The World Bank Implementation Status & Results Report Sierra Leone Financial Inclusion Project (P166601) Sierra Leone Financial Inclusion Project (P166601) AFRICA | Sierra Leone | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2019 | Seq No: 2 | ARCHIVED on 02-Jan-2020 | ISR39631 | 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 Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Satisfactory Moderately Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions The Sierra Leone Financial Inclusion Project became effective on May 28th, 2019. The project experienced various delays, and the team is working with the implementing agency to expedite project activities. 1/2/2020 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 Substantial Substantial Technical Design of Project or Program Substantial Substantial Substantial Institutional Capacity for Implementation and Sustainability Substantial Substantial Substantial Fiduciary Substantial Substantial Substantial Environment and Social Low Low Low Stakeholders Moderate Moderate Moderate Other -- -- -- Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Increased interoperability of digital payments IN00775963 ►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 12-Apr-2019 12-Apr-2019 31-Dec-2024 Comments: Cumulative number of transactions processed through the switch Increase access to financial services IN00775964 ►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 12-Apr-2019 12-Apr-2019 31-Dec-2024 Comments: Number of financial institutions connected to and utilizing the switch 1/2/2020 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 IN00775965 ►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 12-Apr-2019 12-Apr-2019 31-Dec-2024 Comments: Percentage of commercial banks that are connected to the national switch IN00775988 ►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 12-Apr-2019 12-Apr-2019 31-Dec-2024 Comments: The value of transactions processed through the switch Ensure usage and viability of the payments system through increasing usage IN00775986 ►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 12-Apr-2019 12-Apr-2019 31-Dec-2024 Comments: Number of mobile money operators connected to and utilizing the switch IN00775987 ►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 12-Apr-2019 12-Apr-2019 31-Dec-2024 Number of deposit taking MFIs connected to and utilizing the retail payments switch (includes both direct Comments: and indirect connections) IN00775989 ►Number of POS installed (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 200.00 0.00 0.00 1,200.00 1/2/2020 Page 3 of 6 The World Bank Implementation Status & Results Report Sierra Leone Financial Inclusion Project (P166601) Date 01-Oct-2018 12-Apr-2019 12-Apr-2019 31-Dec-2024 Comments: The number of POS installed (traditional POS and digital alternatives such as mobile POS and pos-QR) IN00775990 ►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 12-Apr-2019 12-Apr-2019 31-Dec-2024 Comments: The number of transactions generated on switch POS (traditional + pos-QR code) IN00775991 ►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 12-Apr-2019 12-Apr-2019 31-Dec-2024 The number of NRA collections or other government payments facilitated by electronic means (e.g., retail Comments: payments switch, ACH, etc.) IN00775992 ►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 12-Apr-2019 12-Apr-2019 31-Dec-2024 Comments: The number of payments related laws, regulations, and guidelines implemented as part of the project. IN00775993 ►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 12-Apr-2019 12-Apr-2019 31-Dec-2024 Comments: The number of Private Sector Committee meetings held as part of the project governance structure IN00775994 ►Female account ownership at a financial institution or mobile money service provider (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 15.00 0.00 0.00 18.00 Date 31-Dec-2018 12-Apr-2019 12-Apr-2019 31-Dec-2024 Account ownership at a financial institution or with mobile-money service provider, female (% of Comments: population age 15+) from Finscope 1/2/2020 Page 4 of 6 The World Bank Implementation Status & Results Report Sierra Leone Financial Inclusion Project (P166601) 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 0.42 11.58 3.5% 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 Restructuring History There has been no restructuring to date. Related Project(s) 1/2/2020 Page 5 of 6 The World Bank Implementation Status & Results Report Sierra Leone Financial Inclusion Project (P166601) There are no related projects. 1/2/2020 Page 6 of 6