Financial inclusion

Hundreds of millions of people across sub-Saharan Africa lack access to basic financial products and services, including savings, credit and insurance. Lack of access to financial services is particularly acute among the poor, among women and among those living in rural areas where the reach of traditional financial channels has historically been limited.

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Expertise Areas

Monitoring and evaluation

With our combined expertise in financial inclusion and M&E, Genesis specialises in evaluations of development programmes targeting the financially excluded, as well as the review and support of M&E systems for donors, implementing partners (e.g. NGOs, financial institutions), institutional bodies and financial market facilitators. We provide our clients with the tools, information and insight they need to improve their interventions and produce better results, so that the financially excluded are better targeted through innovative products and delivery channels, and ultimately included in the financial market

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Financial literacy

Genesis provides M&E and strategy support to a number of financial institutions and industry bodies. These institutions and bodies offer the South African population programmes on consumer financial literacy. We act as a learning partner to our clients by providing feedback from ongoing monitoring and insight from programme evaluations. This feedback is used to inform the clients’ financial-education strategies so that the messaging is targeted and impactful. 

Market systems development

We seek to address financial inclusion through a financial sector development approach.  A market systems approach requires us to diagnose the root cause and not just symptoms of market failures. Our approach and team expertise equip us to consider all the critical elements of a financial market  –  from regulation and policy to infrastructure and the availability of market information  – to reach sustainability and scale. This expertise is reflected in market-led intervention design applying our specialist skills in strategy, product design, development of innovative business models, technology-enabled delivery channels, and enabling regulation, among others.

Strategy

We specialise in providing strategy review and development services to banks, donors, development programmes and industry associations. Our team draws on a variety of tools to assess opportunities, constraints against the prevailing macroeconomic environment, market dynamics and the profile and behaviour of poor customers that are financially excluded. 

Product and channel innovation

An important part of our work advising donors, development programmes, industry associations and private financial institutions is to support the design, development and review of innovative products and delivery channels capable of reaching financially excluded clients across sub-Saharan Africa. This expertise is also often used to inform our evaluations of financial inclusion development programmes, and these evaluations in turn produce recommendations which may lead to further product innovation

Projects

Making Access Possible in Malawi: RoadMAP to MSME success

Project name:
Map SME Supply side diagnostic Malawi

Service:
Financial inclusion
Market systems development
Market analysis and positioning
Strategy

Sector:
Financial services

Client:
FinMark Trust

Date:
2019 - 2020

Country:
Malawi


Over the past decade Malawi has experienced volatile economic growth as a result of unfavourable weather and political unrest. It is reported that a third of the Malawian population was affected by a drought that exacerbated already fragile food security. The drought also stunted development in agriculture, which is the main source of economic growth.

High levels of poverty persist, with 70% of Malawians living on less than USD 1.9 per day. The key driver of growth and employment in Malawi is the MSME sector, which consists of 1.1 million businesses employing 1.8 million people (~20% of the adult population). The wholesale and retail sector accounts for about two-thirds of MSME business activities at 69%, followed by the agricultural sector with 17%. Given the overall economic importance of the sector, a thorough understanding of the market dynamics is key to guide development in the coming years.

The last survey of MSMEs in Malawi was conducted in 2012. The country faced a different macroeconomic environment then, with inflation at 22% and the economy growing at 2%. Despite the government’s efforts in developing MSME policies and provision of financing, capacity development and business support, there has been limited MSME growth and development in the country. The government sought to address this by constituting an MSME reference group chaired by the Ministry of Finance, Economic Planning and Development (MoFEPD) and consisting of local MSME finance and business development support providers, as well as international development partners. MoFEPD commissioned an update on this MSME study to identify what additional support was required.

Genesis, in partnership with FinMark Trust, was commissioned to conduct this study, which adopted the Making Access Possible (MAP) methodology. This methodology entailed carrying out an evidence-based diagnostic study of the country context, demand-side, supply-side and policy and regulatory factors affecting MSMEs to identify key barriers and opportunities in the market.

This process entailed FinMark Trust conducting the demand-side research and Genesis carrying out the supply-side and policy and regulatory analysis, which formed the basis of the diagnostic report. The key findings from the diagnostic report and roadmap were played back to the reference group for validation before developing an implementation roadmap. The roadmap provided practical steps and targets to guide the development of Malawi’s MSME sector by focusing on key drivers of change.

Ultimately, the MAP diagnostic and roadmap empowers the Malawian government and donor partners to align their programming and ensure that decisions to support MSMEs are developed off the back of a strong evidence base. Through this, Malawi is better placed to ensure stronger economic growth and employment outcomes.

The MAP Malawi MSME diagnostic and roadmap was launched on 4 June 2020 with various government and donor partners in attendance. The full suite of documents can be accessed here:

Diagnostic Report

Survey Report

Focus Group Discussion Report

Highlights Report

Roadmap Report

Genesis looks for drivers of innovation ecosystem in SADC region

Project name:
SADC Innovation Scoping

Service:
Digital financial services

Sector:
Financial services
Digital economy

Client:
FinMark Trust

Date:
2019 - 2020

Country:
Lesotho
Malawi
South Africa
Tanzania
Zambia


Traditional industrialisation models that have brought growth, prosperity and innovation in the past are being superseded by digital growth models that offer improved production processes and accelerated economic development.

At the centre of these newfound models is technological innovation, which is increasingly disrupting traditional sectors and encouraging the inclusive economic growth that addresses development challenges for many emerging markets. As a result, technological innovation is increasingly becoming an important feature in emerging markets’ development stories with the prospect of fostering development when the right support ecosystems are in place.

The SADC region is not trailing far behind in the use of technological innovation to foster growth with a small but fast-growing tech-enabled community. Digital financial services, such as M-Pesa and M-Pawa in Tanzania, are playing a notable role in reducing the marginal costs of extending financial access to previously un/under-served consumer segments.

However, the region is still trailing in the translation of technological innovation to meaningful social and economic impacts. Technological advancements have fallen short in encouraging the inclusive economic growth that has a real impact on people’s lives, empowering the economically excluded and decreasing poverty. Many digital solutions remain inaccessible to the poor, and despite solutions like M-Pesa illustrating the potential of enhancing digital and economic inclusion in the region, there are few other successful cases.

Genesis was contracted by FinMark Trust and the Insights 2 Impact (i2i) Facility to conduct an innovation scoping study for the Southern African Development Community (SADC) region to identify the drivers of innovation ecosystem development and opportunities to enhance the innovation ecosystem in the SADC.

The study covered Lesotho, Malawi, South Africa, Tanzania and Zambia. These countries provided different “market profiles” enabling the analysis of unique and contextual nuances that exist in the SADC region. Guided by a comprehensive analytical framework, the study provides a depiction of the state of the innovation ecosystem in each market as well as a cross-country comparison of the state of the innovation ecosystem across the SADC.

FinMark Trust and i2i are using the findings from the study to support targeted interventions to develop the innovation ecosystem and as such, encourage technological innovations that sustainably addresses the key development challenges in the SADC region.

Mid-term review of largest UN project in digital finance

Project name:
Mid-term evaluation of Mobile Money for the Poor (MM4P)

Service:
Monitoring and evaluation
Financial inclusion
Market systems development
Digital financial services

Sector:
Financial services

Area of Expertise:
Digital work and inclusion
Evaluation & impact assessment
Evaluation of digital programmes

Client:
UNCDF

Date:
2018

Country:
Nepal
Senegal
Uganda
Zambia


Mobile Money for the Poor (MM4P) is the largest of the UNCDF’s programmes in digital finance. MM4P is a multi-year global programme aimed at demonstrating how the correct mix of technical, financial and policy support can assist in scaling up sustainable digital financial services (DFS) that reach the poor in very low-income countries.

MM4P has a wide range of donors, including the Mastercard Foundation, Bill & Melinda Gates Foundation, MetLife Foundation and USAID, and is implemented in Nepal, Senegal, Uganda, Zambia, Benin, Lao PDR, Liberia, Sierra Leone and Malawi. MM4P provides technical assistance and grants to providers to develop and improve DFS to the under-served, supports policy and regulatory changes related to DFS, and conducts a range of other ecosystem building and knowledge management activities.

The original MM4P concept documents listed activities that serve the unique financial needs of women as one of the programme’s priority areas. The evaluation also sought to assess the extent to which gender had been mainstreamed throughout programme activities.

Genesis was contracted by UNCDF to conduct a mid-term evaluation of MM4P. The evaluation was based on a theory-based approach and used the OECD DAC criteria as its guiding framework. It included interviews with over 100 stakeholders, focus group discussions with a sample of agents and clients, and an in-depth desktop review. The evaluation included field visits to Nepal, Senegal, Uganda and Zambia and produced country reports for each as appendices to the main evaluation report.

The evaluation came at an opportune time, when UNCDF was developing a new digital strategy, and provided important findings to inform that strategy. These included the value of having a technical team on the ground, partners through continuous interaction, and relationship building as an effective approach to building markets.

The evaluation report and management response

Diagnosing MSME development challenge in Africa

Project name:
MSME finance deep-dive research

Service:
Financial inclusion
Market systems development

Sector:
Financial services
Africa’s youth

Area of Expertise:
Market entry and growth strategy
Strategy
Segmentation
Ongoing support as a learning partner

Client:
Private foundation

Date:
2018

Country:
Ethiopia
Ghana
Nigeria
Senegal


Micro, small and medium enterprises (MSMEs) are a critical source of employment creation in Africa. This is particularly so for young people because Africa’s youth bulge will lead to an unprecedented number of young people entering the labour market in the coming years. 

The MSME development challenge is how to grow productive MSMEs that can employ more people. Solving this is critical to harnessing the demographic dividend of Africa’s growing young population.

This is one of the tasks of a prominent private foundation working on youth employment creation in Africa. Genesis partnered with the foundation to diagnose the MSME landscape in four countries of interest: Ethiopia, Ghana, Senegal and Nigeria. The foundation was new to the area of MSME development and required guidance on how best to diagnose the key growth constraints and programming opportunities for MSME development.

We applied our framework for analysing MSME markets in each country, beginning with a review of MSME definitions and concepts such as firm size, formality and survivalist vs. opportunity-driven entrepreneurs to segment and size the MSME market. We then determined the key constraints and opportunities for MSME growth in each market by analysing five elements of the MSME ecosystem: skills and training, access to finance, infrastructure, market dynamics and the MSME support landscape. Last, we prioritised the sectors with the greatest potential for MSME programming impact by assessing each sector’s growth, youth employment creation potential and MSME presence.

Our work provided the foundation with a firm evidence base on which to build its MSME support strategy in each country. We placed an emphasis on collecting and synthesising available data to assist the foundation with a view of what is known and what still remains to be investigated, regarding MSME development in each market.

Since MSME development was a new area for the foundation, we also positioned ourselves as a learning partner during the project. This included providing the foundation with thought leadership on how to diagnose MSME ecosystems, providing an in-person briefing to foundation staff on MSME development issues and developing a case study learning tool on diagnosing MSME markets.

Mapping SME development on AfDB programmes

Project name:
AfDB SME Strategy Review

Service:
Financial inclusion
Strategy
Monitoring and evaluation

Sector:
Financial services

Client:
African Development Bank (AfDB)

Date:
2019

Country:
Cote d'Ivoire


Genesis Analytics completed a major review of the African Development Bank’s support strategies for small- and medium-sized businesses. This was the first project to leverage our new Francophone and African Development Bank liaison office.

The project team mapped the various AfDB programmes, initiatives, projects, funds, instrument and delivery channels aimed at MSME development, and reviewed the AfDB’s internal operations by instrument, channel, target segment and donor partners.

The report provided to the board highlighted the range of SME activities supported by the bank, benchmarked the bank’s operating model and support instruments to those used by other development finance institutions, and reviewed the effectiveness of the support operations.

The report provided valuable guidance on how to change the partner institutions that the bank works with, and how to adjust its interventions in the light of the digital transformation taking place on the continent.

A winning strategy for deepening financial markets in Uganda

Project name:
FSD Uganda strategy refresh

Service:
Strategy
Financial inclusion
Digital financial services

Sector:
Financial services

Area of Expertise:
Market analysis and positioning
Fintech market enablement

Client:
Financial Sector Deepening Uganda

Date:
2006 - 2018

Country:
Uganda


Financial-sector deepening aims to improve access to, and usage of, financial services that are instrumental in improving the livelihoods of vulnerable and poor communities. It is the objective of financial-market facilitators, set up as Financial Sector Deepening (FSD) Trusts, to be active in a number of African markets.

The FSD approach is unique in prioritising interventions that are systemic, i.e. self-sustaining shifts in the market system rather than supporting individual market actors that require ongoing support. FSDs work at the “macro” level to create an enabling regulatory environment, at the “meso” level to improve financial and digital market infrastructure and information, and at the “micro” level to pilot and diffuse innovative financial-service models into the market.

Market facilitation is challenging for a number of reasons. It requires a large amount of information to ensure that interventions are targeted at the binding constraints preventing financial-sector deepening at each “level” of the market. These interventions also need to be targeted because market facilitators invest heavily in relationships to influence key market actors, and this requires time and committed resources. Lastly, market facilitators need to show that these targeted interventions do result in systemic change. The ultimate beneficiaries are the same groups of vulnerable consumers whom donors (who control much of development funding) care about. Genesis has partnered with FSD Uganda (FSDU) over the last two years to assist it with these three key challenges.

Our partnership began at a point where FSDU required a re-invigorated approach to facilitating financial-sector deepening in Uganda. We developed a vision and definition for financial inclusion in Uganda, reviewed the state of barriers to access and usage of financial services, identified key technology trends likely to reshape the prospects for financial inclusion in the coming years, and identified a high level list of strategic initiatives that FSDU should engage in to facilitate systemic change. This helped FSDU with the first challenge – ensuring that interventions are targeted at the binding constraints for specific beneficiaries.

We then helped FSDU develop a refreshed strategy for the next three years. We spent time with the FSDU team to understand its planned interventions, and engaged extensively with market actors in Uganda to test which of these interventions were likely to generate systemic change. The outcome was a concise and well-evidenced strategy document that provided FSDU with a clear vision and three workstreams that focused interventions at all levels of the market on generating impact on target beneficiaries. This helped FSDU with the second challenge – targeting interventions and resources where it can make the biggest impact.

With a refreshed strategy, we then assisted FSDU with a critical part of strategy execution related to fundraising. We helped FSDU develop a funding application for the Gates Foundation on the basis of the revised strategy document. We also developed a new fundraising strategy which helped FSDU identify new potential funders aligned to FSDU’s strategic priorities and provided actionable initiatives for FSDU to increase its presence in the donor market. This assisted FSDU with the last challenge – communicating the value of its work to secure donor funding.

Mid-term review of project to support agri-finance innovation

Project name:
Mid-term evaluation of the Financial Inclusion for Smallholder Farmers in Africa Project (FISFAP)

Service:
Monitoring and evaluation
Financial inclusion
Agricultural finance

Sector:
Agriculture and Agribusiness
Financial services

Area of Expertise:
Evaluation & impact assessment

Client:
Alliance for a Green Revolution in Africa (AGRA)

Date:
2017

Country:
Ghana
Kenya
Tanzania


The Financial Inclusion for Smallholder Farmers in Africa Project (FISFAP) is a five-year USD 15.5-million project funded by the MasterCard Foundation and implemented by AGRA, which aims to improve food security and incomes of over 700 000 smallholder farmers in Ghana, Kenya and Tanzania. 

The project provides grants and technical assistance to organisations by developing innovations that improve farmer access to critical financial and non-financial services that can improve their productivity and operations. It also conducts a range of learning activities, aimed at crowding in financial service providers, governments and other organisations to deliver improved financial and non-financial products and services for smallholder farmers.

In 2017, in the third year of FISFAP’s implementation, Genesis was contracted to conduct a mid-term evaluation of the project and provide a review of the project to date. The purpose of the evaluation was to provide a reasoned and independent view of the performance of the project against its intended goals and objectives, as well as its design, achievement and challenges. 

The evaluation was conducted using a mixture of qualitative and quantitative data collection methods, including a desktop review; 42 key informant interviews with project staff, partner organisations, consultants and external stakeholders; site visits and focus group discussions with smallholder farmers accessing the products or services funded under FISFAP.

The findings were presented in eight key areas: progress against targets; partner selection and support; implementation successes and challenges; understanding and meeting clients’ needs; impact and additionality; financial sustainability, strategic alignment; and monitoring, evaluation and learning. 

Short evaluative overviews of each of FISFAP’s grantees were also provided. The evaluation concluded by providing recommendations to inform future strategy and identify course corrections to adjust project weaknesses as well as enhance and extend project strengths.

Evaluating project for affordable, inclusive financial products

Project name:
Midterm Evaluation of the Access2Access (A2A) programme

Service:
Monitoring and evaluation
Financial inclusion
Strategy

Sector:
Financial services
Digital economy

Client:
Access Microfinance Holding AG

Date:
2020

Country:
Germany
Liberia
Mozambique
Nigeria
Tanzania
Zambia


Provision of inclusive, affordable, and high-quality financial products remains a key developmental goal for developing countries in Sub-Saharan Africa.

Access Microfinance Holding AG (AccessHolding), a private company incorporated in Germany, operates an international network of eight network financial institutions (NFIs) with six of these in Sub-Saharan Africa (SSA). AccessHolding and the Mastercard Foundation entered into a partnership to launch the Access2Access programme that runs from 2016 to 2022.

The A2A programme is aimed at strengthening the capacities of the NFIs in Liberia, Zambia and Rwanda to efficiently and profitably reach a wider share of their target market segments and achieve a wider geographical spread of customers.

The programme has two components: digitalisation to improve NFIs internal efficiency, and capacity building to improve employees’ efficiency and attitudes to work, based on a holistic approach to people development. Ultimately, low- and middle-income businesses and households in urban and rural areas will have increased access to and use responsible financial services.

Genesis was appointed by AccessHolding to conduct a mid-term evaluation of the A2A programme to understand its performance and outcomes till the mid-point of the programme, in order to document key learnings arising from implementation, and to identify areas for improvement.

The evaluation team used a three-pronged approach that included rigorous document review and analysis, analysis of existing financial and operational data, and the incorporation of head office and NFI staff, and external stakeholders’ thoughts about key questions of interest in digitalisation and capacity building. Existing data was also complemented by a survey of NFI staff, designed to understand their experience engaging with the two components of the A2A programme.

We rigorously analysed the quantitative and qualitative data, which revealed positive progress towards achievement of digitalisation targets for NFI IT architecture that supports the bank operations. Findings on capacity building revealed the need for deeper engagement with the staff in banks with lower completion rates, to understand the socio-economic and political contexts, and how these can affect staff morale and attitudes towards learning.

Impact of fintech on state of MSME finance in Kenya

Project name:
The state of MSME finance in Kenya

Service:
Market analysis and positioning
Financial inclusion

Sector:
Financial services
Retail banking

Area of Expertise:
Market analysis
Product and channel innovation

Client:
Financial Sector Deepening Trust (FSD) Kenya

Date:
2016

Country:
Kenya


Micro, small and medium-sized enterprises (MSMEs) in Kenya constitute over 90% of all businesses and employ close to 14.9m people, accounting for ~78% of the total labour force. The Kenya National Bureau of Statistics (KNBS) further estimates that the sector contributes about 33% of Kenya’s GDP.

Kenyan MSMEs, as with other developing markets, have historically faced limited access and uptake of formal financial services. Their reliance on cash and informal forms of finance in part constrains their potential to spur sustained and inclusive economic growth.

Since 2005, Kenya’s financial sector has exhibited significant developments characterised by the proliferation of digital financial services; increasing network and channel distribution; and the roll out of new products and services tailored to non-traditional market segments. The Financial Sector Deepening Trust (FSD) Kenya sought to add reliable research on how and to what extent MSMEs had been impacted by these developments, primarily from the banking sector. FSD Kenya commissioned Genesis to carry out an in-depth analysis of relevant and available secondary research, and draft the findings into a report.

We first provided a contextual overview of the macroeconomic and banking-sector trends over the last decade. This involved reviewing the performance of the banking sector in detail and against the Central Bank of Kenya’s (CBK’s) size classification of banks. Next, Genesis interrogated the main drivers of change that had impacted the market. This included demand side factors; the effect of technological changes; the changing regulatory landscape; and the specific winning business-model strategies of individual banks. Together these insights were used to highlight the implications for MSME finance. This focused on the impact of managing day-to-day operations and access to longer-term finance.

Beyond the research findings, Genesis provided a list of recommendations for FSD Kenya to consider in its operations. These included key areas requiring once-off or periodic research; regulatory amendments that would help address gaps in the lending market; and identifying business models and industry infrastructure developments that would benefit MSME finance, but required further innovation and support.

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Strategy for financial inclusion unit of Ghanaian bank

Project name:
Strategy for the financial inclusion unit of a major Ghanaian bank

Service:
Strategy
Financial inclusion
Market systems development
Business and operating models

Sector:
Financial services
Retail banking

Area of Expertise:
Business model advisory
Operating model design
Capabilities mapping
Cost allocation models

Client:
Financial Sector Development Programme Africa (FSD Africa)

Date:
2014

Country:
Ghana


Our purpose was to assist a leading Ghanaian bank's Financial Inclusion Unit (FIU) to deliver on its overarching goal of having five million active accounts by 2018, and to identify ‘capability’ gaps that could potentially be supported by FSD Africa. The analysis involved a market opportunity analysis and internal capability assessment.

While it was clear that the goal was a stretch target, the analysis gave the initiative a green/amber light because, technically, the opportunity did exist and the bank had the three key advantages: it was the first mover in the mass market, it was given special dispensation by the central bank to run an agent network (the only bank in the market) and mobile-money solutions had not yet taken off.

Capability wise, however, the analysis highlighted numerous concerns. The operating model was not scalable (i.e. too many manual processes) and, structurally, the division was set up as a special project with duplicated main-bank functions (such as operations and IT) which substantially increased costs. Furthermore, a poor decision had been made about its IT platforms, i.e. a separate core-banking system had been built, which meant that customers from this segment could not interact with the main bank and vice versa.

The project concluded with the creation of a new organisational structure of a retail banking value chain continuum that eliminated the initial silo nature of the organisation. 

The business case investigation revealed key issues in terms of sales performances, card functionality and pricing. Together with overall process and systems problems, these formed the foundation for a list of key activities that would need to be undertaken for the unit to improve performance and achieve its goals. These key initiatives were then workshopped with key stakeholders in order to gain consensus and rank them in terms of priority. The bank decided to implement all of our recommendations.

Microfinance sector in Rwanda still needs support

Project name:
End of project evaluation for the Microfinance Challenge Fund Rwanda

Service:
Monitoring and evaluation
Market systems development
Financial inclusion

Sector:
Financial services

Area of Expertise:
Evaluation & impact assessment

Client:
Access to Finance Rwanda (AFR)

Date:
2017

Country:
Rwanda


Genesis Analytics evaluated the Microfinance Challenge Fund Rwanda and found that the Rwandan microfinance industry still needs support.

Genesis was contracted by Access to Finance Rwanda (AFR) to conduct the evaluation of the Microfinance Challenge Fund Rwanda, which was designed and capitalized by KfW to address the microfinance industry in Rwanda’s inability to self-correct on the issues of weak technical capacity and access to refinancing.

KfW signed a grant agreement with the Government of Rwanda for €3-million to be channelled through AFR for the support of microfinance institutions (MFIs), and in April 2014 the Microfinance Challenge Fund was established. The fund provided microfinance institutions (MFIs) with refinancing and technical training and assistance for a period of three years.

The purpose of the evaluation Genesis conducted was to provide a holistic review of the fund, including its projects, take stock of how the fund performed, and assess the degree to which its objectives had been achieved. 

The evaluation approach amalgamated a sector review and a framework of good Challenge Fund practices, to create an analysis framework. Data and information collected through a document review, and engagements with the sector, programme staff and clients then fed into this analysis framework to answer the evaluation questions posed and inform the option analysis.

Using the findings of this evaluation Genesis reflected on the lessons learnt through the fund’s implementation and conducted a feasibility analysis for a second phase. Finally, based on the evaluation and an assessment of the recommendations, we provided key considerations for AFR to consider when deciding whether to support and expand the fund.

The results of the project were presented in March 2017 to key stakeholders in the microfinance sector. Stakeholders present included representatives from the Bank of Rwanda, commercial banks, microfinance institutions, donor agencies, industry organisations and NGOs. A robust and frank conversation was facilitated between these stakeholders, where the issues facing the sector were aired and interrogated.

Value assessment of Access to Finance Rwanda

Download report


Evaluation of Microcred’s plan to bank a million new customers

Project name:
Genesis evaluates Microcred’s Mass Market Financial Inclusion project

Service:
Monitoring and evaluation
Financial inclusion
Digital financial services

Sector:
Financial services

Area of Expertise:
Evaluation & impact assessment
Evaluation of digital programmes

Client:
Microcred (now Baobab)

Date:
2017 - 2018

Country:
Cote d'Ivoire
Madagascar
Senegal


Microcred (now Baobab) is a leading digital financial inclusion group focusing on serving individuals, micro and small businesses in Africa and China.

Microcred was awarded a $12-million grant by the Mastercard Foundation in 2015 to roll out its Mass Market Financial Inclusion (MMFI) project, which aims to provide access to key financial services for the unbanked populations of Senegal, Côte d’Ivoire and Madagascar (375 000 clients in each country).

MMFI's objectives include:

• understanding clients' needs, demands and challenges;

• developing and implementing customer-centric products and channels; and

• building capacity of staff and agents.

Genesis Analytics was contracted to conduct an evaluation of the MMFI project. This involved two components:

1. A baseline diagnostic review of the context in which the project activities take place. The baseline evaluation provided insight into the prevailing institutions/competitors in the market, regulatory framework and customer demand dynamics, as well as the relevance of the MMFI project activities.

2. A mid-term evaluation that served to ascertain MMFI’s level of progress vis-à-vis its objectives in Senegal, Côte d’Ivoire and Madagascar and generated key learnings to inform the remainder of the project, as well as the Mastercard Foundation’s learning framework.

The evaluation was completed in February 2018 and included an in-depth desktop review, key informant interviews with Microcred staff at head office and subsidiary levels, a survey with 806 clients (leveraging Microcred’s call centres) and focus group discussions with clients in Senegal and Madagascar.

Meet the Team

Areas of Service Expertise

  • Monitoring and evaluation
  • Financial literacy
  • Market systems development
  • Strategy
  • Product and channel innovation

Related Sectors

  • Retail banking
  • Business banking
  • Payments
  • Capital markets
  • Corporate and investment banking

Projects

Project

Making Access Possible in Malawi: RoadMAP to MSME success

Genesis, in partnership with FinMark Trust, was commissioned to carrying out an evidence-based diagnostic study of the MSME of Malawi to identify key barriers and opportunities in the market.

View Project
Project

Genesis looks for drivers of innovation ecosystem in SADC region

Genesis was contracted by FinMark Trust and the Insights 2 Impact (i2i) Facility to conduct an innovation scoping study for the Southern African Development Community (SADC) region to identify the drivers of innovation ecosystem development and opportunities to enhance the innovation ecosystem in the SADC.

View Project

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Leading the team

Richard Ketley

Director (Financial Services Strategy and Infrastructure)

Richard Ketley
Director (Financial Services Strategy and Infrastructure)
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Amreen Choda

Manager

Amreen Choda
Manager
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​Alyna Wyatt

Partner (Evaluation for Development)

​Alyna Wyatt
Partner (Evaluation for Development)
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