The World Bank Implementation Status & Results Report Sierra Leone Financial Inclusion Project (P166601) Sierra Leone Financial Inclusion Project (P166601) AFRICA WEST | Sierra Leone | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2019 | Seq No: 5 | ARCHIVED on 29-Jun-2021 | ISR47411 | Implementing Agencies: Bank of Sierra Leone, Republic of Sierra Leone Key Dates Key Project Dates Bank Approval Date: 17-Jan-2019 Effectiveness Date: 28-May-2019 Planned Mid Term Review Date: 21-Mar-2022 Actual Mid-Term Review Date: Original Closing Date: 30-Jun-2025 Revised Closing Date: 30-Jun-2025 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The objective of the project is to increase the interoperability of digital payments and access to financial services. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Enhancing Interoperability of Digital Payments:(Cost $7.80 M) Ensuring the Viability of the Payments System through Increasing Usage:(Cost $3.50 M) Project Implementation Support:(Cost $0.70 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions The Sierra Leone Financial Inclusion Project became effective on May 28th, 2019. While the project experienced initial implementation delays, it is well underway with the main activity, installation of the national retail payment switch, in the process of being developed with the selected vendor. 6/29/2021 Page 1 of 6 The World Bank Implementation Status & Results Report Sierra Leone Financial Inclusion Project (P166601) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Substantial Substantial Substantial Macroeconomic Substantial Substantial Substantial Sector Strategies and Policies Substantial Moderate Moderate Technical Design of Project or Program Substantial Moderate Moderate Institutional Capacity for Implementation and Substantial Moderate Moderate Sustainability Fiduciary Substantial Moderate Moderate Environment and Social Low Low Low Stakeholders Moderate Moderate Moderate Other -- -- -- Overall Substantial Moderate Moderate Results PDO Indicators by Objectives / Outcomes Increased interoperability of digital payments IN01012720 ►Cumulative number of transactions processed through the retail payments switch (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1,000,000.00 Date 01-Oct-2018 09-Dec-2020 22-Jun-2021 31-Dec-2024 Comments: Cumulative number of transactions processed through the switch Increase access to financial services IN01012721 ►Financial Institutions connected to and utilizing the retail payments switch (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 14.00 Date 01-Oct-2018 09-Dec-2020 22-Jun-2021 31-Dec-2024 Comments: Number of financial institutions connected to and utilizing the switch 6/29/2021 Page 2 of 6 The World Bank Implementation Status & Results Report Sierra Leone Financial Inclusion Project (P166601) Intermediate Results Indicators by Components Enhancing Interoperability of Digital Payments IN01012722 ►Percentage of commercial banks connected to and utilizing the retail payments switch (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 01-Oct-2018 09-Dec-2019 22-Jun-2020 31-Dec-2024 Comments: Percentage of commercial banks that are connected to the national switch IN01012725 ►Cumulative value of transactions processed through the retail payments switch (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5,000,000.00 Date 01-Oct-2018 09-Dec-2019 22-Jun-2020 31-Dec-2024 Comments: The value of transactions processed through the switch Ensure usage and viability of the payments system through increasing usage IN01012723 ►Percentage of mobile money operators (MMOs) connected to and utilizing the retail payments switch (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 31-Dec-2018 09-Dec-2019 22-Jun-2020 31-Dec-2024 Comments: Number of mobile money operators connected to and utilizing the switch IN01012724 ►Percentage of deposit-taking MFIs connected to and utilizing the retail payments switch (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 20.00 Date 31-Dec-2018 09-Dec-2019 22-Jun-2020 31-Dec-2024 Number of deposit taking MFIs connected to and utilizing the retail payments switch (includes both direct Comments: and indirect connections) IN01012726 ►Number of POS installed (Number, Custom) 6/29/2021 Page 3 of 6 The World Bank Implementation Status & Results Report Sierra Leone Financial Inclusion Project (P166601) Baseline Actual (Previous) Actual (Current) End Target Value 200.00 0.00 0.00 1,200.00 Date 01-Oct-2018 09-Dec-2019 22-Jun-2020 31-Dec-2024 Comments: The number of POS installed (traditional POS and digital alternatives such as mobile POS and pos-QR) IN01012727 ►Cumulative number of POS transactions via the retail payments switch (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 200,000.00 Date 01-Oct-2018 09-Dec-2019 22-Jun-2020 31-Dec-2024 Comments: The number of transactions generated on switch POS (traditional + pos-QR code) IN01012728 ►Cumulative number of NRA collections or other government payments processed through the payments system (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 50,000.00 Date 01-Oct-2018 09-Dec-2019 22-Jun-2020 31-Dec-2024 The number of NRA collections or other government payments facilitated by electronic means (e.g., retail Comments: payments switch, ACH, etc.) IN01012729 ►Number of guidelines, laws and regulations implemented (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 3.00 Date 01-Oct-2018 09-Dec-2019 22-Jun-2020 31-Dec-2024 Comments: The number of payments related laws, regulations, and guidelines implemented as part of the project. IN01012730 ►Number of Private Sector Committee meetings held (citizen engagement) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 40.00 Date 01-Oct-2018 09-Dec-2019 22-Jun-2020 31-Dec-2024 Comments: The number of Private Sector Committee meetings held as part of the project governance structure IN01012731 ►Female account ownership at a financial institution or mobile money service provider (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target 6/29/2021 Page 4 of 6 The World Bank Implementation Status & Results Report Sierra Leone Financial Inclusion Project (P166601) Value 15.00 0.00 0.00 18.00 Date 31-Dec-2018 09-Dec-2019 22-Jun-2020 31-Dec-2024 Account ownership at a financial institution or with mobile-money service provider, female (% of Comments: population age 15+) from Finscope Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P166601 IDA-63670 Effective USD 12.00 12.00 0.00 1.28 10.72 11% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P166601 IDA-63670 Effective 17-Jan-2019 27-Feb-2019 28-May-2019 30-Jun-2025 30-Jun-2025 Cumulative Disbursements 6/29/2021 Page 5 of 6 The World Bank Implementation Status & Results Report Sierra Leone Financial Inclusion Project (P166601) PBC Disbursement Achievement Disbursed amount in Disbursement % PBC ID PBC Type Description Coc PBC Amount Status Coc for PBC Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 6/29/2021 Page 6 of 6