Impact Stories

Philippines: Development of Training Capacity in Banking Supervision

In late 2004, the Bangko Sentral ng Pilipinas (BSP), with the support of the IMF, requested FIRST’s assistance in developing a foundation training program that would strengthen BSP’s ability to effectively supervise the banking sector. The project would also build a more effective and cohesive working relationship within the examination staff by standardizing training and advancement opportunities across the supervisory and examinations division of BSP. The project arose indirectly from an FSAP. Various areas for improvement were noted in the FSAP and also noted that some deficiencies were...

Philippines

Banking

Namibia: Feasibility for Development of a Second Tier Banking System

During 2003, the Bank of Namibia (BoN) conducted a study to determine the extent of competition in the Namibian banking sector. The study concluded that competition was limited and that measures to encourage competition needed to be developed. In addition, the poor and those living in rural areas had limited access to financial services, as the majority of banks were located in urban centers and focus on the more affluent parts of the population. As a result of these studies the Bank of Namibia decided to embark on a project to assess the viability of establishing a two tier banking system...

Namibia

Banking

Egypt: Strengthening Credit Registry System

FIRST implemented two interrelated projects to strengthen credit reporting systems in Egypt. The first project was to assist in developing a strategy for widening both the content of the Central Bank’s credit registry and the eventual access to it by non-bank users of credit. The second project was to assist with implementation of the strategy (the Board of the Central Bank having fully endorsed the strategy proposed in the initial project) and to facilitate sharing data with a proposed first private credit bureau supported by USAID. The Central Bank of Egypt, which supervised the Egyptian...

Egypt

Financial and Information Infrastructures

East Caribbean Central Bank: Improving Payment Systems

Robust payment systems are a key requirement in maintaining and promoting financial stability. Over the past few years, a broad international consensus has developed on the need to strengthen payment systems by promoting internationally accepted standards and practices for their design and operations. In emerging markets, core principles for systemically important payment systems (CPSIPS) are likely to be of particular relevance, because of the efforts made by these countries to improve systems or to build new ones in order to handle better the growing payment flows from national and...

East Caribbean Regional

Financial and Information Infrastructures

Georgia: Strengthening Insurance Supervision

The Insurance State Supervision Service (ISSS) in Georgia regulates the sector (still largely non-life) as an independent agency largely funded by levies on the insurance companies. The project arose from a World Bank request to provide technical assistance to the ISSS in strengthening its supervisory skills with emphasis on life insurance and pensions in March 2003. It became evident early on that: Life and pensions was still at an embryonic stage and a very small proportion (risk exposure therefore very limited) of a small insurance sector as measured by gross premiums. The ISSS was...

Georgia

Insurance

Armenia: Strengthening Supervision and Development of Insurance Sector Strategy

FIRST has implemented three technical assistance (TA) projects in the insurance sector in Armenia: Project 1: Review and recommendations on draft Insurance Law; policy recommendations for organisation of insurance regulator and for regulations Project 2: Key regulations and related reporting formats including financial statements Project 3: Policy objectives to attract a leading foreign insurer to establish in Armenia Each of these three projects built on each other and represent a good example of how FIRST was able to work with a reform oriented Government and progress with one TA project...

Armenia

Insurance

Zambia: Strengthening Insurance and Pensions Supervision

The Pensions and Insurance Authority (PIA) approached FIRST directly with a request for technical assistance (TA) in February 2005. PIA had requested FIRST assistance in 2003 but it was agreed that any technical assistance should be provided in the context of the Financial Sector Development Plan (FSDP) that was being developed at that time by the Zambian authorities. Since then, the Zambian authorities, led by the Bank of Zambia (BoZ), developed a FSDP, with some FIRST assistance, and a FSDP Implementation Committee was established. In 2004, DFID/Sida approved a £1 million program spread...

Zambia

Insurance

Rwanda: Strengthening Insurance Supervision

This project, which started in April 2006, followed on from recommendations made under the FSAP conducted by the World Bank. The recipient was the National Insurance Commission (NIC) of Rwanda and the consultants funded by FIRST were QED based in South Africa and part of the multi-national insurance group AON. The original terms of reference included capacity building and training at the NIC and this part was eventually deferred because a new unified regulator was established that would absorb the responsibilities of the NIC. The project focus was then narrowed to concentrate on the Insurance...

Rwanda

Insurance

Mongolia: Development of Index-Based Livestock Insurance

This project was conceived and brought to FIRST initially by the World Bank insurance team, who in turn were working with a Sustainable Livelihoods Project team in the Bank, in March 2005. In discussion with the Government of Mongolia (GOM) it was decided to design an insurance scheme to protect against the exposure of livestock to climactic disaster. Livestock is a major component of the Mongolian economy involving a substantial proportion of the population, and supplies both domestic and export markets (mainly to Russia and China). Periodically some areas of the country are subject to...

Mongolia

Insurance

Moldova: Strengthening Insurance Supervision

FIRST was approached by Moldova’s State Insurance and Non-State Pension Funds Supervisory Inspectorate (“Inspectorate”) requesting technical assistance to help strengthen insurance supervision in November 2004. The project design document drew on the findings of a scoping trip. The project was consistent with recommendations made by the World Bank’s FSAP team. This project sought to address two issues. First, the Inspectorate was not responsible for the issue of licences for insurers/reinsurers (the Chamber of Licensing was responsible but it was envisaged that this would be passed to the...

Moldova

Insurance