information Exchange mobile network operator Malawi Rural Finance Corporation nongovernmental organization Nigeria Inter-Bank Settlement System Opportunity International Bank Malawi portfolio at risk point of sale Research in Motion real-time gross settlement system Small and Micro Enterprise Programme small and medium enterprise short message service savings and credit cooperatives state-owned enterprise Uganda Commercial Bank unstructured supplementary service data
Introduction Thorsten Beck and Samuel Munzele Maimbo Africa’s financial systems face challenges across many dimensions, as discussed in the report Financing Africa: Through the Crisis and Beyond. 1 The analysis in that report was based partly on several detailed background papers that are included in this volume. The next six chapters are written by experts in their respective areas and provide an in-depth analysis of these challenges and present possible solutions. In this introduction, we provide an overview of the different chapters and how they are related to each other and the main volume. Part I: Expanding Access The three chapters in part I focus on key challenges concerned with access to financial services, including financial and operational deficiencies in the microfinance market, reaping the benefits from the technological revolution of retail banking, and deepening and broadening agricultural finance across Africa. The three chapters thus each cover different aspects with a different focus, ranging from an institutional approach to a focus on innovation as a driver of financial broadening to an important element of financial infrastructure to a specific sector. Financing Africa advocates a broader approach to financial inclusion, including looking at a broad set of institutions to deliver financial services 1
Page 1: lic Disclosure Authorized Public Di
Page 5 and 6: Financial Sector Development in Afr
Page 7 and 8: Contents Foreword Acknowledgments E
Page 9 and 10: Contents vii PART III Safeguarding
Page 11: Contents ix 4.4 Size of Mortgage Lo
Page 14 and 15: xii Foreword In their own way, each
Page 16 and 17: xiv Acknowledgments led by Stefan N
Page 18 and 19: xvi Editors and Contributors of Acc
Page 20 and 21: xviii Editors and Contributors deve
Page 24 and 25: 2 Beck and Maimbo to the bottom of
Page 26 and 27: 4 Beck and Maimbo advocate a “bui
Page 29 and 30: CHAPTER 1 Microfinance in Africa Al
Page 31 and 32: Microfinance in Africa 9 Figure 1.1
Page 33 and 34: Microfinance in Africa 11 A Special
Page 35 and 36: Microfinance in Africa 13 Figure 1.
Page 37 and 38: Microfinance in Africa 15 Impedimen
Page 39 and 40: Microfinance in Africa 17 Figure 1.
Page 41 and 42: Microfinance in Africa 19 to physic
Page 43 and 44: Microfinance in Africa 21 Understan
Page 45 and 46: Microfinance in Africa 23 Some exam
Page 47 and 48: Table 1.2 Fanikisha Project Type of
Page 49 and 50: Microfinance in Africa 27 world reg
Page 51 and 52: Microfinance in Africa 29 implicitl
Page 53 and 54: Microfinance in Africa 31 Financial
Page 55 and 56: Microfinance in Africa 33 situation
Page 57 and 58: Microfinance in Africa 35 have yet
Page 59 and 60: Microfinance in Africa 37 9. This i
Page 61 and 62: Microfinance in Africa 39 Ehrbeck,
Page 63 and 64: CHAPTER 2 Mobile Financial Services
Page 65 and 66: Mobile Financial Services in Africa
Page 69 and 70: Table 2.2 African First- and Second
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Mobile Financial Services in Africa
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Table 2A.1 ID and SIM Registration
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79 Guinea Yes http://fr.allafrica.c
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Togo Yes http://www.mediaf.org/fr/t
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84 Coates and Hofmeister chains. It
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86 Coates and Hofmeister unions in
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88 Coates and Hofmeister trap for t
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90 Coates and Hofmeister Sources of
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92 Coates and Hofmeister Box 3.1 Ca
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94 Coates and Hofmeister farm input
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96 Coates and Hofmeister Technical
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98 Coates and Hofmeister agree to b
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100 Coates and Hofmeister Box 3.3 C
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102 Coates and Hofmeister Attitudes
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104 Coates and Hofmeister developin
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106 Coates and Hofmeister specifica
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108 Coates and Hofmeister ———
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CHAPTER 4 Housing Finance Simon Wal
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Housing Finance 113 Figure 4.1 Mort
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Housing Finance 115 countries, down
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Housing Finance 117 • The housing
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Housing Finance 119 limited to a fe
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Housing Finance 121 housing and inf
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Housing Finance 123 borrowed by ext
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Housing Finance 125 Box 4.1 Afforda
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Housing Finance 127 Box 4.2 South A
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Housing Finance 129 the degree to w
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Housing Finance 131 markets is the
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Housing Finance 133 are unable to o
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Housing Finance 135 greenfield vent
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Housing Finance 137 Figure 4.5 Obst
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Housing Finance 139 changes in the
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Housing Finance 141 • Introduce a
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Housing Finance 143 Box 4.6 Progres
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Housing Finance 145 of the impact o
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Housing Finance 147 funds. Within s
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Housing Finance 149 Hassler, O., an
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CHAPTER 5 The Reform Agenda for Fin
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The Reform Agenda for Financial Reg
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PART IV Financial Sector Reform: Ac
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180 Dafe lack access to external in
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182 Dafe having a positive theory o
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184 Dafe In sum, high transaction c
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186 Dafe through the selective allo
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188 Dafe institutions of the indust
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190 Dafe the boundaries of informat
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192 Dafe range of examples of both
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194 Table 6.1 Period Since the end
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196 Dafe state-owned financial inst
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198 Dafe The degree of success, in
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200 Dafe Although the current conse
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202 Dafe The interdependence of the
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204 Dafe in the 1980s and 1990s wer
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206 Dafe Alternative Approaches to
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208 Table 6.2 Approach to explain/
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210 Dafe state-centered, and interd
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212 Dafe particularly important fac
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214 Dafe Table 6.3 (continued) Mana
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216 Dafe activism in the developing
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218 Dafe structures can undermine m
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220 Dafe Conclusion There is strong
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222 Dafe policy is not straightforw
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224 Dafe banks that open agents in
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226 Dafe Bankable Frontier Associat
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228 Dafe Goldsheid, R. 1958. “A S
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230 Dafe ———. 2001. Types of
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