Other Financial Accountability Study

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Sub-Saharan Africa

Sub-Saharan Africa, home to more than 1 billion people, half of whom will be under 25 years old by 2050, is a diverse ...

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  • Publication
    Supreme Audit Institutions’ Use of Information Technology Globally for More Efficient and Effective Audits
    (World Bank, Washington, DC, 2021-10-18) World Bank
    Supreme audit institutions (SAIs) recognize the benefits of using technology to improve the quality and impact of their audits. This benefit has further intensified during the COVID-19 pandemic; SAIs with existing technology capacity have continued to perform their role effectively and efficiently. The paper explores how at a global level SAIs are using technology to perform more efficient and more effective audits. It provides a brief overview of how some SAIs are harnessing the possibilities created by advances in technology to develop new, innovative audit methods and procedures. It also seeks to identify the factors inhibiting other SAIs in particular SAIs in developing countries from implementing and using audit methods based on information technology (IT). Against this background, the paper suggests ways in which the World Bank, working with other stakeholders, can facilitate the more extensive and more effective use of IT-based tools and methods by SAIs. The impact of COVID-19 has introduced a new important consideration: namely, how IT has helped some SAIs respond with agility and resilience to the unprecedented and completely unforeseen circumstances created by the pandemic.
  • 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
    Enhancing Financial Capability and Inclusion in Zambia: A Demand-Side Assessment
    (World Bank, Zambia, 2017-11) World Bank Group
    Financial inclusion in Zambia has nearly doubled in the last ten years - from 21.3 percent in 2005 to 40.2 percent in 2016. This success was made possible by Zambia’s Financial Sector Development Plan that concluded in 2015. And yet, when compared to other lower-middle income countries, Zambia fares less favorably in terms of account ownership, accessibility of bank branches, and usage of financial services. Main cited barriers are lack of funds, high fees, time-consuming travel, and lack of trust in the financial sector. Zambia aims to achieve universal access and has committed to implementing comprehensive national strategies for financial inclusion and financial education to accelerate progress. The World Bank survey covered in this report was requested by Zambian authorities to inform their further strategy work, help formulate quantifiable and concrete targets, and assess the effectiveness of future financial capability enhancing programs. The key findings and recommendations of the report cover areas related to Financial Inclusion, Financial Capability, and Financial Consumer Protection, followed by four chapters. Chapter 1 explores the financial inclusion landscape in Zambia. Chapter 2 reviews financial capability of Zambians in terms of their financial knowledge, attitudes, and behaviors. Chapter 3 analyzes the link between financial inclusion and financial capability in Zambia, and Chapter 4 assesses whether the financial products in Zambia meet consumers’ needs.
  • Publication
    Zimbabwe Diagnostic Review of Consumer Protection and Financial Literacy: Volume 2. Comparison with Good Practices
    (World Bank, Washington, DC, 2015-07) World Bank Group
    In the last decade, Zimbabwe’s financial sector survived the periods of hyperinflation and the collapse of the national currency that led to the adoption of a multi-currency system in early 2009. Consequently, financial sector activity in Zimbabwe has shrunk by more than 50 percent in many segments. In 2015, the financial sector is dominated by the banking segment that is generally stable but faces major systemic challenges: low liquidity, low capitalization, high cost of funds with low domestic savings and expensive external borrowing. High credit risks increase the reluctance to lend. At the same time, the technology-driven segments are growing rapidly but regulatory gaps pose significant systemic and entity-level risks. In such circumstances, the Zimbabwe authorities recognize the urgency of establishing a sound financial consumer protection regime and promoting financial literacy. This World Bank’s diagnostic review was requested by the Reserve Bank of Zimbabwe with support of the national government and regulatory bodies. It provides analysis of the legal and regulatory framework in the banking, digital financial services, non-bank credit institutions, insurance, securities, private pensions, and credit reporting segments. Four consumer focus groups were also conducted on financial capability issues. Volume I of the Review summarizes the key findings and recommendations, and Volume II provides comparison with the Good Practices for Financial Consumer Protection.
  • Publication
    Zimbabwe Diagnostic Review of Consumer Protection and Financial Literacy: Volume 1. Key Findings and Recommendations
    (World Bank, Washington, DC, 2015-07) World Bank Group
    In the last decade, Zimbabwe’s financial sector survived the periods of hyperinflation and the collapse of the national currency that led to the adoption of a multi-currency system in early 2009. Consequently, financial sector activity in Zimbabwe has shrunk by more than 50 percent in many segments. In 2015, the financial sector is dominated by the banking segment that is generally stable but faces major systemic challenges: low liquidity, low capitalization, high cost of funds with low domestic savings and expensive external borrowing. High credit risks increase the reluctance to lend. At the same time, the technology-driven segments are growing rapidly but regulatory gaps pose significant systemic and entity-level risks. In such circumstances, the Zimbabwe authorities recognize the urgency of establishing a sound financial consumer protection regime and promoting financial literacy. This World Bank’s diagnostic review was requested by the Reserve Bank of Zimbabwe with support of the national government and regulatory bodies. It provides analysis of the legal and regulatory framework in the banking, digital financial services, non-bank credit institutions, insurance, securities, private pensions, and credit reporting segments. Four consumer focus groups were also conducted on financial capability issues. Volume I of the Review summarizes the key findings and recommendations, and Volume II provides comparison with the Good Practices for Financial Consumer Protection.
  • 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
    Mozambique Diagnostic Review of Consumer Protection and Financial Literacy: Volume 1. Key Findings and Recommendations
    (World Bank, Washington, DC, 2012-12) World Bank
    The review provides a detailed assessment of the institutional policy and regulatory framework in two segments of the financial sector: banking and non-bank credit institutions. The mission took place in response to a specific request for technical assistance in the field of financial consumer protection made by the central bank, the Banco de Moçambique (BdM), in November 2011. As agreed with the BdM, the assessment has focused on bank and non-bank entities within Mozambique’s financial sector that provide financial products and services to consumers, including microfinance, with a particular focus on credit reporting and on financial awareness. Volume one summarizes the key findings and recommendations of the review and volume two presents a detailed assessment of each financial segment compared to the good practices. Volume two also includes annexes that analyze and provide more detailed recommendations on credit reporting and financial education, and a description of the overall legal and institutional frameworks for financial consumer protection in Mozambique. The key findings and recommendations presented in this report cover six areas: institutional arrangements, legal and regulatory framework, disclosure, business practices, dispute resolution mechanisms, and financial education.
  • Publication
    Mozambique Diagnostic Review of Consumer Protection and Financial Literacy: Volume 2. Comparison with Good Practices
    (World Bank, Washington, DC, 2012-12) World Bank
    The review provides a detailed assessment of the institutional policy and regulatory framework in two segments of the financial sector: banking and non-bank credit institutions. The mission took place in response to a specific request for technical assistance in the field of financial consumer protection made by the central bank, the Banco de Moçambique (BdM), in November 2011. As agreed with the BdM, the assessment has focused on bank and non-bank entities within Mozambique’s financial sector that provide financial products and services to consumers, including microfinance, with a particular focus on credit reporting and on financial awareness. Volume one summarizes the key findings and recommendations of the review and volume two presents a detailed assessment of each financial segment compared to the good practices. Volume two also includes annexes that analyze and provide more detailed recommendations on credit reporting and financial education, and a description of the overall legal and institutional frameworks for financial consumer protection in Mozambique. The key findings and recommendations presented in this report cover six areas: institutional arrangements, legal and regulatory framework, disclosure, business practices, dispute resolution mechanisms, and financial education.
  • Publication
    Republic of Zambia Diagnostic Review of Consumer Protection and Financial Literacy: Volume 2. Comparison with Good Practices
    (World Bank, Washington, DC, 2012-10) World Bank
    The Diagnostic Review of Consumer Protection and Financial Literacy in Zambia was conducted at the request of the Bank of Zambia (BoZ) and covered: i) banking; ii) non-bank financial institutions; iii) insurance; iv) pensions; and v) securities. The objectives of the Review were to compare the existing legal and regulatory framework, institutional arrangements, and market practices to good practices and provide recommendations to enhance financial consumer protection and financial literacy in Zambia. The Review consists of two Volumes. Volume I summarizes the key findings and recommendations and Volume II presents a detailed assessment of each of the covered sectors compared to the Good Practices.
  • Publication
    Republic of Zambia Diagnostic Review of Consumer Protection and Financial Literacy: Volume 1. Key Findings and Recommendations
    (World Bank, Washington, DC, 2012-10) World Bank
    The Diagnostic Review of Consumer Protection and Financial Literacy in Zambia was conducted at the request of the Bank of Zambia (BoZ) and covered: i) banking; ii) non-bank financial institutions; iii) insurance; iv) pensions; and v) securities. The objectives of the Review were to compare the existing legal and regulatory framework, institutional arrangements, and market practices to good practices and provide recommendations to enhance financial consumer protection and financial literacy in Zambia. The Review consists of two Volumes. Volume I summarizes the key findings and recommendations and Volume II presents a detailed assessment of each of the covered sectors compared to the Good Practices. The key findings and recommendations presented in Volume I cover six areas: i) legal and regulatory framework; ii) institutional arrangements; iii) consumer disclosure; iv) business practices; v) dispute resolution mechanisms; and vi) financial education.