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The report details how COVID-19 disrupted the Ghanaian insurance sector, citing operational challenges due to lockdowns, financial risks from declining premium income and volatile investment assets, and the regulatory response of the National Insurance Commission (NIC). It highlights a shift toward digitalization and the broader economic downturn in Ghana, including a GDP growth estimate reduction from 6.8% to 2.6% for 2020.

The report examines the impact of COVID-19 on insurance regulators across sub-Saharan Africa, noting a shift toward remote supervision and a balancing act between providing regulatory relief and maintaining prudential soundness. It highlights that while the pandemic disrupted operations and exacerbated existing market vulnerabilities—such as high expense ratios and fragmented competition—it also created opportunities for digitalisation, the adoption of regtech and suptech, and responsible market consolidation to enhance long-term efficiency and consumer protection.

The report examines the nascent gender bond market, which as of March 2020 consisted of 13 issued bonds. It identifies a lack of universal standards, with most issuers relying on the Social Bond Principles or UN Sustainable Development Goals. The analysis categorises gender bonds into 'corporate behaviour' and 'financial inclusion' types, noting a significant gap in bonds funding products and services that directly benefit women. In sub-Saharan Africa, the report finds that while there is interest in gender lens investing, no gender bonds have been issued. South Africa is identified as the most viable market for commercial issuance due to a receptive investor base, while Kenya and Nigeria face challenges related to conservative institutional investors and debt capital market instability.

The document examines how regional economic hubs in sub-Saharan Africa facilitate capital flows and how the interplay between de-risking and illicit financial flows (IFFs) undermines this process. It argues that de-risking—the termination of business relationships to avoid AML-CFT risks—often drives users toward unregulated shadow banking and informal channels, which in turn exacerbates IFFs. This creates a vicious cycle that reduces legitimate capital inflows, impairs financial inclusion for SMEs and NGOs, and weakens the overall financial integrity of both hub and spoke countries.

The scoping study examines gender bonds—debt instruments supporting women's empowerment—noting a lack of official guidance and eligibility criteria. It identifies three types of gender bonds: corporate behaviour, financial inclusion, and multilateral/DFI social bonds. While 13 gender-labelled bonds existed as of March 2020, the report finds that sub-Saharan Africa has not yet issued any, with varying levels of feasibility in South Africa, Nigeria, and Kenya based on investor appetite and market maturity.

The report analyzes the cost of credit for seven financial institutions in Ghana and Zambia, identifying that operational costs are the primary driver of high credit costs. It finds that economies of scale and product portfolio composition significantly influence efficiency, while external factors like regulatory reforms in Ghana and economic slowdowns in Zambia impact the cost of risk. The study concludes that high input costs often make lending loss-making, pushing institutions toward safer government securities.

The report examines how COVID-19 disrupted the sub-Saharan African insurance value chain, forcing rapid digitalisation and straining balance sheets due to reduced premium income and investment returns. While household life and health policies generally covered the pandemic, business interruption insurance largely did not due to global reinsurance exclusions. The document highlights opportunities for insurers to adopt remote onboarding and for regulators to remove barriers to digital sales and manage potential market consolidation.

The report details how COVID-19 caused operational disruptions, reduced premium income, and accelerated digitalization within the insurance sector in Eastern and Southern Africa. While life and health products provided some coverage, business interruption insurance largely failed to support business resilience. Insurers face prudential stability concerns and liquidity challenges, though 50% expect premium income to recover within a year.

The document identifies a significant untapped market of approximately 5 million refugees and IDPs in the Great Lakes region, specifically focusing on the Democratic Republic of the Congo (DRC). Research indicates that while these populations have substantial aggregate spending power—with IDPs alone estimated to spend over $1 billion annually on household expenses—they lack access to formal financial products. The briefing highlights opportunities for businesses to provide micro-loans, affordable electricity, improved money transfer services, and more effective utility payment systems, noting that high rates of mobile phone ownership and the possession of formal identification cards facilitate these interventions.

A mystery shopping study of 1,102 visits to financial institutions in Kampala, Mbarara, and Gulu reveals significant gaps in the disclosure of the total cost of credit and interest rates in Uganda. The report finds that inexperienced borrowers and women receive substantially less information than experienced male borrowers, and that written disclosure materials, such as key facts documents, are rarely provided. Analysis of Bank of Uganda data also indicates a steady increase in the number of non-interest fees charged to borrowers since 2005.

The document reports on a mystery shopping exercise conducted by Innovations for Poverty Action (IPA) in Kampala, Mbarara, and Gulu to evaluate how loan officers disclose interest rates, fees, and the total cost of credit. It finds significant gaps in disclosure, particularly for inexperienced borrowers and women, and notes that regulatory requirements for Key Facts Documents (KfDs) and total cost disclosures are frequently ignored. The brief recommends improving staff training, standardizing KfD formats, expanding cooling-off periods for smaller loans, and harmonizing consumer protection policies between the Bank of Uganda (BoU) and the Uganda Microfinance Regulatory Authority (UMRA).

Sub-Saharan Africa is the most expensive region globally for remittances, with an average cost of 8.9% of transaction value. The report identifies critical supply-side barriers including onerous KYC requirements, lack of digital ecosystems, and fragmented payment infrastructure. It recommends a shift toward risk-proportional AML-CFT regulation, the adoption of digital identity systems, and the integration of regional payment rails to reduce informality and costs.

FSD Africa is adapting its operations to the COVID-19 pandemic by curtailing travel, closing its Nairobi offices to visitors, and shifting technical support to virtual delivery. The organization intends to review its strategy to address pandemic-related challenges and explore how the financial system can help mitigate current and future disasters.

The Financial Inclusion for Refugees (FI4R) baseline survey analyzes the demographics, income sources, and financial instrument usage of refugees and host communities across several Ugandan settlements, including Nakivale, Bidibidi, and Palorinya. It identifies a high reliance on informal savings and credit mechanisms, such as ASCAs and ROSCAs, and a significant shift toward mobile money usage after displacement. The report also outlines the specific implementation strategies of partner financial service providers—Equity Bank Uganda Limited, VisionFund Uganda, and the Rural Finance Initiative—to increase access to bank accounts, wholesale credit, and digitized savings products for these underserved populations.

The report assesses Zimbabwe's young and dynamic fintech ecosystem, which is currently dominated by digital payments and remittances. While mobile money has significantly increased financial access, the sector faces substantial hurdles, including a lack of early-stage funding, a risk-averse regulatory environment, and a near-monopoly by Econet/EcoCash. The document provides a comprehensive SWOT and PESTEL analysis and offers short, medium, and long-term recommendations to foster a more collaborative, innovative, and inclusive digital financial system.

The report identifies significant long-term financing gaps in Côte d’Ivoire's infrastructure, housing, and SME sectors, driven by a reliance on short-term bank lending and government borrowing that crowds out the private sector. Key hurdles include the lack of registered real estate for collateral, inadequate PPP frameworks, and a fragmented regional capital market. The document recommends structural reforms to land titling, the diversification of institutional investor mandates, and the strengthening of the national PPP unit to mobilize domestic and private capital.

The Islamic Finance Toolkit provides a comprehensive overview of Shariah-compliant financial systems, detailing key contracts, the global industry landscape, and specific strategies for integrating Islamic finance into African economies. It identifies significant underdevelopment in Africa—where the region holds only 1% of global Islamic banking assets despite housing 27% of the world's Muslim population—and offers a framework of eleven recommendations covering legal, tax, and regulatory reforms to unlock the potential of Sukuk, Takaful, and Islamic fintech.

The YEG pilot provided approximately $1,200 in grants and smartphones to 1,035 youth in Nairobi's Mathare slum, testing two payment cadences: lump sums and monthly payments. Interim results show that transferring funds via mobile money is highly feasible and that recipients significantly invest in self-employment and education. While pre-installed business apps saw low usage, general internet access via smartphones improved market reach. Gender differences emerged, with men investing more in productive assets and women prioritizing education and informal savings groups. Lump-sum recipients reported higher investment rates and savings compared to those receiving monthly payments.

The report identifies a significant gap between the regulatory allowance for private equity investments (up to 20% in some countries) and the actual muted allocation by East African pension funds. Key barriers include a lack of technical knowledge among trustees, a strong bias toward high-yielding government bonds, and a perceived risk associated with the asset class. The study recommends tailored capacity building for trustees and regulators, the development of specialist investment policy statements, and the use of multi-manager models to mitigate risk and governance burdens.

The report finds that insurance markets in Ghana, Kenya, Nigeria, and Rwanda are underdeveloped, with low penetration and significant 'risk-protection gaps' for households and SMEs. While government-led health insurance has increased overall uptake, private insurance remains focused on large corporate risks and compulsory lines, which often lead to irrational price competition and poor consumer value. The authors argue that the sector's role as an institutional investor is limited by short-term balance sheets and a lack of long-term investment instruments. To unlock the potential of insurance for development, the report proposes six imperatives: proactive policy leadership, a transition to risk-based supervision, driving innovation through better data and regulatory tools, re-engineering compulsory products, improving risk management for SMEs, and incentivising long-term savings to support capital market development.