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Emerging Trends in Digital Delivery of Agri-finance

11.10.2017H. Miller, Associate Consultant, Nathan Associates & G. Njoroge, Advisor, KPMG

This is the first in a series of three blogs on the role of technology in the rural finance projects supported by The MasterCard Foundation Fund for Rural Prosperity (FRP). In this first blog, we explore the major trends in digital delivery that the FRP is seeing in its portfolio. In the second blog, we will dig deeper into how these technologies are being used to solve problems for the rural poor; and in the final blog of the series we will focus on what this means for the FRP and for rural development programmes more generally.

                      

Back in 2014 when we were designing the Fund for Rural Prosperity, we debated for a long time some of the terminology around the fund. One word that came up a lot was innovation. What do we mean by innovation? How do we define it, and how do we measure it?

Another word was solution. If we are talking about a financial solution for a smallholder farmer, then what is the problem? Innovation and solution are over-used words in financial inclusion, and in international development generally, and we wanted to make sure we were using them to actually mean something.

In the two years since the FRP was launched, with 11 rural finance projects up and running, it has become increasingly clear that we cannot talk about innovation and solutions for the rural poor without considering the role of technology. With 277 million registered mobile money accounts in Sub-Saharan Africa, a base level of digital finance penetration is often taken for granted, even in rural contexts, and bidders are getting more and more imaginative about how to build new structures on these digital foundations.

This, however, brings a new set of challenges. In his book "Geek Heresy", Kentaro Toyama uses a range of examples to illustrate the limitations of technology in development. Technology, he argues, can only improve on ideas, processes and institutions that are already well-designed. Apply technology to a bad system and you'll probably only make things worse. For technology to have a meaningful social impact, it needs to be used to amplify the skills and ambitions of people.

You can see Toyama's argument in some of the best examples of tech for development in recent years. M-Kopa (an FRP grantee), is such a compelling story not because its technology is so out of this world but because the technology solves specific problems for the consumer, and is delivered through an effective, well-designed mobile payment model. Technology wasn't the solution in and of itself, it was one key part of a clever business model.

We see similar trends across the FRP portfolio. These projects are using technology to not only deliver financial services, but also to solve some additional challenges in the lives of the rural poor. For example, in Ethiopia, Kifiya Financial Technology, a payment services provider, is working through large buyers (multipurpose co-operatives) to deepen market linkages in addition to acting as a rural agent for financial institutions.

In Ghana, Prepeez Technology Limited, a company focused on technology solutions for the agricultural sector, is using satellite imagery to cluster farmers into groups in order to manage risk and provide more relevant market and weather information. With the information gathered, farmers will then be eligible for agro-insurance and access other financial products.

Olam, a global agribusiness trader, is in Uganda offering input financing along with a digital platform to connect coffee farmers, and also provides information on best farming practices. Biopartenaire in Cote d'Ivoire, which specialize in sourcing cocoa beans from smallholder farmers, is looking to increase cocoa farmers' financial literacy through an app that also facilitates access to credit for the farmers.

In each of these cases, innovation doesn't mean disruption. It means a good idea, using new technology to overcome an important pain point in a system with high potential to improve outcomes for farmers. Technology is not just supporting financial inclusion; it is providing a service - information, networks, market linkages, cost savings, advice - that links financial inclusion to improved livelihoods. It is providing a solution.

In any innovation competition, you see a lot of business models that use amazing new technologies, with a high degree of innovation, to solve problems that nobody actually faces. This is innovation for innovation's sake. At the FRP, we're trying to keep the solution part front and center to ensure that the technological innovation is responding to a real challenge faced by rural African populations.

It is encouraging to see some of the great ideas coming through the Fund and how the innovation frontier is being meaningfully shifted with every group of applications. In the next blogs, we will look deeper into how those projects are impacting rural populations in Africa, and what we can learn for our future work.

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About the Authors

Howard Miller is a Senior Consultant with Nathan Associates London, and Principal, Nathan Associates India. He specializes in financial inclusion, challenge funds and the market systems approach to development. A trained economist, Howard has extensive experience in consultancy, public policy, and investment banking.Since joining Nathan Associates in 2011, he has worked on DFID financial sector development programs in Uganda, Mozambique, Bangladesh, and Rwanda, and on the FSD Africa Program. Before joining Nathan, Howard was a fellow at the Overseas Development Institute working on macroeconomic and financial sector policy for the Government of Uganda.

8 years ago, Grace Njoroge ventured into the corporate world under a graduate trainee program with one of the top regional banks in East Africa. She expected to be a classic banker but this according to her did not happen, at least not all of it. Her typical day involved riding a motorcycle to help micro-traders and assist small-holder farmers open savings account. In a surprising twist, she fell in love with the power simple financial products had to drastically change life and businesses potential for low-income clients. At KPMG IDAS, she works with donors and funders to support financial and non-financial institutions, to better serve the unbanked and under banked segments.

Pension provision in Africa remains low

26.09.2017Gerald Gondo, Business Development Executive, RisCura Africa

This post was originally published on the Financial Nigeria Website.

With 72% of sub-Saharan Africans employed in the informal sector, the traditional pension system is being called into question.

The traditional pension system of course works on the premise that members are formally employed, work for 40 years and contribute regularly during this period, resulting in suitable retirement savings. As more people enter the labour force and become formally employed, they are in essence able to contribute towards their future savings.

If we juxtapose the traditional model to the current African landscape, where most people are employed in the informal sector, consistent employment for one year - let alone 40 years - is a stretch. While permanent or continuous employment may not be a reality for many in Africa, these members of African society (where possible), remain economically active in the informal economy during periods of unemployment.

Pension coverage

The large numbers employed by the informal economy have historically limited the size of traditional pension funds and partially resulted in the continent’s low level of pension coverage. According to the International Labour Organisation, in sub Saharan Africa, only 8% of the labour force contributes to pension insurance and earns rights to a contributory pension, compared to 47% in North Africa.  As in most low-income countries, the low level of contributor coverage ratio can be explained by the small share of formally employed wage and salary earners, and the pervasiveness of informality, evasion, and inadequate law enforcement.

Despite higher levels of informality in labour markets, the provision of pension coverage and pay-out should remain an imperative if Africa is to make progress on its developmental agenda.

Providing pension access via African-based financial services and distribution channels such as M-Pesa, EcoCash, Leap Frog Investments and Equity Bank, which are innovative and disruptive, are natural and obvious choices.

Importantly, informing the thinking and messaging surrounding the provision of pension to potential members should be driven by simplicity.

Nigeria leads the way

Nigeria, Africa’s most populous nation, is leading the charge in making advances towards an alternative pension model for the informal sector. Its National Pension Commission (PenCom) has adapted their existing pension scheme for formally employed workers - the Contributory Pension Scheme - by making it the backbone for the rollout of the Micro Pension Plan of Nigeria.

The Micro Pension Plan is designed to cover small-to-medium enterprises, self-employed Nigerians and the broader informal sector. It is estimated that the informal sector constitutes 70% of Nigeria’s total workforce. In the absence of the Micro Pension Plan, these economically active citizens would not be covered by any form of structured pension scheme. Out of a total 59 million adults in Nigeria, there are 38 million potential contributors that will come from the informal sector by activating the micro pension scheme. As at the end of 2016, total pension scheme membership for the formal sector alone in Nigeria was almost eight million members.

Target-Dated Investing

At RisCura, we strongly advocate for pension fund fiduciaries to spend more time on objectives or goal setting. But, we are mindful that this must also take into account the nuances of Africa’s developing savings base and the differences between micro and traditional pension plans.

There may be merit for pensions and savings practitioners to look to Target-Dated Investing (TDI) for micro pension products. Under TDI, the member has a clear view of the investment strategy being undertaken on their contributions based on a set term to retirement that they have selected. TDI offers informal savers the benefit of a simplified savings programme and the goal is to ensure that the investment starts paying out at a pre-set date.

The combination of micro pension provision and TDI presents itself as an acceptable compromise for the possibility of an erratic contribution from some members. This dynamic may not offer the most elegant solution, but may serve as an important initiator of further improvements.

Echoing the sentiments of former Nigerian President Olusegun Obasanjo, “Emphasis must be placed on the urgent need for pension arrangement for the informal sector, given that it constitutes at least 61% of urban employment across the continent and will be on the rise due to population growth. We advocate for micro pensions, especially as the proportion of Sub-Saharan Africans in vulnerable employment has attained an alarming rate of 85% for women and 70% men”.

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About the Author

Gerald Gondo serves as an Executive within RisCura Africa and is responsible for Business Development. Prior to joining RisCura, Gerald was also a founding partner of a specialist investment advisory and investment management business (Atria Africa) based in Mauritius. Gerald's passion to have first-hand experience in investing in Africa led him to join a leading pan-African asset manager (Imara Asset Management) where he had dual responsibility of being lead analyst on listed equities in Egypt, Morocco, Zambia and Mauritius whilst also building the fixed income capability of Imara Asset Management in Zimbabwe. He started his career in private equity investment in Sub-Saharan Africa (Business Partners) and has also worked as a credit analyst for a highly-rated specialist institutional fixed income boutique (Futuregrowth Asset Management), where he was responsible for credit analysis for corporate credit and securitisation issuances within South Africa.

"I've got your back" - the role of mutualitées in the DRC

18.07.2017Jaco Weideman, Research Associate & Renée Hunter, Research Analyst - CENFRI

This post was originally published on the CENFRI website.

The Democratic Republic of the Congo (DRC) is a country with a volatile history and topography that's tough to navigate. It's not the easiest place to live when you consider the risks that you are exposed to on a regular basis. These might include sickness, unemployment, and unexpected expenses, but also more specific and remarkable challenges, such as buffalos trampling your crops. Now consider that insurance is mostly inaccessible. How would you ensure that you and your family cope?

The people of the DRC have come up with an innovative and complex solution that is very well-suited to their specific needs, in the form of mutualitées. While community-based financial groups such as savings and credit associations or burial societies are seen in many countries in Africa, mutualitées are unique in their design. They are set apart from other co-operative groups by their complexity and broad activity span across different financial services and social functions. In many ways, mutualitées fulfil the role of insurers, investment managers, contractors of public works and public service providers. They manage to meet an entire portfolio of financial needs in one product.

Mutualitées started in the cosmopolitan city of Kinshasa. The coming together of different cultures and ethnicities created a need for groups to preserve and celebrate their heritage. Associations were set up and, over time, their goal evolved from cultural preservation to mutual self-help: supporting their kinsmen within an unfamiliar, and sometimes overwhelming, city, far from home. Marriages were celebrated, deaths were mourned, and assistance was given in times of hardship.

Nowadays, mutualitées are complex and organised social groups where the common bond is no longer limited to a shared ancestry, and the benefits are more than financial.

"The advantages (of a mutualitée) are love and mutual support. We give assistance in case of an illness. In a case of a birth we also assist. We provide support in case of bereavement."

Head of a mutualitée, Kinshasa

The members of a mutualitée convene regularly. At those meetings members contribute a certain sum, with which the management team (made up of highly-esteemed individuals) are charged with fulfilling the mutualitée's numerous aims. Examples range from a small mutualitée of young men that clears stagnant water in a certain suburb to combat malaria, to a large mutualitée that lobbies government in order to reunify the two Congos.

From interviews with members of mutualitées, it emerged that their overarching aim is to assist members in times of need. A common way to do this is via risk pooling or pooled savings. In certain cases of misfortune (such as death or illness) or celebration (such as marriage or childbirth), as the interviewee describes above, members are eligible for a pay-out. A specific amount is set for particular events, such as US$300 for a funeral or US$100 for childbirth. Members therefore know exactly what to expect.

Some mutualitées also assist members through individual savings and credit. The management will guard members' savings for them or, in exceptional cases, based on a member's merit, will provide them with a loan. Moreover, many mutualitées grow their funds by investing in assets. For instance, there's a student mutualitée that invests in fridges from which cold drinks are sold and another buys cars to run a taxi service.

There are also mutualitées that builds infrastructure and conduct activities to generate positive externalities. Examples range from mutualitées funding road improvements, to mutualitées that organise after-school activities for children, such as soccer tournaments.

Thus mutualitees therefore fulfil an important social as well as financial assistance role.

"Firstly, I am proud because I am in an association with my brothers. I lost my son and I did not have enough financial means and the President of the association assisted me with $200 for the coffin."

Staff member of a mutualitée, Kinshasa

So what does this mean for policymakers and regulators?

Given the early stages of retail financial market development in the DRC, where financial access barriers are wide-spread and only the top end of the market is served in the formal financial sector, the mutualitée provides a uniquely tailored, local solution to many. This creates a policy imperative to acknowledge and protect the role that the mutualitée plays in serving those outside the reach of the formal financial sector. It also poses the question of whether formalisation of these financial services is desirable and, if so, what would this formalisation look like. The implementation of the 2015 Insurance Act, which states that all providers of insurance, including mutual associations, are subject to new and stringent requirements relating to market entry and minimum capital criteria, may be the first warning light for the future of mutualitées. If strictly enforced, this would place most in jeopardy.

Should mutualitées come under threat, it will mean not only the loss of a broad-reaching financial services, but also a valuable social support network. So, whilst some will merely lament the cancellation of a local kids' soccer tournament, a greater hardship will come for those that have nowhere to turn when they need money for a hospital bill or worse, a funeral.

We encountered the phenomenon of mutualitées during our in-country research work for the Making Access Possible (MAP) study. MAP draws insights from both qualitative and quantitative, demand and supply-side research, with inputs from stakeholders in both the public and private sector. This feeds into a financial inclusion roadmap. The diagnostic for MAP DRC is forthcoming and will be released soon.

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About the Authors

Jaco Weideman is a research associate at Cenfri and has been part of the team since November 2014. Since joining the team, Jaco has been involved in several projects in Mozambique and South Africa. Jaco has been part of the team conducing MAP diagnostics in Mozambique, Madagascar and DRC, responsible for FinScope data analysis, and segmentation to identifying potential target groups for financial services providers in the country. Renée Hunter is a research analyst working within i2i's Client Insights team. Her research to date has mostly focused on client centricity and data protection. Before joining i2i, Renée worked as a junior researcher at Cenfri, and before that as a junior business developer for Divitel - an independent video systems integrator.

To the Future and Back: Financial Inclusion in the Arab World

17.07.2017Nadine Chehade, Financial Inclusion Specialist, CGAP

This post was originally published on the CGAP website.

Imagine it is 2030 and nearly everyone in the Arab world has access to financial services. Over the past two decades, legal reforms have expanded the financial market for existing and new financial service providers, spurring greater specialization and competition. People can make small payments (whether P2P, P2B, B2B, P2G, or G2P) in seconds - rendering the half-a-day trip to pay a utility bill a story from the past. Deposit amounts within the formal financial system, whether at full-fledged banks, payments banks or microfinance banks, have increased two- to five-fold. Fueled by this additional liquidity, formal lending to the private sector and to individuals has had a multiplier effect, contributing to GDP growth to an extent that has actually reduced inequalities. More private-public partnerships are soon expected to provide near-universal insurance coverage to all.

Now back to reality. In 2017, the picture is starkly different. Analysis of the available Findex data, as shown in a joint Arab Monetary Fund-CGAP report on financial inclusion measurement in the Arab world, points to a large unmet demand for financial services. Our analysis shows that 70 percent of adults in the region (168 million people) lack access to a basic account, and this figure reaches close to 80 percent in the region's developing countries. Significantly, our analysis also shows that many of the unbanked are active economic citizens, as evidenced by the fact that 92 million people report borrowing informally. Taken together, these figures suggest that financial service providers have an opportunity to address a huge unmet demand across the Arab world, including in countries with relatively more active financial markets.

At first glance, it might be hard to believe that a full 70 percent of people in the region lack access to a bank account. But the trends are identical when analyzing the supply-side figures from the International Monetary Fund's Financial Access Survey. No matter how you look at it, whether by surveying people in the streets or by aggregating data from financial service providers, the conclusion is the same: The Arab world lags behind other regions in access to formal financial services.

Source: Findex 2011 and 2014 data, except for bars in purple, computed based on the Findex data.

Note: Findex reports an average of 14% for "Middle East developing countries," including Egypt, Iraq, Jordan, Lebanon, Palestine, and Yemen. Other figures for the Arab world are calculated as averages weighted by the population aged 15+. GCC countries include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates. The Arab world includes all AMF member countries, namely GCC countries and Algeria, Comoros, Djibouti, Egypt, Iraq, Jordan, Lebanon, Libya, Mauritania, Morocco, Palestine, Somalia, Sudan, Syria, Tunisia, and Yemen.

Source: Findex 2011 and 2014 data, except for Morocco (estimated by applying to the 2011 Findex data the growth rate reported by Bank Al Maghrib on the number of accounts as collected from financial service providers).

Note: Only 2011 data are presented for countries where no data for 2014 are available (Comoros, Djibouti, Morocco, Oman, Qatar, Syria).

The good news is that we are getting closer to the future I described above. The Arab world has seen tangible progress in financial inclusion over the past few years, including changes to legal and regulatory frameworks, which have historically been (and still often are) the region's main obstacles to financial inclusion. Many of the changes from 2011 to 2015 focused on microcredit, but several countries made it possible for non-bank financial institutions to offer credit services and to market insurance products on behalf of insurance companies for the first time (e.g., Tunisia law-decree n°117, Palestine regulation n°132, Egypt microfinance law n°141, and Jordan microfinance companies regulation n°5). More recently, revamped banking laws have authorized payments companies licensed and supervised by a central bank to issue transactional accounts (e.g., Morocco's 2015 banking law n°12.103 and Tunisia's 2016 banking law n°48). Upcoming executive regulations in Morocco and Tunisia are expected to make a big difference in processing small payments for the unbanked and banked alike. Jordan now allows both refugees and nationals to open e-wallets, after taking the bold bet of mandating interoperability among mobile payment service providers from the first day of operations (unlike in many other countries, where interoperability may take years). Qatar, which like many GCC countries hosts large numbers of migrant workers, made remittances through mobile easy and cheap, improving the lives of thousands throughout the region and beyond.

As a number of countries put financial inclusion strategies into place, the region is also benefiting from increased knowledge sharing. The Arab Monetary Fund's Financial Inclusion Task Force is one example where knowledge exchange among regional central banks happens. In collaboration with several partners, the task force is making more and more tools available on topics ranging from demand-side surveys and financial consumer protection to de-risking.

Of course, much more remains to be done on all fronts to meet the Arab world's large unmet demand for financial services. Access to small savings, arguably the most important financial service for low-income people, requires more enabling legal frameworks (e.g., tiered licensing of service providers and tiered customer due diligence) so that specialized providers can emerge and become sustainable. The exceptions are perhaps countries like Morocco or Tunisia, where active postal networks play a key role in offering basic services, or Yemen, where a sound microfinance banking law is already in place. Gender-disaggregated data on financial inclusion in the region is not yet available, although it would allow for more targeted policies to nudge social norms on broader women's legal and economic rights. Lastly, even where regulation and infrastructure are in place, financial inclusion stakeholders have yet to witness success stories and market gaps being truly addressed.

Hopes are nonetheless high, and arguably the biggest change to take place over the past five years is encouraging: the shift in discourse among policymakers, who now acknowledge financial exclusion realities. The emerging consensus is that there is an untapped market and a huge opportunity to bring adapted financial services to those who need them, for the benefit of all. To advance financial inclusion, we need fact-based policies, implemented and championed by a critical mass of policy-makers who are eager to improve their countries' financial systems. Now that a number of institutions are joining forces to make this happen, today's opportunities may very well become tomorrow's realities.

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About the Author

Nadine Chehade is CGAP's representative in the Arab world. She works to deepen CGAP's engagement in the region, collaborating with various partners, including regulators and policy-makers, donors and investors, and national and regional associations. She covers matters related to policy, research, and donor coordination, with the overarching goal of advancing financial inclusion. Nadine joined CGAP in 2012, bringing ten years of experience in investment banking, management consulting, and microfinance. Prior to that, she worked as Planet Rating's Business Development Manager and MENA Director. Nadine holds an MBA from ESSEC in France. She is fluent in Arabic, English, French, and conversational in Spanish.

Growth and financial inclusion: Where is Tanzania today?

29.06.2017Bella Bird, Country Director, The World Bank

This post was originally published on the World Bank blogs website.

Two Tanzanian entrepreneurs: Hadiya and Mzuzi. Hadiya has built a successful micro-business taking advantage of mobile money services, including money transfers and savings products that are low cost and safe, as well as short term micro-loans. But Mzuzi, the owner of a small, 10-person enterprise, is facing a financial crisis despite huge personal drive and inventiveness because of his inability to access credit to expand.

The stories of these two entrepreneurs embody the experiences of real-life Tanzanians seeking opportunities for themselves and their families. Their need for financial products and services opens the second section of the 9th Edition of the Tanzania Economic Update series which, in addition to providing the World Bank's regular overview of the economy, puts a special focus on an issue of strategic significance to the country.

The broad story of Tanzania's growth and poverty reduction over the past decade is now well known: With strong and consistent growth rates of 6%-7%, Tanzania has performed very well by regional standards. But while the poverty level in Tanzania has declined significantly, roughly 12 million Tanzanians still live on less than Sh1,300 (58 US cents) per day, with many others living just above the poverty line and at risk of falling back into extreme poverty in the event of an economic shock.

A key challenge for Tanzania's economy is the estimated 800,000 young women and men who enter the job market annually with only limited opportunities to find a productive job.

Maintaining and accelerating growth requires the right policies. Tanzania's impressive growth to date has been driven by the decisions of the past. Future growth will be driven by the decisions of today's leaders. The Government of Tanzania is clear that it is focused on achieving an annual 10% rate of growth by 2020 but, to build on the current momentum, it needs to pay attention to three key areas. These are the subject of this latest economic update.

Firstly, the government should maintain its prudent macroeconomic policy management. Secondly, there should be effective management of public investment. Thirdly, Tanzania needs to unlock the growth potential of the private sector. There is no alternative to private sector-led growth to reach the levels of investment, employment and poverty reduction that will fulfil the aspirations of the Tanzanian people.

As Tanzania enjoyed a decade of stable growth, the country also made very impressive progress towards creating an efficient, low-cost mobile money infrastructure. This helped to extend financial inclusion for the benefit of many. However, the much larger formal financial system, which is critical for the growth of the business sector, continues to lag behind. Additional steps are therefore needed to further improve the mobilization of savings, whilst providing access to affordable credit to the real economy. Interest rates remain high and access to credit very restricted, resulting in a lower ratio of credit to the private sector relative to Tanzania's GDP, compared to regional and global comparators.

Three directions are suggested to secure the prospects of citizens like Hadiya and Mzuzi and many more like them.

Firstly, undertake measures to expand access to those still not participating in financial services: almost one out of three adults lacks access to financial services, with women and citizens in rural areas still strongly disadvantaged. A complete and swift roll out of an efficient and inclusive National ID system, coupled with the shift towards electronic payments for government-related transactions, including for social transfers such as TASAF, could facilitate the expansion and deepening of financial inclusion.

Secondly, deepening inclusion by broadening the use of more advanced financial products and services could help Tanzania move towards a more formalized, transparent, and dynamic economy. This can be achieved through measures that foster competition between banks and other financial service providers.

Last but not least, Tanzanians' access to affordable long-term credit needs to be improved. Reducing the pressure of public borrowing would reduce the disincentives for lending to the private sector, which would in turn improve the availability of long-term credit.

Tanzania holds great potential for accelerating its growth for the benefit of all citizens. Taking measures to bring money within reach of enterprising citizens will help to harness their latent talent, energy and drive. This will not only contribute to growth of the economy, but widen opportunities for men and women, the Hadiyas and Mzuzi's, to benefit and play their part.

With these needs in mind, Tanzania is among the 25 priority countries within the World Bank Group's Universal Financial Access 2020 initiative, whose goal is to enable access to transaction accounts as a first step toward broader financial inclusion.

We hope that this Ninth Edition of the Tanzania Economic Update will contribute to the debate.

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About the Author

Bella Bird became the Country Director for Tanzania, Burundi, Malawi and Somalia in July 2015. She is based in Dar es Salaam, Tanzania. Prior to taking up this role, Bella was the World Bank Country Director for Sudan, South Sudan and Somalia, based in Nairobi, Kenya from 2011 to 2015. Before joining the Bank in 2011, Bella served in various leadership positions in the UK Department for International Development (DFID). From 2009 - 2011, she was Head of Governance Policy in DFID. She provided leadership to a number of international policy processes at the OECD, as well as leading policy development on governance and fragile states policy within DFID. Bella also previously served in the roles of Head of DFID Nepal and of DFID Vietnam. Prior to these positions, she spent seven years with DFID as an adviser on poverty and social issues in Kenya, Tanzania and Uganda. She played a leadership role for the UK government and internationally on policies to promote state-building and peace building, championing aid effectiveness and south-south collaboration.

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What do renowned economists, financial sector practitioners, academics, and activists think about current issues of financial sector development in Africa? Find out on the blog - and share your point of view with us!

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Emerging Trends in Digital Delivery of Agri-financeH. Miller, Associate Consultant, Nathan Associates & G. Njoroge, Advisor, KPMG
Pension provision in Africa remains lowGerald Gondo, Business Development Executive, RisCura Africa
Capital requirement, bank competition and stability in...Jacob Oduor, Principal Research Economist, African Development Bank

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