Development Projects : Madagascar Financial Inclusion Project

Abstract*

The development objective of Financial Inclusion Project is to promote the financial inclusion of individuals and Micro, Small and Medium-sized Enterprises (MSMEs) in Madagascar. This project has four components. 1) The first component, Digitalization of transactions to increase usage of transaction accounts, supports the usage of transaction accounts, digital finance and cashless transactions. It has the following subcomponents. (i) Digitalization... Show More

Development Objective

The development objective of this project is to promote the financial inclusion of individuals and MSMEs in Madagascar.

Key Details

Project Details

Project ID
P161491
Status
Closed
Team Leader
Maimouna Gueye , Noro Andriamihaja
Borrower 2
Republic of Madagascar

Country
Madagascar
Disclosure Date
August 30, 2017
Approval Date
(as of board presentation)
February 28, 2018
Effective Date
September 27, 2018

Total Project Cost 1
US$ 45.00 million
Implementing Agency
Ministère de l’Economie et des Finances,Ministère de l’Economie et des Finances
Region
Eastern and Southern Africa
Fiscal Year 3
2018

Commitment Amount
US$ 45.00 million
Environmental Category
F
Environmental and Social Risk
Not Applicable
Closing Date
December 30, 2022

Consultant Services required
Yes
Last Stage Reached
BANK APPROVED
Last Update Date
July 13, 2023

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Finance

FY17 - Financial Infrastructure and Access100%
- FY17 - Credit Infrastructure43%
- FY17 - Financial inclusion100%
- FY17 - MSME Finance43%
- FY17 - Payment & markets infrastructure100%

FY17 - Human Development and Gender

FY17 - Gender43%

FY17 - Private Sector Development

FY17 - ICT40%
- FY17 - ICT Solutions40%
FY17 - Jobs43%
- FY17 - Job Creation43%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
IDA Credit	45.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	N/A
IDA Commitment	45.00
IBRD + IDA Commitment	45.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	45.00

Summary Status of World Bank Financing (US$ Millions) as of April 30, 2025

No data available.

Detailed Financial Activity as of April 30, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Oct 15, 2022	IDA-61890	Int Charges	80,406.81
Sep 6, 2022	IDA-61890	Loan Disb	136,296.81
Sep 21, 2022	IDA-61890	Loan Disb	277,328.88
Oct 15, 2022	IDA-61890	Int Charges	1,820.35
Oct 15, 2022	IDA-61890	Int Charges	1,820.35
Apr 15, 2021	IDA-61890	Int Charges	60,502.27
Apr 15, 2021	IDA-61890	Int Charges	60,502.27
Apr 29, 2021	IDA-61890	Loan Disb	125,544.00
Oct 18, 2021	IDA-61890	Loan Disb	86,178.28
Oct 15, 2021	IDA-61890	Int Charges	2,861.71
Oct 15, 2021	IDA-61890	Int Charges	2,861.71
Oct 15, 2021	IDA-61890	Int Charges	80,516.41
Oct 15, 2021	IDA-61890	Int Charges	80,516.41
Nov 5, 2021	IDA-61890	Loan Disb	64,765.44
Feb 28, 2018	IDA-61890	Loan Commitment	45,000,000.00
Oct 18, 2023	IDA-61890	Int Charges	1,444.04
Oct 18, 2023	IDA-61890	Int Charges	1,444.04
Apr 16, 2024	IDA-61890	Int Charges	102,422.94
Apr 16, 2024	IDA-61890	Int Charges	102,422.94
Apr 16, 2024	IDA-61890	Int Charges	4,674.32
Apr 16, 2024	IDA-61890	Int Charges	4,674.32
Apr 16, 2024	IDA-61890	Loan Repay	444,480.80
Apr 15, 2024	IDA-61890	Loan Repay	1,760.50
Apr 30, 2023	IDA-61890	Loan Cancel	7,408,081.50
Oct 18, 2023	IDA-61890	Int Charges	107,437.43
Oct 18, 2023	IDA-61890	Int Charges	107,437.43
Nov 3, 2022	IDA-61890	Loan Disb	471,171.84
Dec 16, 2022	IDA-61890	Loan Disb	242,974.06
Oct 24, 2022	IDA-61890	Loan Disb	4,000,000.00
Oct 31, 2022	IDA-61890	Loan Disb	80,667.38
Oct 13, 2022	IDA-61890	Loan Disb	496,289.70
Apr 12, 2023	IDA-61890	Loan Disb	591,203.44
Apr 15, 2023	IDA-61890	Int Charges	2,551.05
Apr 15, 2023	IDA-61890	Int Charges	2,551.05
Apr 15, 2020	IDA-61890	Int Charges	1,309.29
Apr 15, 2020	IDA-61890	Int Charges	1,309.29
Apr 15, 2020	IDA-61890	Int Charges	48,308.08
Apr 15, 2020	IDA-61890	Int Charges	48,308.08
Apr 29, 2020	IDA-61890	Loan Disb	23,851.52
Jun 24, 2020	IDA-61890	Loan Disb	262,929.90
May 28, 2020	IDA-61890	Loan Disb	39,472.77
Oct 16, 2020	IDA-61890	Int Charges	55,644.24
Oct 16, 2020	IDA-61890	Int Charges	55,644.24
Nov 15, 2018	IDA-61890	Loan Disb	35,246.43
Nov 8, 2018	IDA-61890	Loan Disb	3,600,000.00
Sep 27, 2018	IDA-61890	Loan Disb	400,791.66
Feb 15, 2019	IDA-61890	Loan Disb	11,442.52
Jan 3, 2019	IDA-61890	Loan Disb	1,500,000.00
Jan 3, 2019	IDA-61890	Loan Disb	37,327.68
Dec 7, 2018	IDA-61890	Loan Disb	2,500,000.00
Apr 23, 2019	IDA-61890	Loan Disb	2,026,401.80
Jun 20, 2019	IDA-61890	Loan Disb	50,726.13
Jul 2, 2019	IDA-61890	Loan Disb	444,291.50
Apr 8, 2019	IDA-61890	Loan Disb	79,164.06
Dec 3, 2019	IDA-61890	Loan Disb	50,115.04
Aug 29, 2019	IDA-61890	Loan Disb	30,688.80
May 30, 2019	IDA-61890	Loan Disb	21,986.58
Apr 16, 2019	IDA-61890	Int Charges	149.00
Apr 16, 2019	IDA-61890	Int Charges	149.00
Dec 3, 2021	IDA-61890	Loan Disb	125,055.47
Sep 14, 2021	IDA-61890	Loan Disb	376,336.30
Apr 26, 2022	IDA-61890	Loan Disb	105,428.33
Mar 18, 2022	IDA-61890	Loan Disb	13,561.40
Jun 16, 2022	IDA-61890	Loan Disb	1,089,161.60
Sep 8, 2020	IDA-61890	Loan Disb	35,770.16
Oct 16, 2020	IDA-61890	Int Charges	921.27
Oct 16, 2020	IDA-61890	Int Charges	921.27
Nov 4, 2020	IDA-61890	Loan Disb	28,542.67
Oct 7, 2020	IDA-61890	Loan Disb	46,018.85
Mar 2, 2021	IDA-61890	Loan Disb	32,696.42
Aug 6, 2020	IDA-61890	Loan Disb	25,074.00
Nov 20, 2020	IDA-61890	Loan Disb	248,240.12
Dec 21, 2020	IDA-61890	Loan Disb	288,746.44
Feb 8, 2021	IDA-61890	Loan Disb	910,992.30
Mar 9, 2021	IDA-61890	Loan Disb	4,500,000.00
May 11, 2021	IDA-61890	Loan Disb	109,273.78
Jul 30, 2021	IDA-61890	Loan Disb	117,954.14
Jul 30, 2021	IDA-61890	Loan Disb	99,627.32
May 25, 2021	IDA-61890	Loan Disb	133,591.98
Apr 15, 2021	IDA-61890	Int Charges	104.32
Apr 28, 2023	IDA-61890	Loan Disb	-2,242,446.80
Apr 15, 2022	IDA-61890	Int Charges	257.79
Apr 15, 2022	IDA-61890	Int Charges	257.79
Apr 21, 2022	IDA-61890	Int Charges	81,533.15
Apr 21, 2022	IDA-61890	Int Charges	81,533.15
Jul 22, 2022	IDA-61890	Loan Disb	130,646.23
Jun 6, 2022	IDA-61890	Loan Disb	36,492.26
Jun 6, 2022	IDA-61890	Loan Disb	231,191.64
Mar 3, 2022	IDA-61890	Loan Disb	259,864.70
Jan 10, 2022	IDA-61890	Loan Disb	521,545.40
Dec 30, 2022	IDA-61890	Loan Disb	117,220.16
Nov 22, 2022	IDA-61890	Loan Disb	99,172.02
Dec 15, 2022	IDA-61890	Loan Cancel	5,815,051.50
Oct 15, 2022	IDA-61890	Int Charges	80,406.81
Apr 15, 2021	IDA-61890	Int Charges	104.32
Apr 16, 2019	IDA-61890	Int Charges	23,295.81
Apr 16, 2019	IDA-61890	Int Charges	23,295.81
Oct 10, 2019	IDA-61890	Loan Disb	71,462.39
Sep 13, 2019	IDA-61890	Loan Disb	2,072,935.00
Oct 15, 2019	IDA-61890	Int Charges	82.24
Oct 15, 2019	IDA-61890	Int Charges	82.24
Oct 15, 2019	IDA-61890	Int Charges	38,641.45
Oct 15, 2019	IDA-61890	Int Charges	38,641.45
Apr 1, 2020	IDA-61890	Loan Disb	34,094.47
Mar 9, 2020	IDA-61890	Loan Disb	1,081,038.60
Dec 3, 2019	IDA-61890	Loan Disb	41,616.20
Dec 23, 2019	IDA-61890	Loan Disb	155,294.77
Feb 25, 2020	IDA-61890	Loan Disb	118,166.54
Apr 13, 2023	IDA-61890	Loan Disb	1,111,397.10
Apr 15, 2023	IDA-61890	Int Charges	106,887.11
Apr 15, 2023	IDA-61890	Int Charges	106,887.11
Apr 28, 2023	IDA-61890	Loan Disb	-13.94

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Project Management	Moderately Satisfactory	2022-11-10
Overall Safeguards Rating	Satisfactory	2022-11-10
Progress towards achievement of PDO	Moderately Satisfactory	2022-11-10
Overall Implementation Progress (IP)	Moderately Satisfactory	2022-11-10
Procurement	Satisfactory	2022-11-10
Financial Management	Satisfactory	2022-11-10
Monitoring and Evaluation	Satisfactory	2022-11-10

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 06-30-2023
Outcomes	Moderately Satisfactory
Risk to Development Outcome
Bank Performance	Moderately Satisfactory
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 10-20-2023	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Moderately Satisfactory	N/a
Risk To Development Outcome		N/a
Bank Performance	Moderately Satisfactory	N/a
Borrower Performance		N/a
Government Performance		N/a
Implementing Agency		N/a
Icr Quality	Modest	N/a
M&e Quality	Modest	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Number of MSMEs with access to the PPCG Value 0.00 5000.00 0.00
Date July 31, 2018 July 29, 2022
Comment

Number (i) of civil servants who receive their pay, (ii) of service providers who are paid, (iii) of unbanked companies that pay synthetic tax via an electronic money account	Value	0.00	74000.00	0.00
	Date	July 31, 2018	July 29, 2022
	Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Number of T Bill Subscribers Value 0.00 0.00 0.00
Date August 6, 2021 December 30, 2022
Comment

Number of MFIs and MSMEs eligible at the window Emergency assistance to MFIs and MSMEs that banks and MFIs have registered under the partial loan portfolio guarantee	Value	0.00	27.00	0.00
	Date	December 1, 2020	December 30, 2022
	Comment

Number of women owned businesses that pay the "impot synthetique" through a transaction account Value 0.00 10.01 0.00
Date October 17, 2017 December 30, 2022
Comment
Percentage of loans extended to MSMEs registered under the portfolio guarantee that are non-performing Value 1.70 3.40 0.00
Date October 17, 2017 December 30, 2022
Comment
The number of MFIs that allow loan repayment through a mobile money account (“wallet-to-account”) Value 0.00 8.00 0.00
Date October 17, 2017 December 30, 2022
Comment
Shared MIS developed and operational Value No No
Date October 17, 2017 December 30, 2022
Comment
National Switch developed and operational Value No No
Date October 17, 2017 December 30, 2022
Comment
Number of clients of the new MFI branches established through the project Value 0.00 1158.00 0.00
Date October 17, 2017 December 30, 2022
Comment
Number of consumers reached by the financial education campaign via mobile phone messages Value 0.00 0.00 0.00
Date October 17, 2017 December 30, 2022
Comment
Number of female clients of the new MFI branches established through the project Value 0.00 0.00 0.00
Date October 17, 2017 May 28, 2018
Comment
Number of female consumers reached by the financial education campaign via mobile phone messages Value 0.00 0.00 0.00
Date October 17, 2017 May 28, 2018
Comment

Number of loans to MSMEs eligible for the Restructured Credit Window that banks and MFIs have registered under the partial credit portfolio guarantee	Value	0.00	656.00	0.00
	Date	December 31, 2020	July 29, 2022
	Comment

Percentage of banks and microfinance institutions reporting data to the CBSF on financial consumer complaints Value 0.00 0.00 0.00
Date October 17, 2017 December 30, 2022
Comment

Number of loans eligible for the Emergency Assistance to MFIs and MSMEs that banks and MFIs have registered under the partial credit portfolio guarantee	Value	0.00	27.00	0.00
	Date	December 31, 2020	December 30, 2022
	Comment

Report drafted annually on Citizen Engagement Survey Value No Yes
Date October 17, 2017 December 30, 2022
Comment

Number of MFIs and MSMEs eligible for the emergency assistance to MFIs and MSMEs that banks and MFIs have registered under the partial credit portfolio guarantee	Value	0.00	0.00	0.00
	Date	December 31, 2020	December 30, 2022
	Comment

Number of terminals/ATM installed at the Treasury's service points Value 0.00 0.00 0.00
Date December 31, 2020 December 30, 2022
Comment
Number of MSMEs benefiting from restructured loans Value 0.00 20.00 0.00
Date December 1, 2020 December 30, 2022
Comment

Number of MSMEs with access to the PPCG	Value	0.00	5000.00	0.00
	Date	July 31, 2018	July 29, 2022
	Comment

Number of T Bill Subscribers	Value	0.00	0.00	0.00
	Date	August 6, 2021	December 30, 2022
	Comment

Percentage of loans extended to MSMEs registered under the portfolio guarantee that are non-performing	Value	1.70	3.40	0.00
	Date	October 17, 2017	December 30, 2022
	Comment

Shared MIS developed and operational	Value	No	No
	Date	October 17, 2017	December 30, 2022
	Comment