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The document serves as a learning tool for non-specialist pension fund trustees in East Africa to navigate the complexities of private equity (PE) as an alternative asset class. It details the distinctions between PE, private debt, and PIPE transactions, while outlining the specific roles of General Partners (GPs) and Limited Partners (LPs). The guide explains the 'J-curve' effect of cash flows, the structure of Limited Partnership Agreements (LPAs), and the mechanics of management fees and carried interest. It also provides frameworks for risk mitigation, such as the use of Limited Partner Advisory Committees (LPACs) and key person insurance, and defines industry-standard performance metrics like Internal Rate of Return (IRR).

Fidelity Bank Ghana Limited (FBGL), supported by FSD Africa, launched 'Project 5x5x5' to open 5 million accounts in 5 years via 5,000 agents. The initiative introduced the 'Smart Account', which uses simplified KYC requirements (National ID) and a mobile app to target unbanked and underserved rural populations. As of the report date, the project has enrolled 2,600 agents and opened over 790,000 accounts, achieving a gender split of 51% female and 49% male. The project has evolved from a standalone inclusion initiative into a mainstreamed business process, incorporating digital savings and credit products developed with telecommunications companies. The initiative has influenced the broader Ghanaian market, leading two other banks to launch their own agency banking networks.

The report examines how cell captive insurance—a model where a licensed insurer creates ring-fenced cells for other organisations—can be used in sub-Saharan Africa (SSA) to bridge gaps in specialised risk cover, drive retail innovation, and facilitate market participation. It identifies four primary use cases: specialised risk management, retail innovation, insurance market participation, and the development of offshore financial centres. The document details three main regulatory models—Protected Cell Companies (PCC), Incorporated Cell Companies (ICC), and Shareholder Participation Agreements (SPA)—and provides a decision tree for regulators to determine the appropriate structure based on their policy objectives, risk transfer needs, and requirements for asset separation, capital, and governance.

Nigeria is Africa's largest recipient of remittances, with 2018 inflows reaching USD 24.2 billion, yet the market is characterized by high informality and significant barriers to formal service expansion. While the country possesses a sophisticated national payment system and high internet penetration, formal remittance growth is hindered by tight foreign exchange controls, high licensing requirements, and a lack of financial access points in rural areas. The report highlights a stark contrast in costs between corridors, with USA and UK transfers being competitive while the Cameroon corridor remains exorbitant. Key recommendations include incentivizing mobile network operator participation through Payment Service Bank licenses, revising capital outflow limits, and harmonizing biometric identity systems to reduce onboarding friction.

The document assesses the market potential and specific needs of refugees and IDPs in the DRC, highlighting significant spending power and a high demand for micro-loans and energy solutions. It identifies key opportunities for businesses to provide digital credit, improved money transfer services, and affordable electricity, particularly through PAYG schemes, while noting that most displaced populations possess the formal identification necessary to access bank accounts.

The toolkit argues that while Savings Groups consistently improve women's economic independence, achieving broader social empowerment requires integrated gender programming and more holistic measurement systems. It proposes a framework covering seven domains: economic independence, decision-making, confidence and self-worth, voice and leadership, time use, mobility, and health. The document provides guidance on developing Theories of Change for different intervention types, selecting standardized and customized indicators, and using data segmentation to understand how empowerment varies across different groups of women.

The report finds that while online remittance use is surging among certain African diaspora communities in the UK, 'stickiness' of cash remains high in countries with underdeveloped digital payment infrastructures, such as the DRC, Zimbabwe, and Sierra Leone. Key drivers for switching to digital include convenience, price incentives, and word-of-mouth recommendations, while barriers include complex registration processes, security concerns, and a lack of awareness. The report recommends simplifying onboarding, improving marketing through community influencers, and enhancing digital payment infrastructure in receive-countries to lower costs and meet UN Sustainable Development Goals.

The document analyzes the remittance landscape in Ethiopia, noting a significant discrepancy between World Bank and National Bank of Ethiopia (NBE) inflow estimates. It identifies a high reliance on informal channels, estimated at 65% to 80% of remittance value, driven primarily by an overvalued currency and restrictive foreign exchange controls. The formal sector is bank-led and dominated by a few large players, with limited digital penetration due to the absence of e-money licenses and a lack of a national ID database. Infrastructure challenges, including low electricity and internet access and a basic national payment system lacking a retail electronic funds transfer (EFT) system, further hinder the efficiency of formal transfers. The report recommends implementing a risk-based approach to AML/CFT, legalizing foreign currency exchange at market rates, and developing a comprehensive e-money regulatory framework to reduce informality and costs.

Uganda is a major net recipient of remittances, with inflows contributing approximately 4% to its GDP in 2016. While mobile money has expanded access, the sector faces significant hurdles, including high costs for transfers from developed countries, an oligopolistic mobile money market, and restrictive KYC requirements that exclude approximately 16% of adults without national IDs. Infrastructure gaps in rural areas—specifically poor roads and low electrification—further hinder the expansion of formal services. The report highlights the disruptive potential of the 2018 mobile money tax and recommends mandating interoperability, adopting a risk-based approach to AML/CFT, and transitioning from interim guidelines to a formal e-money law.

The report examines the 'camp economy' in Rwanda, highlighting how refugees use mobile money and informal savings groups to manage funds due to barriers in formal banking. It identifies expired identity documents and unclear 'Know Your Customer' (KYC) regulations as primary obstacles to financial inclusion. While refugees demonstrate strong business acumen, most NGO-supported livelihoods only provide subsistence-level income, and there is a significant gap in access to credit for business expansion. The document argues that including host communities in financial initiatives and streamlining regulatory requirements for refugee IDs would create a more viable market for financial service providers.

The M-Akiba bond, designed to broaden the investor base in Kenya via mobile money, saw high registration (303,534 people) but low conversion, raising only KSh 247 million against a KSh 1 billion target. While the product was well-received and reached new investors, uptake was hindered by poor timing coinciding with national elections, a confusing two-step purchase process, lack of follow-up reminders, and inadequate customer support. Most investors were formally employed, university-educated, and urban-based, primarily from Nairobi.

The report analyzes the remittance value chain in sub-Saharan Africa (SSA), dividing it into the first, middle, and last miles. It identifies a high average remittance cost of 9.4%, driven by supply-side barriers including restrictive licensing for non-bank providers, stringent KYC/AML requirements, and outdated IT infrastructure. The study highlights a persistent consumer preference for cash and a significant shift toward informal remittance channels due to the high costs and documentation burdens of the formal sector. Key recommendations emphasize the need for regulatory harmonization, the adoption of a risk-based approach to KYC, and investment in interoperable national payment systems to reduce costs and increase financial inclusion.

The report examines the intersection of insurance and property markets in sub-Saharan Africa, identifying a gap between the theoretical potential of insurance to mitigate risks and provide financing and the actual low level of insurance penetration. It maps the property value chain—from land assembly to sale—and details the risks (credit, macroeconomic, political, and climate) and constraints (administrative bottlenecks and limited finance) that hinder development. Using Zambia as a case study, the report argues that while insurance can offer products like political risk insurance and performance bonds, its role is currently limited by the underdeveloped nature of the property markets themselves and a lack of aggregated, liquid investment vehicles that suit institutional insurers.

M-Akiba was launched in 2017 as a mobile-based government bond in Kenya designed to broaden the investor base by lowering the minimum investment to KShs 3,000. Despite high registration numbers, actual investment was low; for example, only 247.75 million KShs of a 1 billion KShs offer was taken up during the official launch. A post-issuance study attributed this to poor timing (coinciding with elections and changing bank deposit rates), a confusing purchase process, weak customer support, and a lack of communication prompts. However, the product successfully attracted new investors, with 85% of buyers having never previously purchased a bond.

The report examines remittance flows in sub-Saharan Africa, highlighting that while they are a vital source of capital—often exceeding official development assistance (ODA) and foreign direct investment (FDI)—formal flows are constrained by high costs and regulatory barriers. Nigeria is the dominant receiver of remittances in the region. The study identifies a significant mismatch between migration patterns and formal remittance data, suggesting a high level of informality. It argues that shifting these flows to formal channels would enhance financial sector development and overall economic growth in SSA.

The report finds that refugees in Rwanda, particularly those with salaried jobs or self-employment, represent a viable and profitable market for financial service providers (FSPs). It highlights a strong demand for savings, transaction, and loan products, driven by the shift from food aid to cash-based transfers. However, the lack of government-issued ID cards creates a significant regulatory barrier for 'know your customer' (KYC) compliance. The report provides a dynamic business case model suggesting that the profitability of serving refugees is comparable to that of typical low-income Rwandan account holders, especially when cross-selling insurance and loan products.

The document highlights the persistent gender gap in financial inclusion in sub-Saharan Africa, where less than 30% of women hold financial institution accounts. It presents Savings Groups—member-owned collectives of 15-25 individuals—as a sustainable strategy to provide low-income women with access to savings, credit, and insurance. The FSD Network has invested over $28 million in these groups since 2008 across several African nations to bridge the gap between marginalized populations and formal financial services.

The report finds that while executive education (ExEd) is in high demand and improves employee skills, innovation, and customer service within sub-Saharan African financial institutions, it remains overly theoretical. Graduates report increased professional mobility but dissatisfaction with pay, particularly when self-funding. The document recommends shifting toward practical, African-centered curricula and establishing partnerships with international business schools to enhance prestige and effectiveness.

The Risk, Remittances and Integrity (RRI) programme is a five-year partnership between FSD Africa and Cenfri aimed at strengthening the financial sector in sub-Saharan Africa. The programme operates through three primary streams: Risk Management, which focuses on developing inclusive insurance markets; Remittances, which seeks to reduce costs and increase the flow of funds for resilience and investment; and Integrity, which addresses illicit financial flows and the impact of AML/CFT regulations on financial inclusion.

The report examines the use of biometrics in digital financial services, distinguishing between identification (1:N) and verification (1:1). It concludes that while biometrics are valuable for strong authentication and customer verification—particularly via smartphones for the mass market—they are often too costly and complex for primary customer identification (KYC) at scale. The document evaluates several technologies, including fingerprints, facial recognition, and vein patterns, noting that the choice of biometric depends on the required balance between security, convenience, and transaction speed.