Business of Financial Inclusion
IGD’s Impact Assessment of Visa’s Transformational Public-Private Partnership in Rwanda
It is estimated that less than a quarter of adults have access to formal financial services in Africa. A lack of financial institutions makes it difficult for many to make sustainable investments in their families and businesses. To combat this, mobile technology is being leveraged to unlock and dramatically increase financial inclusion.
The Government of Rwanda (GoR) set a goal of “electronification” as a means to increase financial inclusion for the country. Visa sought to develop and test a new fully interoperable mobile money platform – mVISA, designed to reach millions of Rwandans providing them with secure means of mobile banking.
In 2011, Visa and the GoR established a partnership to achieve their shared vision and objectives and recognizing its importance. In 2012, Visa engaged IGD Advisory to conduct an independent evaluation to measure the socioeconomic impacts of the partnership. The development of a system for electronic payments across Rwanda, paving the way to electronify Rwanda’s economy, increased financial literacy and access to finance with the potential to reach millions of Rwandans with a full range of financial services, and a more stabilized financial system in Rwanda.
Learn About IGD’s Impact Assessment of Visa’s Transformational Public-Private Partnership in Rwanda
The Business of Financial Inclusion
IGD’s Impact Assessment “The Business of Financial Inclusion” report summarizes key findings, based on the impact assessment conducted by IGD’s Helen Mant and Allison Spector between March and August 2013. The assessment provides an important baseline against which Visa can measure future progress and impact as it continues to invest in Rwanda, and provides a framework to guide Visa’s operations and constructive engagement of government in other emerging markets to ensure that the company continues to deliver on its brand promise.
New Model for Doing Business
For Visa, the partnership demonstrated a new model for doing business in emerging markets – one which proves that large multinationals can effectively and profitably address development challenges through their core business operations and constructive engagement with governments. The lessons learned and critical success factors from the partnership approach can help inform effective public private partnerships across Africa.
For the assessment, IGD Advisory developed a customized Visa-GoR igdIMPACT framework that combined components of our business oriented ICT and financial services sector socio-economic impact measurement frameworks. The detailed framework maps Visa’s key business drivers, identifying potential areas of impact, metrics and measures which were utilized to assess performance.
Read the Blog Posts
IGD has published blog posts on our impact assessment on Visa’s transformational Public-Private Partnership in Rwanda.
Helen Mant | March 15, 2017
IGD Staff | October 20, 2015