Country: Tanzania

UWASA Tanga issues 53bn/- DSE listed water green bond

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The first ever sub-national water infrastructure green bond in East Africa, valued at 53.12bn/- has been issued by Tanga Urban Water Supply and Sanitation Authority (Tanga UWASA), an autonomous water utility.

The transaction is expected to finance expansion and improvement of the water supply infrastructure and environmental conservation within Tanga city and nearby townships.

The 10 year project revenue bond is to be listed at the Dar es Salaam Stock Exchange (DSE), offering an attractive interest rate of 13.5 percent per annum to be paid semi-annually.

Key stakeholders involved in preparing the water green bond includes NBC Bank as the lead transaction advisor, FSD Africa a UK-backed Africa green financing framework, FIMCO (a financial investment management company that offers professional assistance to clients looking to navigate local financial markets) and Global Sovereign Advisory (GSA), a Rockefeller Foundation linked firm advising governments on strategic, economic and financial issues which took the role of financial and investment advisory, ALN (T) a commercial law firm that acted as legal advisor, Innovex (reporting accountant), Vertex International Securities (stockbroker) and ISS Corporate Solutions (second-party opinion provider).

Water minister Jumaa Aweso said at the event that the general public, investors, institutions and individuals are welcome to visit any NBC Bank branch or authorized brokers to invest in the scheme within the offer period of six weeks.

A key stakeholder, FSD Africa in the past two years obtained a £90m commitment from the British government to initiate a new phase of financial sector development.

It said at the time that the £90m commitment from UK Aid, part of a £320m package, would help initiate an ambitious new phase of financial sector development across the African continent.

The UK Aid package includes funding for eight existing local financial sector development programmes and to set up and scale new FSDs in high-priority markets.

There is also the African Guarantee Fund (AGF), a leader in promoting financing of small and medium-sized enterprises (SMEs) across Africa and FSD Africa, a pioneering development agency committed to reshaping Africa’s long-term financial landscape.

The two signed a strategic cooperation agreement aimed at propelling the growth of Green SMEs by providing critical financial support, technical assistance, and capacity building.

The government adopted the Alternative Project Financing (APF) strategy in 2021 owing to the need to broaden its domestic revenue base to finance various development initiatives including water, energy, healthcare, agriculture, and other productive infrastructure projects.

Vice President Dr Philip Mpango praised the financing of strategic revenue generating projects through a revenue bond such as the Tanga Bond, noting that it will reduce pressure on the government budget and provide an opportunity to focus on priority social initiatives that can’t be financed via commercial windows.

He said that it was vital for the Treasury Registrar to oversee public institutions, including those serving regions, municipalities or cities to explore ways to tap long term finance via corporate revenue or municipal bond issuance.

Hamad Chande, the Finance deputy minister, noted that the bond issuance was part of the government’s Alternative Project Financing strategy which needs to be used by more public entities to finance local development projects.

They should not rely on government grants, in the same manner as the private sector and corporate entities operating in the same market.

Mark Napier, the FSD Africa CEO said the successful launch of the Tanga UWASA Water Green Bond is testimony to the power of innovative financing in driving sustainable development in East Africa.

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Landmark $20.8m Sub-national Water Infrastructure Green Bond Issued in EA

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  • This project is expected to improve and increase water supply from 96 per cent to 100 per cent in Tanga City.
  • The government of Tanzania adopted the Alternative Project Financing (APF) strategy in 2021
  • Mark Napier, CEO of FSD Africa, commended the collaborative effort behind the Tanga UWASA Green Bond.

The first ever Sub-national Water Infrastructure Green Bond in East Africa, worth $20.8 million, has been issued by Tanga Urban Water Supply and Sanitation Authority (Tanga UWASA), an autonomous water utility.

This landmark transaction would fund the expansion and improvement of sustainable water supply infrastructure and environmental conservation within Tanga City and nearby townships. The 10-year project revenue bond listed at the Dar es Salaam Stock Exchange (DSE) offers an attractive interest rate of 13.5 per cent per annum to be paid semiannually.

The government of Tanzania adopted the Alternative Project Financing (APF) strategy in 2021 because of the need to broaden its domestic revenue base to finance various national development initiatives, including water, energy, health care, agriculture, and other productive infrastructure projects.

The Tanga bond is the first significant transaction demonstrating that municipalities, cities, and sub-national entities can use the existing regulations and frameworks to raise substantial capital from domestic capital markets in local currency to finance development.

Jumaa Aweso, the Minister for Water, emphasized the government’s mandate to improve water accessibility, particularly in urban and rural areas. He stressed the importance of deploying innovative financing mechanisms, similar to the Tanga UWASA initiative, to achieve ambitious water supply targets by December 2025.

” This project is expected to improve and increase water supply from 96 per cent to 100 per cent in Tanga City and reliability of water for 24 hours, by June 2025. Similarly, increase water supply network from 70Per cent to more than 95Per cent in the townships of Muheza and Pangani respectively by June 2025,” said Aweso.

Government officials, including Philip Mpango, Vice President of the United Republic of Tanzania, emphasized the importance of strategic revenue-generating projects like the Tanga Bond in alleviating pressure on the government budget. They underscored the significance of redirecting resources towards priority social initiatives that cannot be adequately financed through commercial means alone.

“Am directing the Treasury Registrar’s Office which supervises public institutions and the Minister of State, President Office, Regional Administration and Local Government (PORALG), to explore eligible public institutions, Local Governments, cities and municipalities to prepare to tap long term finance via revenue and municipal bond issuance,” said Mpango.

Mark Napier, CEO of FSD Africa, commended the collaborative effort behind the Tanga UWASA Green Bond, emphasizing its role in driving sustainable development across East Africa. Napier highlighted the transformative impact of strategic partnerships in reshaping the region’s financial landscape and fostering inclusive growth.

First Water Infrastructure Green Bond

“We are excited to witness the successful launch of the Tanga UWASA Water Green Bond, a testament to the power of innovative financing in driving sustainable development in East Africa. This milestone achievement not only underscores FSD Africa’s commitment to making finance work for Africa but also highlights the immense potential of collaborative efforts in transforming the region’s financial landscape,” said Napier.

“The Tanga UWASA Green Bond represents a significant step towards inclusive growth, and we are proud to have played a role in facilitating this historic initiative. It reinforces our belief in the transformative impact of strategic partnerships and underscores our unwavering commitment to driving positive change for communities across the continent,” he added.

Deputy Minister of Finance, Hon. Hamad Chande, highlighted that the Government of Tanzania is committed to ensuring that more public entities use its Alternative Project Financing strategy to finance local development instead of relying only on government grants, a leaf to be borrowed from the Private Sector and Corporates who operates in the same market.

Other stakeholders involved in preparations of the Tanga water green bond include NBC Bank (lead transaction advisor), FSD Africa (supported green framework), FIMCO and Global Sovereign Advisory (financial & investment advisory), ALN Tanzania (legal advisor), Innovex (reporting accountant), Vertex International Securities (stockbroker) and ISS Corporate Solutions (second-party opinion provider).

The general public, investors, Institutions, and individuals are welcome to visit any NBC Bank branches or any other authorized brokers to invest in the Tanga water green bond within the offer period of 6 weeks.

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Braving the Bonds: Empowering Women Entrepreneurs in Tanzania

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Women in Tanzania face a range of challenges in their participation in significant economic activities, as well as in their homes and communities. While not all these obstacles directly affect women’s inability to benefit from financial services, they all contribute significantly to the problem of women not making the most of their skills and opportunities. If these barriers are eliminated, more women can engage in economic activities and, consequently, the financial sector.

In January 2023, I had the opportunity to visit Tanzania to observe first-hand the groundbreaking impact of the Jasiri Gender Bond – an initiative by NMB Bank backed by FSD Africa. The purpose of the trip was to document the tangible outcomes of projects we support across sub-Saharan Africa as part of our “Voices from the Field” series. FSD Africa is dedicated to mobilising finance that not only drives economic and social development but also ensures environmental sustainability and resilience across the continent.

The Jasiri Gender Bond – the first gender bond in sub-Saharan Africa – was launched in April 2022 to address the significant financing gap faced by women-owned and led businesses. Named “Jasiri” – Swahili for “brave” – this bond represents the strength and determination of Tanzanian women entrepreneurs and is aimed at supporting their empowerment in line with the SDGs, particularly 1 (No Poverty), 5 (Gender Equality), and 10 (Reduced Inequalities).

Listed on the Dar Es Salaam Stock Exchange and the Luxembourg Green Exchange, the Jasiri Gender Bond raised approximately US$ 32 million, far exceeding expectations with a 197% oversubscription. This overwhelming response emphasises the bond’s significance as an inspiration for gender-focused economic empowerment in Africa.

A gender bond is a financial instrument that channels its proceeds into empowering women-led ventures. The Jasiri Gender Bond targets businesses that are either predominantly owned by women (at least 50%), have a workforce of more women than men, or offer products or services that significantly benefit women. Male-owned enterprises that notably support women’s needs also qualify as target enterprises. This could encompass a range of businesses, from maternity hospitals to companies specialising in feminine products, emphasising their pivotal role in uplifting women’s economic status.

As part of NMB Bank’s retail products, the Jasiri Bond provides women business owners with access to new markets, going beyond only financial assistance. The project does more than just give these women access to loans with rates lower than the industry average; it also gives them experience in foreign markets in countries like Turkey and China, which helps them become more savvy businesswomen. In addition to providing financial support, the bond cultivates a community of strong businesswomen by connecting them with a varied network of entrepreneurs across the continent.

By providing lower interest loans and educational support, this initiative empowers women, fostering significant personal and business growth, and contributing to the local economy’s dynamism. At the Sinza Business Center, one of the bank’s branches, Istoria Senda, the Business Manager spoke of the bond’s role in overcoming economic barriers for women.

Istoria Senga

Gudila Kimati is the owner of a lucrative boutique, Maggy Dress-Up. She leveraged a loan obtained through the Jasiri Bond to expand her business, specialising in plus-size women’s clothing. This expansion not only grew her business but also improved her personal life, embodying the bond’s goal to enhance women’s economic opportunities.

We also met Mrs. Selina Godfrey Letara, a businesswoman with humble beginnings. Her entrepreneurial journey, from selling second-hand clothes to establishing a successful sanitary products business, showcases the broad impact of the Jasiri Bond. Her story highlights the importance of financial discipline and the role of strategic banking partnerships in women’s economic empowerment.

The Jasiri Gender Bond is more than a financial tool, it’s a catalyst for change, driving economic empowerment for women in Tanzania and setting a precedent for the African continent. By providing over 3,000 loans to women-led MSMEs, the bond has not only facilitated access to finance but also encouraged women’s entry into male-dominated industries, enhanced productivity, and catalysed local economic growth.

Long before Jasiri, the bank was already a champion for women, with a portfolio boasting nearly $500 million in loans to female entrepreneurs. The gender bond initiative didn’t just amplify their commitment; it also spotlighted their dedication to this vital market segment.

These stories from our impact series fall in line with our broader mission to tackle financial exclusion and foster sustainable, inclusive economic growth. Looking ahead, the bank is eager to work with governments, channelling sustainable finance into pivotal projects to secure necessary funding. Moreover, they’re setting their sights on greening their portfolio, aiming for at least 5% investments that align with their National Determined Contribution (NDC) goals by 2030, underlining their forward-thinking approach to both gender equality and environmental sustainability.

Watch the feature story below.

African Development Bank approves $10 million investment in Dhamana Guarantee Company Limited, East Africa

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ABIDJAN, Côte d’ivoire, 21 November 2023 -/African Media Agency(AMA)/-The Board of Directors of the African Development Bank Group has approved a $10 million equity investment in Dhamana Guarantee Company Limited to support the use of capital markets as an alternative source of long-term funding for infrastructure and the real sector in East Africa.

Dhamana will be domiciled in Kenya as a limited liability company with a regional mandate to provide credit guarantees on debt capital market instruments. The Bank Group’s financing will enable Dhamana to issue guarantees for debt instruments. These local currency bonds are intended to boost the credit rating of the instruments to crowd in investment from pension funds, insurance companies and sovereign wealth funds to finance infrastructure and the real sector in East Africa.

The Bank, together with InfraCo Africa (part of the Private Infrastructure Development Group), Financial Sector Deepening Africa, and local institutional investors and other partners, will be supporting the operationalization of Dhamana.

Dhamana  will support access to financing for key sectors including transport, water, renewable energy, and waste management, among others. Dhamana is committed to catalyze financing to assist the scale-up of green and sustainable financing into East Africa. Its credit guarantee activities should provide investors with the necessary comfort to support the allocation and intermediation of pools of private institutional investors’ funding into infrastructure.”

Nnenna Nwabufo, African Development Bank Director General for the East Africa region, said, “The African Development Bank is pleased to continue to support the operationalization of innovative solutions such as those provided by Dhamana to unlock and channel long-term local currency funding towards the real sector.

PIDG’s CEO, Philippe Valahu, said, “African Development Bank joining PIDG marks a significant milestone for the Dhamana Guarantee Company. This additional equity will allow Dhamana to further mobilise significant untapped pools of domestic institutional capital into East Africa’s real economy, such as new green infrastructure, and providers of credit to individuals and businesses. We are committed to catalysing the development of domestic capital markets in Africa, as we seek to unlock investment for bankable, climate-resilient projects to be delivered with the scale and urgency required to meet the challenges of climate change and welcome the support of African Development Bank in Africa to help achieve this goal.

Ahmed Attout, African Development Bank Acting Director for Financial Sector Development, said: “The Bank’s support for Dhamana shows the catalytic role and potential of guarantee companies in leveraging opportunities for real sector and infrastructure financing in local currency and local corporate debt capital markets deepening in the East Africa region. The investment in Dhamana follows the Bank’s priority to mobilize institutional financing for infrastructure investment in East Africa.”

The Bank’s partnership with Dhamana advances several strategic objectives including to help stimulate local currency debt market financing across diverse infrastructure sectors and enhancing economic diversification and competitiveness in the region. The intervention also aligns with the Bank’s priorities to promote regional integration including through improved infrastructure development, promotion of inclusive and sustainable industrialization, and fostering innovation.

The investment aligns with African Development Bank strategic efforts, in collaboration with development partners, including PIDG, to operationalize credit enhancement companies in selected Regional Member Countries.

Distributed by African Media Agency (AMA) on behalf of African Development Bank.

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NMB Jasiri Gender Bond Report

Overview

This is the first Jasiri Gender Bond impact report from NMB Bank. NMB Bank is proud to be the first in Sub-Saharan Africa Region to issue a listed gender bond, setting a new norm for generating alternative financial instruments with long-term effects.

The NMB Bank Plc is a leading financial institution in Tanzania, with over 6 million customer accounts and over 3,500 staff as of December 2022. The Bank offers various retail, wholesale, and treasury customers an appealing spectrum of financial services and products.

The Gender Bond is part of the Bank’s women’s proposition, dubbed Jasiri, which means brave in Swahili, Tanzania’s predominant language. The Jasiri Bond backs the effort of women who combat
poverty in their families and communities but are the most under-served in Sub-Saharan Africa Region

CRDB Bank hailed for Launching Kijani Bond with Unprecedented 10.25% Interest Rate: A Green Investment Opportunity for All

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Dar es Salaam. 31st August 2023 — The Minister of State, President’s Office for Investment and Planning, Hon. Prof. Kitila Mkumbo, hailed CRDB Bank for ushering in a new era of sustainable investment through the launch of the pioneering Kijani Bond. This historic launch event took place today at the Serena Hotel in Dar es Salaam.

In his speech, Hon. Prof. Mkumbo acknowledged CRDB Bank’s role in providing local institutions a pathway to harness the transformative potential of green bonds. He highlighted the government’s dedication to fostering an enabling environment for investors by enhancing existing policies, laws, and regulations.

“CRDB Bank has already set an exemplary precedent,” he remarked. The issuance of the Kijani Bond, with its multi-currency Medium Term Note (MTN) Programme of USD 300 million, signifies a monumental stride toward realizing Tanzania’s National Financial Sector Development Master Plan 2020/21 – 2029/30, a strategic blueprint to empower both public and private sectors for the greater welfare of the people.

CRDB Bank’s Group CEO and Managing Director, Abdulmajid Nsekela, echoed the sentiment that the Kijani Bond is accessible to all, contrary to misconceptions. He affirmed, “This is an investment that even an average Tanzanian can partake in and benefit from, with a minimum initial investment of just TZS 500,000.” Nsekela underscored the unique proposition of the Green Bond: attractive investment yielding an impressive 10.25% interest per annum. He emphasized the unparalleled stability of this investment, insulating investors from market fluctuations.

The launch of the Green Bond is intrinsically linked with the offer opening, spanning from August 31 to October 6, 2023. Subsequent to this period, the bond will be listed on the Dar es Salaam Stock Exchange (DSE). CRDB Bank anticipates raising TZS 40 billion (with a green shoe of up to TZS 15 billion) during this first phase, which reflects the faith investors place in this innovative financial instrument. The Kijani Bond launch marks a historic moment as CRDB Bank introduces the largest green bond not only in Tanzania but across Sub-Saharan Africa.

“CRDB Bank has often been a pioneer,” remarked Dr. Ally Laay, CRDB Bank’s Board Chairman, who expressed deep gratitude to the Capital Markets and Securities Authority (CMSA) and other stakeholders who contributed to the approval of the green bond. Dr. Laay emphasized that both local and international investors have the opportunity to benefit from this bond, as it offers loans in Tanzanian Shillings or US Dollars.

The CEO of the Tanzania Capital Market and Securities Authority (CMSA), Nicodemus Mkama, lauded CRDB Bank for achieving this historic milestone and reaffirmed the alignment of the green bond with international standards. Mr. Mkama remarked, “We expect that Kijani Bond will be instrumental in further developing green financing in Tanzania.” The CMSA’s endorsement underscores its confidence in CRDB Bank’s commitment to sustainable financing and sets the stage for significant growth in climate financing.

Evans Osano, Director, Capital Markets, FSD Africa, said: “The issuing of this trailblazing green bond demonstrates that Tanzania’s rapidly expanding green economy presents huge opportunities for investors, both international and domestic. As the first green bond to be issued in Tanzania, it is also a major moment for the sustainable finance agenda in Africa and we are proud to have been able to provide the technical assistance.”

FSD Africa is providing technical assistance in Kijani Bond issuance, while Stanbic Bank assumes the pivotal role of lead underwriter and book runner for the forthcoming green bond issue, with Denton Tanzania Law Chamber providing legal advisory services. Orbit Securities Tanzania serve as the sponsoring broker, KPMG is entrusted with the responsibilities of the reporting accountant, and Sustainalytics provides a second party opinion.

The Kijani Bond has garnered the attention of global investors, including The International Finance Corporation (IFC), a member of the World Bank Group. IFC intends to invest 40% of the total issuance, USD 300 million.

To invest in the Green Bond, individuals can visit any CRDB Bank branch or authorized broker. Investment forms are available on CRDB Bank’s official website www.crdbbank.co.tz, and inquiries can be directed to the Customer Service Center via the toll-free number 0800008000.

The issuance of the Kijani Bond demonstrates CRDB Bank’s dedication to environmental, social, and governance (ESG) principles, strengthening its position as a key player in green financing. With a history of sustainable initiatives and recognition from the United Nations Green Climate Fund (GCF), CRDB Bank continues to lead the way in fostering green finance solutions.

 

 

 

Innovative Rating Agency Launched to Boost Biodiversity Investments

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African Leadership University’s School Of Wildlife Conservation (ALU’s SOWC), Dalberg, and FSD Africa Investments bring together their in-depth expertise in biodiversity conservation and restoration, finance, and impact investments to form a partnership that will help investors measure and track the impact of their biodiversity-related investments over time.

NAIROBI, KIGALI, DAR ES SALAAM – A pioneering initiative aimed to boost biodiversity investments by helping investors measure, rate, and track their impact on biodiversity conservation and restoration – the Biodiversity Investment Rating Agency (BIRA) – was launched today by the African Leadership University’s School of Wildlife Conservation, Dalberg, and FSD Africa Investments.

Biodiversity is ranked as the third most significant threat to humanity, after carbon emissions and nuclear war.  Yet, less than 16% of the required funding is currently available for biodiversity, leaving a US$ 700 billion funding gap for biodiversity conservation and restoration. Private capital can play a critical role in closing this funding gap while tapping into an attractive asset class that is poised to grow. However, investments are currently limited because there is no standard way to measure, rate, track, and communicate biodiversity impacts. Investors are looking for simple, credible tools based on biodiversity science.

 Figure 1: Illustration of the biodiversity conservation funding gap

Illustration of the biodiversity conservation funding gap
Source: The Nature Conservancy, Closing the Nature Funding Gap, 2020

To address these challenges, BIRA will advise investors on identifying the opportunities for impact investing in the biodiversity sector, spotlighting relevant frameworks to measure biodiversity investment impacts, and provide existing aligned frameworks with guidance on how to make their tools investor friendly. BIRA aspires to see measurement frameworks that can provide simple answers to investors’ questions about the potential outcomes of biodiversity investments. BIRA will work in collaboration with existing frameworks that meet certain design criteria to develop modules that match measurement frameworks with investor needs.

FSD Africa Investments and Dalberg are excited to welcome ALU’s SOWC as the science and training partner for the initiative. ALU SOWC will bring its expertise in scientific inquiry, research, and training to ensure that the modules developed are credible and usable. BIRA will also lean on SOWC’s expertise to develop and launch training programs that will help bridge the existing knowledge gap in the market.

By bridging the gap between investors and the existing biodiversity measurement frameworks, BIRA will support informed decision-making by investors. Ultimately, this will increase investments in conservation and restoration, leading to positive biodiversity outcomes.

Mike Musgrave, Conservation Leadership Faculty, School of Wildlife Conservation, said:

“Institutional investment in biodiversity as an asset class will be the key to unlocking the billions of private capital we need to address climate change and promote the business of conservation.”

Devang Vussonji, Partner, Dalberg Advisors, said: “We have lost 68% of monitored animal populations between 1970 and 2016. We face a USD 700 billion funding gap in reversing this effect, and private capital will be essential in filling this gap. BIRA aims to attract private capital to the sector by making it easier for private investors to measure, communicate, and track biodiversity outcomes.”

Anne-Marie Chidzero, CIO, FSD Africa Investments, said: “FSD Africa Investments is proud to partner with Dalberg and the African Leadership University’s School of Wildlife Conservation to create the Biodiversity Investment Rating Agency. This innovative initiative to help investors measure and track the impact of their capital on biodiversity conservation and restoration will play a central role in increasing investment in the sector.”

BIRA invites technical partners and investors to join the founding partners in developing the initiative. Interested parties should contact Devang Vussonji at devang.vussonji@dalberg.com.

Climate finance innovation for Africa

The African continent presents a massive investment opportunity for investors to advance climate solutions in the coming decade, however, a set of barriers to finance have stifled requisite investment to date. In this new report, in collaboration with Climate Finance Innovation for Africa and Climate Policy Initiative, we provide a framework for how innovation in financing structures can leverage strategic deployment of public capital to ‘crowd-in’ private investment at levels not yet seen.

This paper focuses primarily on climate mitigation, which represents the largest investment opportunity for private investors. We refer audiences focused specifically on adaptation to the work done by the Global Center on Adaptation and Climate Policy Initiative on Financial Innovation for Climate Adaptation in Africa.

FSD Africa continues to provide support for the development of gender bonds in the region

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Dar es Salaam, April 28, 2022 – NMB Bank Plc has today listed its maiden gender bond on the Dar es Salaam Stock Exchange.

The NMB Jasiri gender bond is the first gender bond to list on an exchange in Africa.  The bond was 297% over-subscribed which shows great appetite for gender bond issuances and sets a new benchmark for the continent in developing financial instruments specifically targeting gender empowerment. FSD Africa is pleased to partner with NMB Bank on this novel issuance, particularly in providing technical input to develop the Social Bond Framework and the technical assistance towards the framework’s second-party opinion. FSD Africa is funded by UK aid from the UK government. The funds raised will be used to fund women-owned or women-led MSMEs in Tanzania.

Access to capital by women has long impeded equitable and inclusive economic prosperity. We are proud to support NMB Bank on the first gender bond in Sub-Saharan Africa, a ground-breaking issuance that builds on our work supporting the first gender bond issuance in Morocco. Our support affirms our long-term commitment to ensuring gender equality and economic empowerment for women.
Mark Napier, CEO – FSD Africa

Unleashing the power of data to transform businesses

Posted on by Kihingu Inc

Low-income earners, women, and youth who have traditionally been locked out of the financial system are no longer invisible. The advent of mobile money and uptake by this market segment has created data footprints that enable financial service providers (FSPs) to analyse their financial needs. In addition, external research carried out by governments and donors is free and publicly available. This research data is instrumental in enabling financial service providers to obtain a better understanding of clients that they have had no previous interactions with.

The Data Management and Analytics Capabilities (DMAC) project implemented in Sierra Leone, Tanzania and Zambia sought to demonstrate the case for the use of data in the product development cycle of banks, insurance companies, and fintechs. Learnings and lessons from the project implementation have been developed into a toolkit that acts as a guide for FSPs seeking to derive maximum value from their internal data, externally available research data and other third-party data, in order to improve their service offering to new and existing clients.

Read more on how to use data to transform financial services here.,