605940 - South Africa Credit Reporting & Financial Inclusion Project

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Summary of Advisory Services Project Information

Project Number

605940

Primary Business Area

Financial Institutions Group

Disclosure Date

Oct 30, 2021

Country

South Africa

Region

Africa

IFC Approval Date

Feb 24, 2021

Status

Active

Estimated Total Budget

$400,000.00
(Project budget includes all project-funded activities)

Last Updated Date

Sep 30, 2022

Project Estimated Start Date

Mar 1, 2021

Project Estimated End Date

Dec 31, 2023

Project Description

The goal of this project is to support the South Africa National Credit Regulator (NCR) and key stakeholders to strength and expand credit information sharing in South Africa by supporting the on-boarding of small credit providers (category 6-9) to share information with private credit bureaus and by piloting, testing and promoting the adoption and usage of alternative data scores for MSME creditworthiness assessments and particularly underserved youth, women, and township MSMEs with a view to increasing access to finance for these MSMEs and individuals Improved availability of credit information will help lenders to make better informed decisions and improve risk management practices for underserved MSME segments, whilst at the same time promoting responsible lending and preventing over indebtedness. This project will also support the staff of the NCR to deploy a Public Credit Registry and adopt RegTech/ SupTech that will enable financial institutions to streamline compliance processes through translation of complex regulations into application program interface (API) codes thus promoting efficient regulation and supervision. The project will conduct a Pilot with the National Credit Regulator of South Africa on implementing a Sup Tech solution

Development Results

Through this project, IFC will work with the National Credit Regulator and other key stakeholders in South Africa, including private credit bureaus, data analytics companies and MSME business solutions providers to map, test and promote the usage and adoption of various alternative data sources for creditworthiness assessments of MSMEs and particularly underserved segments such as women, youth and township enterprises. In addition, the project will support the on-boarding of small credit providers to report credit information to private credit bureaus and the establishment of a Public Credit Registry for micro and macro -prudential supervision and monitoring of credit markets.

Indicator	Calendar Year 2020 Results	Cumulative Results as of 2020
Number of reports (assessments, surveys, manuals, Phase I/strategic option reports, research, analytical, evaluations, etc.) completed	Not Available	Not Available
Number of entities receiving advisory services	Not Available	Not Available
Number of entities receiving in-depth advisory services	Not Available	Not Available
Number of entities that implemented recommended changes	Not Available	Not Available
Value of financing facilitated (US$)	Not Available	Not Available

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 its Due Diligence, and as mandated by IFC Sustainability Policy, IFC team has screened this project to assess consistency with IFC's Performance standards	PS 1. Assessment and Management of Environmental and Social Risks and Impacts As part of its Due Diligence, and as mandated by IFC Sustainability Policy, IFC team has screened this project to assess consistency with IFC's Performance standards. IFC's advice will be provided in a manner consistent with the principles of the relevant Performance Standards. The IFC team will assist the client, as the final decision maker, in gaining a good understanding of IFC's Performance Standards and will provide recommendations for appropriate mitigation measures. whenever warranted.

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.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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