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$508,020.00 (Project budget includes all project-funded activities)
Last Updated Date
Jun 1, 2023
Project Estimated Start Date
May 1, 2021
Project Estimated End Date
Dec 31, 2023
Project Description
IFC is supporting BanKo's aspiration to evolve its risk management and digital microfinance business capabilities through an advisory project with four components: 1. 360 Microfinance Business Assessment; 2. Digital lending product design; 3. Digital lending pilot implementation; 4. Application Scorecard design and pilot.
Development Results
Through a firm-level advisory to the microfinance financial institution, this project has a two fold objective – to strengthen BanKo’s risk management and digital lending capabilities to meet future disruptions and the continuous challenges brought about by COVID-19, and by doing so, enabling BanKo to increase access to financial services for MSMEs, particularly microentrepreneurs and WMSMEs. The project will:
1) Perform a comprehensive Microfinance Business Assessment that reviews the client's strategic business viability (including the assessment of serving the women-led MSMEs' segment) and assesses the Bank’s Digital Technology Infrastructure and Capabilities
2) Design a new microfinance loan product and pilot; and support the client in pilot execution
3) Develop a predictive credit scorecard for the self-employed micro entrepreneurs to improve its MSME loans underwriting 12-18 months
By the end of implementation period, it is expected that the client would have implemented 1 new loan product pilot, and implemented 1 new credit scorecard pilot with the support of IFC
Indicator
Cumulative
Number of entities that implemented recommended changes
0
Number of new financial products launched
1
Number of participants in workshops, training events, seminars, conferences, etc.
255
Number of procedures/firm-level policies/practices/standards recommended for improvement or elimination
26
Number of reports (assessments, surveys, manuals, Phase I/strategic option reports, research, analytical, evaluations, etc.) completed
4
Number of workshops, training events, seminars, conferences, etc.
8
Number of micro loans outstanding
108
E&S Risks / Impacts and Mitigation
Performance Standard
Description and Potential Impact
Mitigation
PS 1. Assessment and Management of Environmental and Social Risks and Impacts
As part of is Due Diligence, and as mandated by IFC Sustainability Policy, IFC team will screen the project to assess consistency with IFCs Performance Standards. Environment and social risks will be further reviewed throughout the life-cycle of the project.
IFC advice will be provided in a manner consistent with the principles of the relevant Performance Standards. The IFC team will assist the client in gaining a good understanding of IFCs Performance Standards, and provide recommendations for appropriate mitigation measures whenever warranted.
Press-Release
Additional Documents
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This Summary of Advisory Services Project Information (ASPI) is prepared by IFC to disclose a factual summary of the main elements of this advisory services project. It may also include findings and recommendations related to environmental and social considerations regarding this project. The purpose of the ASPI is to enhance the transparency of IFC's activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the client. IFC considers that this ASPI is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed within sixty days of project's approval and may be updated periodically afterwards. Total budget and start dates are estimates only. The following ASPI is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.
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