Project profile — Improving Access to Financial Services



Overview 

CA-3-D000407001
$15,500,000
Registered Trustees of the Financial Sector Deepening Trust
2014-03-31 - 2020-12-31
Operational
Global Affairs Canada
WGM Africa

Country / region 

• Tanzania (100.00%)

Sector 

• Financial policy and administrative management:
Financial policy and administrative management (24010) (20.00%)
Formal sector financial intermediaries (24030) (15.76%)
Informal/semi-formal financial intermediaries (24040) (12.72%)
• Business And Other Services: Business support services and institutions (25010) (42.12%)
• Agriculture: Agricultural financial services (31193) (9.40%)

Policy marker 

• Gender equality (significant objective)
• Environmental sustainability (cross-cutting) (not targeted)
• Participatory development and good governance (not targeted)
• Trade development (not targeted)
• Biodiversity (not targeted)
• Climate change mitigation (not targeted)
• Climate Change Adaptation (not targeted)
• Urban issues (not targeted)
• Desertification (not targeted)
• Children's issues (not targeted)
• Youth Issues (not targeted)
• Indigenous Issues (not targeted)
• Disability (not targeted)
• ICT as a tool for development (not targeted)

Description 

The project aims to increase access to financial services in agricultural and remote areas for small-scale enterprises and poor women and men in Tanzania. It provides capital and technical guidance to financial service providers such as banks, and to supervisory and regulatory institutions such as the Ministry of Finance. The program works with communities, government and the private sector to develop enabling policy and regulations, create and expand appropriate and accessible products and services, and train targeted beneficiaries on the use of financial services. It supports the development and expansion of innovative products with scaling up potential, such as mobile banking. Canada and other donors jointly provide support to this program, which is expected to help improve access to financial services for approximately 2 million poor women and men, and 35,000 small businesses. This phase builds on the results of the previous phases.

Expected results 

The expected intermediate outcome for this project is: improved provision of financial services for poor women and men and small businesses, with a particular emphasis on women, and on agricultural/rural and remote areas.

Results achieved 

Results achieved as of March 2015 include: (1) The volume of credit provided by supported Micro Finance Providers to Micro, Small and Medium Enterprises and poor people increased from CAN$ 310,58M in 2013 to 401,66M in 2014; (2) The volume of deposits mobilized by a cross section of supported financial services providers from MSMEs and poor people increased from CAN$ 170,72M in 2013 to 348,18M in 2014; (3) The number of entrepreneur clients at supported FSPs with loans in excess of $ 1,307.72 increased from 46,871 in 2013 to 88,456 in 2014; (4) The number of women clients at supported FSPs with loans in excess of $ 1,307.71 increased from 11,236 in 2013 to 26,768 in 2014; (5) The number of poor people accessing financial services from assisted financial institutions increased from 1,117,651 in 2013 to 1,774,972 in 2014; (6) The number of women and youth accessing financial services from assisted financial institutions increased from 623,353 in 2013 to 982,593 in 2014. These results are contributing to improve provision of financial services for poor women and men and small businesses in remote areas in Tanzania.

Budget and spending 


Original budget $0
Planned disbursement $0
Transactions
Transaction Date Type Value
08-06-2021 Disbursement $750,000
Country percentages by sector
Type of finance Aid grant excluding debt reorganisation
Collaboration type Bilateral
Type of aid Project-type interventions
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