📋 Tender Overview
Project Summary
Approval Date 29 Mar 2023
Planned Completion Date 31 Dec 2026
Last Disbursement Planned Date 31 Dec 2026
Sovereign / Non-Sovereign Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 6,060,000
Status Approved
Project General Description
This project focuses on West African Monetary Zone (WAMZ) Unique Bank Identification (UBI) and Digital Interoperability. It aims to enhance Financial Sector Efficiency, Increased Access to Finance and Greater Regional Integration in the WAMZ. The project will improve their access to financial services by providing them with free identification in FSPs, and will also improve the delivery of social services, particularly money transfer projects. In addition, it will build confidence among financial institutions in the region in terms of capacity and methodologies for implementing international KYC and AML/CFT recommendations. This will result in the removal of a major barrier to inter-bank correspondence, thereby stimulating regional financial trade and integration. The project components are as follows: (i) Harmonisation of Rules and Regulations on UBI Implementation in the WAMZ. (ii) Implementation of UBI in participating member states of the WAMZ (iii)Project Management and Capacity Building.
Project Objectives
The project's development objective is to enhance financial sector efficiency, increase access to finance and foster greater regional Integration in the WAMZ. Other objectives include: (i) Reinforce customer protection (ii) Enhance the regulation of the financial sector within the WAMZ and (iii) Foster ongoing digital transformation of national economies.
Beneficiaries
The direct recipients of project outcomes are Central Banks and key financial service providers (FSPs) in their respective countries. The project will provide four (4) central banks, fifty-three (53) banks and other FSPs with robust unique identifier platforms that allow them to satisfy their KYC requirements, combat fraud, and lower non-performing loan risks through dis-incentivisation due to shared industry information. Indirect beneficiaries of the project include adult populations in the countries of intervention eligible to access financial services. The four (4) recipient countries together have an adult population of over 25 million people out of whom an estimated 50% are women.
Participating Organization
Implementing
WEST AFRICAN MONETARY INSTITUTE - WAMI
Funding
African Development Fund
