Other Financial Accountability Study
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Publication
Rwanda Diagnostic Review of Consumer Protection and Financial Literacy: Private Pensions and Securities, Volume 2. Comparison with Good Practices
(World Bank, Washington, DC, 2015-11)This review of consumer protection and financial literacy (CPFL) in the private pensions and securities sectors in Rwanda complements the 2013 review of Rwanda’s banking, microfinance, and insurance sectors. As noted previously, the institutional elements of the formal financial sector in Rwanda are in place but the levels of financial inclusion are still low. The government pension scheme covers less than 3 percent of the population, and the voluntary private pension funds cover less than 1 percent. The new Pensions Law in Rwanda introduced a comprehensive regulation of the private pension funds, providing a basis for sound consumer protection and opening opportunities for growth, and yet some CPFL issues still need to be addressed. The securities market lists only 7 equities and 9 bonds, capitalized at 27 percent of GDP. The 2011 laws on capital markets regulation introduced a sound regulatory framework that is not yet complete nonetheless and requires stronger investor protection. The key findings and recommendations of the Review – presented in Volume 1 of 2 – detail the main CPFL challenges and the suggested high priority remedies. The full list of recommendations is presented in the annexes. Volume 2 provides a detailed assessment of CPFL in both the private pensions and securities sectors against the international best practices summarized in the World Bank Group’s good practices for financial consumer protection and financial literacy/capability. -
Publication
Rwanda : Technical Assessment on a Proposed Credit
(Washington, DC, 2014-09-14)The Public Financial Management (PFM) Sector Strategic Plan (SSP) identifies key challenges and proposes solutions in each program that are translated into a foundation for defining sector priorities and outcomes through FY2017-18. Improving coherence between national strategies, the Medium Term Expenditure Framework (MTEF), and the annual budget process has been identified as an area for improvement under the first program, on economic planning and budgeting. In the second program, on resource mobilization, key challenges are inadequate resource mobilization, resulting in aid dependency at the national level and lack of discretionary revenues at the subnational level. Across the PFM sector, particularly under program 7, on PFM sector and coordination, capacity and skill shortages are identified as key bottlenecks. Capacity and skill shortages are more pronounced at the subnational level, especially on core PFM areas such as accounting, auditing, budgeting, and reporting. NISR made significant progress in the quality, timeliness, and dissemination of data, mainly in the social and demographic domain, under the first National Strategy for Development of Statistics, or NSDS (2009-14). The overarching objectives of NSDS 2 are to produce relevant, reliable, and timely statistics to monitor the progress of EDPRS 2 and to strengthen the NSS. -
Publication
Mozambique PFM for Results Program : Technical Assessment
(Washington, DC, 2014-01)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
Tanzania Diagnostic Review of Consumer Protection and Financial Literacy: Volume 2. Comparison with Good Practices
(World Bank, Washington, DC, 2013-11)In 2011, only 17.3 percemt of adults in Tanzania had an account at a formal financial institution and 56 percemt did not have any access to financial services. Most of the population lives in rural areas with very low incomes and poor infrastructure, and women are especially disadvantaged. Such limited access to formal financial services also inhibits financial literacy – awareness of benefits and risks, and how to take advantage of opportunities. Despite significant challenges, all institutional elements of the formal financial sector in Tanzania are in place, helping its gradual expansion, and in some segments technology is driving rapid growth – particularly in mobile and electronic payments. Still, gaps and weaknesses in financial consumer protection and financial education remain some of the main obstacles to sustainability and greater trust in the financial sector. This Diagnostic Review was requested by the Ministry of Finance of Tanzania in November 2012. It provides a detailed assessment of Tanzania’s institutional, legal and regulatory framework against the World Bank’s Good Practices for Financial Consumer Protection. Three segments of the financial sector have been analyzed: banking, microfinance, and pensions. Insurance and securities segments will be considered at a later stage. Volume I of the Review summarizes the key findings and recommendations and Volume II presents a detailed assessment of each financial segment compared to the Good Practices. -
Publication
Tanzania Diagnostic Review of Consumer Protection and Financial Literacy: Volume 1. Key Findings and Recommendations
(World Bank, Washington, DC, 2013-11)In 2011, only 17.3 percemt of adults in Tanzania had an account at a formal financial institution and 56 percemt did not have any access to financial services. Most of the population lives in rural areas with very low incomes and poor infrastructure, and women are especially disadvantaged. Such limited access to formal financial services also inhibits financial literacy – awareness of benefits and risks, and how to take advantage of opportunities. Despite significant challenges, all institutional elements of the formal financial sector in Tanzania are in place, helping its gradual expansion, and in some segments technology is driving rapid growth – particularly in mobile and electronic payments. Still, gaps and weaknesses in financial consumer protection and financial education remain some of the main obstacles to sustainability and greater trust in the financial sector. This Diagnostic Review was requested by the Ministry of Finance of Tanzania in November 2012. It provides a detailed assessment of Tanzania’s institutional, legal and regulatory framework against the World Bank’s Good Practices for Financial Consumer Protection. Three segments of the financial sector have been analyzed: banking, microfinance, and pensions. Insurance and securities segments will be considered at a later stage. Volume I of the Review summarizes the key findings and recommendations and Volume II presents a detailed assessment of each financial segment compared to the Good Practices. -
Publication
South Africa Diagnostic Review of Consumer Protection in Non-Credit Financial Services: Volume 2. Review against Good Practices
(World Bank, Washington, DC, 2011-12)The consumer financial services sector in South Africa is among the most sophisticated in the world, yet nearly 40 percent of the population, especially blacks, use no formal financial services. The now ubiquitous mobile phones are dramatically changing the landscape of digital financial services but weak financial literacy and general literacy of the underserved population remain the Achilles Heel. At the same time, weak competition in the South African financial services sector is an issue – just 4 banks control over 80 percent of retail banking and over 90 percent of personal transactions, maintaining rates and fees above competitive levels. The 2010 FinScope survey found that consumer trust was higher in informal financial institutions than in the formal ones such as banks. The South African Government has embarked on a substantive program of improving the financial sector legislation and establishing a full market conduct regulator. Presented in two volumes, this World Bank’s review compares the South African framework for financial consumer protection (FCP) to international practice and provides recommendations to strengthen it. Volume I summarizes South Africa’s FCP policies, describes the recent surveys, and sets out the key findings and recommendations of the Review. Volume II provides an assessment of banking, securities, insurance, and private pensions segments and discusses the key issues in retail payments and remittances and financial education. -
Publication
South Africa Diagnostic Review of Consumer Protection in Non-Credit Financial Services: Key Findings and Recommendations
(World Bank, Washington, DC, 2011-12)The consumer financial services sector in South Africa is among the most sophisticated in the world, yet nearly 40 percent of the population, especially blacks, use no formal financial services. The now ubiquitous mobile phones are dramatically changing the landscape of digital financial services but weak financial literacy and general literacy of the underserved population remain the Achilles Heel. At the same time, weak competition in the South African financial services sector is an issue – just 4 banks control over 80 percent of retail banking and over 90 percent of personal transactions, maintaining rates and fees above competitive levels. The 2010 FinScope survey found that consumer trust was higher in informal financial institutions than in the formal ones such as banks. The South African Government has embarked on a substantive program of improving the financial sector legislation and establishing a full market conduct regulator. Presented in two volumes, this World Bank’s review compares the South African framework for financial consumer protection (FCP) to international practice and provides recommendations to strengthen it. Volume I summarizes South Africa’s FCP policies, describes the recent surveys, and sets out the key findings and recommendations of the Review. Volume II provides an assessment of banking, securities, insurance, and private pensions segments and discusses the key issues in retail payments and remittances and financial education. -
Publication
Anti-Money Laundering and Combating the Financing of Terrorism : Mali
(GIABA and the World Bank, Washington, DC, 2008-09-18)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.