Other Financial Accountability Study

150 items available

Permanent URI for this collection

Items in this collection

Now showing 1 - 6 of 6
  • Publication
    South Africa Financial Ombud System Diagnostic
    (World Bank, Washington, DC, 2021-06-10) World Bank
    The Finance, Competitiveness and Innovation Global Practice of the World Bank Group (WBG) aims to help countries build financial systems that are deep, diversified, inclusive, efficient, and stable essential to promoting economic growth, reducing poverty, and increasing shared prosperity. One core activity is supporting national authorities to achieve their objectives for financial inclusion, by supporting policy, legal, regulatory, and supervisory reforms in areas such as financial consumer protection, including financial-sector alternative dispute resolution (ADR). Through the South Africa Financial Sector Development and Reform Program, the WBG is supporting the national reform process, which includes achieving an efficient and effective ADR system, so that financial customers can hold financial institutions to account if there is a dispute. This diagnostic review valuates the current financial-sector Ombud system in South Africa, Compares it against international good practice, and recommends reforms to provide good-quality outcomes and good value for money for the future.
  • Publication
    Federal Republic of Nigeria Diagnostic Review of Financial Consumer Protection: Key Findings and Recommendations
    (World Bank, Washington, DC, 2017-06) World Bank Group
    While only 44 percent of adults in Nigeria have an account at a formal financial institution, and only 2.5 percent have a mobile account, there are rapid innovations in both traditional and digital financial services that promote financial inclusion but also add complexity and risks for inexperienced consumers. Strengthening financial consumer protection (FCP) in Nigeria is therefore critical to ensure responsible and sustainable financial inclusion. This Diagnostic Review was conducted under the joint World Bank and IMF program to strengthen Nigeria's financial sector. The Central Bank of Nigeria (CBN) has already established a dedicated Consumer Protection Department and developed a high-level FCP Framework, however there are many areas for improvement. The Review analyzes the FCP regime in Nigeria's banking, non-bank financial institution (NBFI) and payment sectors, and offers tailored recommendations. Based on the 2017 World Bank Good Practices for Financial Consumer Protection, this assessment covers five topics in each of the abovementioned sectors: i) legal, regulatory, and supervisory framework; ii) disclosure and sales practices; iii) fair treatment and business conduct; iv) data privacy; and v) dispute resolution mechanisms. The Review summarizes the key findings and recommendations and then discusses them in detail.
  • Publication
    Rwanda : Fiduciary Assessment on a Proposed Credit
    (Washington, DC, 2014-09-14) World Bank
    A fiduciary assessment for the Rwanda Public Sector Governance PforR was carried out, taking into account recent PFM diagnostic reports and meetings and discussions with key officials in the proposed implementing agencies and other stakeholders. The assessment followed the Draft Guidance Notes on PforR Operations and requirements of OP/BP 9.00, Program for Results. The assessment used the four pillars approach of the Organisation for Economic Co-operation and Development Development Assistance Committee (OECD-DAC) to define the inherent risks in the procurement environment. In line with the Sector Board s practices manual, the potential FM risks for the various PFM elements are rated as low (L), modest (M), substantial (S), or high (H). The assessment is also mindful of the gaps that may exist between form (policies, laws, structures, instructions/manuals) and actual functionality or practices of the PFM system. Mitigation measures are proposed to reinforce the government s PFM reform efforts. Critical measures are included in the PAP.
  • Publication
    Mozambique PFM for Results Program : Technical Assessment
    (Washington, DC, 2014-01) World Bank
    The discovery of large natural resource reserves in Mozambique has raised expectations of increased economic growth, improved public services and poverty reduction. However, the majority of the population has benefited little from growth in recent years, and may be skeptical that the potential for increased government revenues will translate into improved services. The development potential of future natural resource revenues will partially depend on stronger PFM systems, as well as political commitment to broad based social and economic development. A gap between political rhetoric and improvements in the everyday lives of the population may fuel potential for social unrest. Similarly, changing development partner circumstances (both funding constraints and changing modalities) and perceptions of Mozambique s development trajectory may lead to a drop in the levels of assistance, in advance of actual increases in revenue (it is still some years before natural resources will reach market). The Government needs to respond to both popular expectations and a changing partner environment. This creates a window of opportunity to increase government focus on the effective management of public resources and improved service delivery.
  • Publication
    Anti-Money Laundering and Combating the Financing of Terrorism : Mali
    (GIABA and the World Bank, Washington, DC, 2008-09-18) World Bank
    This assessment of the Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) regime in Mali was conducted on the basis of the Forty Recommendations of 2003 and the Nine Special Recommendations on the financing of terrorism drawn up in 2003 and 2001, respectively, by the Financial Action Task Force (FATF), and on the AML-CFT Methodology of 2004. The assessment was based on the laws, regulations, and other materials supplied by community institutions (in particular the Central Bank of West African States (BCEAO), the Banking Commission of the West African Economic and Monetary Union (BC-WAEMU) and the Inter-ministerial Group for Action Against Money Laundering in West Africa (GIABA)) and by the national authorities of Mali, as well as the information gathered in the course of the country visit from February 4 to 14, 2008. During its visit, the assessment team met with the managers and representatives of all the relevant government agencies and the private sector. This report provides a summary of the AML/CFT measures in force in Mali as at the date of the on-site visit or immediately thereafter. It describes and analyzes those measures, and makes recommendations on how certain aspects of the system could be strengthened. It also sets out Mali's level of compliance with the FATF 40+9 Recommendations.
  • Publication
    Mauritius : From Preferences to Global Competitiveness, Report of the Aid for Trade Mission
    (Washington, DC, 2006-04) World Bank
    Mauritius is facing a sharp transition from dependence on trade preferences to open competition in the global economy. And it must do so in an unusually difficult environment. After 20 years of remarkable performance, the economy has fallen off a high growth plateau of about 6 percent toward the 2-3 percent range. The creation of new jobs is now too slow to prevent an increase in unemployment. Domestic investment has fallen, the external accounts have shifted from surplus into deficit by $300 million, and the country has sporadically lost reserves. This report, the first step in a process, outlines the trade competitiveness challenges facing Mauritius that, if confronted and managed, will pave the way to a return to a higher growth path. After the Government develops the specific actions in its program, the Bank will work with the government in costing the specific investments necessary to implement its program of trade competitiveness, and will help in mobilizing external support as part of the international community's effort put together a global program of aid for trade.