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FSD Africa launched the Credit Market Development Programme (CMDP) in July 2016 to improve credit markets across sub-Saharan Africa, focusing on efficiency, inclusivity, and market conduct to benefit retail and SME consumers.

The document argues that while sub-Saharan Africa's financial sector has grown rapidly, limited access to formal financial services persists. It identifies a lack of purposeful leadership at middle and senior management levels as a constraint to financial sector development. To address this, Financial Sector Deepening Africa and Creative Metier have implemented a project since 2013 to build internal capacity through executive coaching, which serves as a critical tool for leaders to resolve complex business challenges and improve business performance.

The document outlines 'Stage 3' of the Impact-Oriented Measurement (IOM) system, focusing on 'Step 7: Developing a credible narrative'. It advocates for the use of contribution analysis—rather than strict attribution—to demonstrate how FSD interventions lead to systemic changes in financial markets. The process involves triangulating bottom-up monitoring (e.g., project results chains) with top-down evidence (e.g., national household surveys and landscape studies) to convince a 'sceptical observer' of the programme's impact. It also provides methodologies for aggregating quantifiable results and conducting Value for Money (VfM) assessments by monetizing sectoral benefits, such as reduced depositor losses in the SACCO sector in Kenya.

The document provides a framework for FSD programmes to move beyond basic accountability indicators in logframes toward a system that measures systemic market change. It recommends integrating IOM into strategy development, investment decisions, and annual reviews, while advocating for a collaborative partnership with an independent learning partner to balance rigour with operational learning.

The document provides a framework for FSD programmes to set up an Impact-Oriented Measurement (IOM) system. It details a two-step process for 'Stage 1: Clarity of Purpose', which involves ensuring the programme's Theory of Change (ToC) is evaluable and developing specific impact measurement questions. The guide emphasizes the importance of 'nesting' project-level results chains within thematic and overall programme ToCs to capture systemic change and avoid overstating causal contributions. It also introduces 'top-down' and 'bottom-up' approaches to measuring impact, ranging from high-level economic growth to direct intervention effects.

The document outlines a methodology for FSD programmes to move beyond traditional project-level monitoring toward an Impact-Oriented Measurement (IOM) system. It emphasizes the need to bridge the evidence gap between direct project outputs and long-term market changes by tracking intermediate progress indicators, systemic changes (such as adoption, scaling, and replication), and top-down sector trends. The guide advocates for a mixed-methods approach, combining quantitative data from sources like FinScope with qualitative narrative reporting to capture complex market dynamics and resilience.

The document outlines a two-step process for measuring change in financial sector development: assessing causality and contribution (Step 5) and developing a research agenda (Step 6). It emphasizes a pragmatic, evidence-based approach to attribution, acknowledging that FSDs act as market facilitators and cannot claim full credit for changes. The guide details 'bottom-up' (intervention-focused) and 'top-down' (sector-level) analysis, offering a menu of methodologies ranging from light-touch monitoring and theory-based approaches (e.g., contribution analysis, outcome harvesting) to rigorous quantitative statistical methods (e.g., experimental and quasi-experimental designs). It also defines the role of research in filling knowledge gaps, informing strategy, and contributing to global learning on the links between financial inclusion, economic growth, and poverty reduction.

The document introduces the Impact-Oriented Measurement (IOM) framework, designed to help Financial Sector Deepening (FSD) programmes move beyond traditional monitoring of outputs toward measuring medium-to-long-term systemic changes in financial markets. It advocates for a 'sweet spot' between monitoring and evaluation, utilizing a Theory of Change (ToC) to track causal pathways. The framework employs a dual 'bottom-up' (project-centric) and 'top-down' (sector-wide) approach to evidence collection, emphasizing the need to measure systemic change—defined as transformations in market structures or dynamics that benefit large numbers of poor people. It provides a seven-step implementation process, ranging from ensuring the ToC is evaluable to developing a credible contribution narrative, and suggests a mixed-methods approach to data collection and causality analysis.

The executive coaching market in Nigeria is described as nascent and significantly underdeveloped, with a critical shortage of accredited professionals capable of serving senior financial leaders. While there is high latent demand among HR directors, effective demand remains low due to a cultural belief in the 'infallible leader' and a lack of understanding regarding the business value of coaching. The report recommends strengthening local accreditation routes through institutions like Lagos Business School and stimulating demand by creating local case studies and exposing high-profile financial sector leaders to coaching interventions.

The Commercial Bank of Africa (CBA) implemented a multi-year strategy to embed a coaching culture, targeting a workforce where 65% of staff are Generation Y. The initiative involved training 85 managers in coaching skills in 2014, followed by the 2015 'Managers as Mentors' programme where 15 managers received professional certification from the Academy of Executive Coaches (AoEC). These certified coaches supported staff through 360-degree feedback processes and provided one-on-one coaching. Early impacts include increased staff openness, greater empowerment in decision-making, and a shift from managers providing solutions to guiding staff to find their own. CBA aims to have 40% of its staff trained as coaches by 2018 to ensure a sustainable internal resource.

The report details how two Kenyan financial institutions, Commercial Bank of Africa (CBA) and Jubilee Insurance, integrated executive coaching to address leadership gaps and workforce demographic shifts. CBA focused on creating a sustainable internal coaching culture by certifying managers and training line managers in coaching skills. Jubilee Insurance implemented a three-phased leadership programme involving self-assessment, 360-degree feedback, and planned internal coach development. Both institutions reported improvements in staff engagement, leadership cohesion, and a shift toward solution-focused management, with Jubilee specifically noting increases in revenue and productivity per employee.

FSD Africa maintains a "zero tolerance" policy toward fraud and corruption, applying these standards to all directors, employees, consultants, and funding recipients. The policy defines sanctionable practices—including corrupt, fraudulent, collusive, coercive, and obstructive practices—and mandates a framework for reporting and investigation. It establishes the role of an Investigative Officer, typically the Chief Operating Officer, to conduct impartial inquiries and report findings to the Chair. Additionally, the document outlines strict Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) controls, emphasizing 'Know-Your-Client' (KYC) protocols, enhanced due diligence for Politically Exposed Persons (PEPs), and the screening of counterparties against international blacklists.

Between August and December 2014, a project funded by FSD Africa and implemented by the Uganda Institute of Banking and Financial Services (UIBFS) aimed to embed the Bank of Uganda's Financial Consumer Protection Guidelines into the operations of 31 supervised financial institutions. The initiative trained 1,038 staff across 575 branches using 12 qualified trainers from a consortium of five local firms. A February 2015 review showed early signs of market-system change, with all five training firms intending to offer FCP modules commercially and some institutions planning to outsource training. The project is presented as a potential model for other sub-Saharan African countries to develop local training markets based on central bank regulations.

The report addresses the 'crisis in remittances' caused by bank de-risking in the UK-Somalia corridor due to AML/CFT compliance concerns. It proposes a 'third mile' risk management framework centered on a Trusted Third Party (TTP) system and a biometric registration process for recipients in Somalia. The TTP would track transactions, audit Money Service Businesses (MSBs), and assign risk ratings to transactions to provide UK settlement banks with greater confidence in the legitimacy of the funds flow. The authors suggest a six-month pilot starting in early 2015 involving 500 customers across two Somali locations.

The report analyzes African financial centres—specifically Casablanca, Johannesburg, Port Louis, and Nairobi—against a global peer group using the Global Financial Centres Index (GFCI). It defines the roles of onshore and offshore centres, identifies the 'dynamic' nature of certain African hubs, and highlights a significant 'reputational advantage' in Casablanca where marketing exceeds quantitative performance. The document argues that improving the business environment, rule of law, and infrastructure is critical for growth. It proposes a strategic framework for donors and governments to enhance capacity through regional integration, professional accreditation via a proposed Financial Training and Qualifications Institute (FTQI), and the development of standardized regulatory frameworks to attract long-term capital.

A case study detailing a 2014 capacity-building initiative in Tanzania's capital markets, delivered by FSD Africa and the London Stock Exchange (LSEG) Academy to enhance professional skills and market infrastructure.

The Jubilee Insurance Company of Kenya Limited implemented a three-phased leadership development programme starting in 2013-14 to address challenges such as low staff morale and poor communication. The programme progressed from personality assessments and 360° surveys to a planned phase of building internal coaching capabilities. Early results indicate improvements in leadership cohesion, employee engagement, and business metrics, including a revenue increase from Kes. 15.48 billion in 2013 to Kes. 21.17 billion in 2014 and a reduction in staff turnover from 15% in 2012 to 10.7% in 2015.

The report analyzes the FinTech ecosystem in East Africa, identifying key enablers such as high mobile penetration and gaps in traditional financial services. It details the value propositions of FinTechs in lending, payments, insurance, and investment management, while assessing the regional investment landscape. The document highlights a strong concentration of activity in Kenya and a significant reliance on foreign venture capital, particularly from the US and Europe. It also examines the role of partnerships between mobile network operators (MNOs) and banks, and identifies critical gaps in support infrastructure and regulatory clarity.

The report examines seven key credit innovations—scoretechs, invoicetechs, lending aggregators, telco-based lenders, pay-as-you-go (PAYG), peer-to-peer (P2P) lending, and edufintech—across South Africa, Nigeria, Kenya, Tanzania, and Rwanda. It finds that while digital metamorphosis is improving financial inclusion, credit access remains low, with domestic credit in sub-Saharan Africa at 39% of GDP. Telco-based lending is the most successful model in East Africa, while South Africa leads in MSME financing innovations. However, many models face challenges including high non-performing loans (NPLs), high cost of capital, and a lack of patient capital, particularly in education finance. The report recommends transitioning to hybrid customer acquisition models, leveraging blockchain to reduce fraud, and establishing more supportive regulatory sandboxes.

The Financial Inclusion Using Agency Banking Project (2019-2022) in the DRC aimed to expand access to savings and loan products for rural and peri-urban populations. As of May 2022, the project had deployed 2,982 agents, opened 155,008 savings accounts, and disbursed over $1 million in loans to underserved MSMEs.