The World Bank Implementation Status & Results Report Financial Inclusion Support Project in Burkina Faso (P164786) Financial Inclusion Support Project in Burkina Faso (P164786) AFRICA | Burkina Faso | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2019 | Seq No: 2 | ARCHIVED on 01-Feb-2020 | ISR40390 | Implementing Agencies: Ministry of Economy, Finance and Development, Directorate of Treasury and Public Accounting Key Dates Key Project Dates Bank Approval Date: 30-Apr-2019 Effectiveness Date: 06-Sep-2019 Planned Mid Term Review Date: 01-May-2023 Actual Mid-Term Review Date: Original Closing Date: 30-Apr-2025 Revised Closing Date: 30-Apr-2025 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective is to increase access to digital financial services and facilitate access to credit for targeted beneficiaries. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Increasing the usage of transactions accounts:(Cost $28.30 M) Strengthening institutional capacity for enhanced financial inclusion:(Cost $8.70 M) Increasing farmers’ and SMEs’ access to credit:(Cost $54.50 M) Project management:(Cost $8.50 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions Implementation progress has been strong over the period. The client met most all effectiveness and disbursement conditions. The Steering Committee, PIU, and Guarantee Fund Technical Committee are all in place and operating well. The new to bank operations PIU worked diligently to submit a draft PTBA 2020 on time, reviewed and approved by the Steering Committee. And thanks to PPA funding, the client was able to undertake a number of key procurements to advance on project implementation during the period, notably: Recruitment for international TA to help client develop project procedure manual. Recruitment for international TA to assist the Treasury with the SWIFT connection to regional payments system. The consultant has been hired and an agreed 18 month work program is being implemented. Recruitment of international technical assistance to assist guarantee company, SOFIGIB, to set up the new partial portfolio credit guarantee. The client is in the last stage of negotiations with the service provider. 2/1/2020 Page 1 of 7 The World Bank Implementation Status & Results Report Financial Inclusion Support Project in Burkina Faso (P164786) The PIU (new to bank operations) is highly motivated, proactive and availing of all bank FM, procurement, safeguards resources and trainings. They have been diligent in meeting deadlines and conducting recruitments. There was also a seamless transition from the PGECP project team that managed the PPA and the new project team in October 2019. 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 Moderate Moderate Moderate Technical Design of Project or Program Substantial Substantial Substantial Institutional Capacity for Implementation and Substantial Substantial Substantial Sustainability Fiduciary Substantial Substantial Substantial Environment and Social Moderate Moderate Moderate Stakeholders Moderate Moderate Moderate Other -- -- -- Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Increased access to digital financial services and credit for targeted beneficiaries. IN00797795 ►Percentage of social services beneficiaries (CNSS and CARFO) that receive social benefits paid into their transaction accounts. (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 Date 30-Apr-2019 12-Jul-2019 24-Jan-2020 30-Apr-2025 Percentage of individuals using transaction accounts (bank, MFIs or mobile money accounts) to receive Comments: and make payments to government and MFIs. IN00797796 ►Percentage of customs payments made electronically. (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target 2/1/2020 Page 2 of 7 The World Bank Implementation Status & Results Report Financial Inclusion Support Project in Burkina Faso (P164786) Value 0.00 0.00 0.00 30.00 Date 30-Apr-2019 12-Jul-2019 24-Jan-2020 30-Apr-2025 Percentage of individuals using transaction accounts (bank, MFIs or mobile money accounts) to receive Comments: and make payments to government and MFIs. IN00797797 ►Percentage of MFI clients receiving loan disbursement or making transactions using mobile money accounts that are linked to their MFI accounts (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 Date 30-Apr-2019 12-Jul-2019 24-Jan-2020 30-Apr-2025 Percentage of individuals using transaction accounts (bank, MFIs or mobile money accounts) to receive Comments: and make payments to government and MFIs. IN00797798 ►Number (cumulative) of farmers, SMEs, women-led enterprise borrowers who are covered by the partial portfolio credit guarantees. (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 12,000.00 Date 30-Apr-2019 12-Jul-2019 24-Jan-2020 30-Apr-2025 Comments: Number of SMEs which obtained loans guaranteed under the PPCG. IN00797799 ►Number women-led SME borrowers who are covered by the partial portfolio credit guarantees. (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 4,000.00 Date 30-Apr-2019 12-Jul-2019 24-Jan-2020 30-Apr-2025 Comments: Number of women-led SMEs which obtained loans guaranteed under the PPCG. IN00797800 ►Volume of PFIs lending to farmers, SMEs and women-led enterprises based on guarantees issued by PPCG in thousands of USD. (Number (Thousand), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 100,000.00 Date 30-Apr-2019 12-Jul-2019 24-Jan-2020 30-Apr-2025 Total value of loan portfolio covered under the PPCG in thousands of USD. This amount will be confirmed Comments: prior to project effectiveness. Intermediate Results Indicators by Components Increasing usage of transaction accounts. 2/1/2020 Page 3 of 7 The World Bank Implementation Status & Results Report Financial Inclusion Support Project in Burkina Faso (P164786) IN00797803 ►Connection of national treasury to the SICA-WAEMU payments platform established. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 30-Apr-2019 12-Jul-2019 24-Jan-2020 30-Apr-2025 Comments: This indicator measures the national treasury's connection to the regional payments platform. IN00797809 ►Number of MFIs that allow loan disbursement and repayment through a mobile money account (“wallet-to-account”) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 8.00 Date 30-Apr-2019 12-Jul-2019 24-Jan-2020 30-Apr-2025 This indicator measures the number of MFI using mobile money to disburse loans and receive loan Comments: repayments. Strengthening institutional capacity for enhanced financial inclusion IN00797801 ►Revised MF supervisory risk-based system operational. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 25-Oct-2019 12-Jul-2019 24-Jan-2020 31-Oct-2025 Comments: This indicator measures the implementation of the new risk-based MF supervisory system. IN00797805 ►Completion rate of planned on-site MFI inspections. (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 50.00 50.00 50.00 100.00 Date 25-Oct-2019 12-Jul-2019 24-Jan-2020 31-Oct-2025 Comments: This indicator measures the rate of completed MFI site inspections against total inspections planned. IN00797807 ►Adoption of the microfinance resolution framework (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 01-Oct-2019 12-Jul-2019 24-Jan-2020 31-Oct-2025 2/1/2020 Page 4 of 7 The World Bank Implementation Status & Results Report Financial Inclusion Support Project in Burkina Faso (P164786) Comments: This indicator measures the adoption of the new microfinance resolution framework. IN00797810 ►Number of consumers reached by financial education campaign via mobile phone. (Number (Thousand), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 200.00 Date 25-Oct-2019 12-Jul-2019 24-Jan-2020 31-Oct-2025 This indicator measures the number of individuals reached by the digital financial education campaign via Comments: SMS (voice and text) and interactive voice recordings. IN00797812 ►Observatory on financial services established. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 25-Oct-2019 12-Jul-2019 24-Jan-2020 31-Oct-2025 Comments: This indicator measures the establishment of an observatory that is fully operational. IN00797813 ►Percentage of complaints resolved by the Obervatory. (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 25-Oct-2019 12-Jul-2019 24-Jan-2020 24-Oct-2025 Comments: This measures the functionality of the observatory services. IN00797814 ►Percentage of FAARF clients (who are exclusively female) linked to formal financial services (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 Date 25-Oct-2019 12-Jul-2019 24-Jan-2020 31-Oct-2025 This indicator measures the percentage of FAARF clients that graduate into the formal financial sector. Comments: FAARF clients are exclusively female. Increasing farmers' and SMEs' access to credit. IN00797802 ►Percentage of non-performing loans of the PPCG. (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 8.00 8.00 8.00 5.00 2/1/2020 Page 5 of 7 The World Bank Implementation Status & Results Report Financial Inclusion Support Project in Burkina Faso (P164786) Date 25-Oct-2019 12-Jul-2019 24-Jan-2020 25-Oct-2024 Comments: This indicator measures the minimum level of NPLs that PFIs are expected to maintain each year. IN00797806 ►Number of SMEs reached with business development services. (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 2,000.00 Date 25-Oct-2019 12-Jul-2019 24-Jan-2020 31-Oct-2025 Comments: This indicator measures the number of SME owners that received BDS provided through the project. IN00797808 ►Number of SMEs reached with the business plan competition. (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 40.00 Date 25-Oct-2019 12-Jul-2019 24-Jan-2020 31-Oct-2025 This indicator measures the number of SMEs that will be selected via the Business plan competition, of Comments: which 10% are Fintech. IN00797811 ►Percentage of women-led enterprises reached with BDS (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 50.00 Date 30-Apr-2019 12-Jul-2019 24-Jan-2020 30-Apr-2025 Comments: This indicator measures the proportion of BDS beneficiaries that are women-led enterprises. Project management IN00797804 ►Project monitoring and evaluation system established (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 30-Apr-2019 12-Jul-2019 24-Jan-2020 30-Apr-2025 Comments: This indicator measures the establishment of an M&E system for the project. Data on Financial Performance 2/1/2020 Page 6 of 7 The World Bank Implementation Status & Results Report Financial Inclusion Support Project in Burkina Faso (P164786) Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P164786 IDA-63960 Effective USD 100.00 100.00 0.00 0.34 96.10 0.4% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P164786 IDA-63960 Effective 30-Apr-2019 10-May-2019 06-Sep-2019 30-Apr-2025 30-Apr-2025 Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 2/1/2020 Page 7 of 7