Field Note 10 WOMEN AND DIGITAL FINANCIAL SERVICES IN SUB-SAHARAN AFRICA: UNDERSTANDING THE CHALLENGES AND HARNESSING THE OPPORTUNITIES EXECUTIVE SUMMARY Economies achieve their highest potential It is therefore recommended that financial when all citizens can participate fully and service providers (FSPs) invest in gender-lensed without discrimination. Economic exclusion data analytics (where gender data is available), means lost opportunities, with significant as this is key to including women in the formal negative consequences for individuals and financial system. Understanding women’s families, as well as the broader economy. In needs or uses cases and financial services usage Sub-Saharan Africa, despite the great efforts patterns is essential to ensure that innovation made to advance economic opportunity and and the provisioning of DFS is enhanced to equality for women, especially with the advent meet these needs. To bridge literacy issues, the of digital financial services (DFS), gender designing and provisioning of DFS—especially differences in financial inclusion persist. for women—should be simplified to ensure Understanding women’s needs, their DFS use that the less literate are able to engage, and cases; the drivers and uptake of DFS among the technology should be simple enough (but women; and the extent, nature and pattern of safe) to allow compatibility with simple phones. DFS usage; is essential to designing products In addition, FSPs should consider replicating that meet women’s needs and facilitate their or adapting some of the features of informal participation in the formal economy. services to attract women. This study shows that there are pronounced Also, products that allow women to earmark differences in the way men and women engage funds for future aspirations should be financial services in Sub-Saharan Africa. This considered and in doing so, flexibility should is reflected by the differences in the types of be prioritized, given that women emphasize products men and women engage, with men the need for flexibility to allow them to access more likely to use DFS than women. Women are funds in emergency situations. Furthermore, more likely to use informal services, suggesting providers who market and promote DFS that informal services continue to provide value products could consider better engaging social unavailable from other channels. Data shows networks, through referrals, testimonials or that men use mobile money more frequently ratings to onboard women more effectively. than women and send money as well as buy Lastly, the study reveals that there is limited airtime more than women. On the other hand, use of mobile money to make merchant women use mobile money more to receive payments and bill payments; and this stands money and store value than men. Equally out as a growth opportunity for mobile money, important, many factors continue to hinder especially for bills such as electricity and water, women from enjoying equal access to DFS the which are recurring. same way as men. These include limited access to phones and connectivity, lack of information, limited participation of women in the salaried labor force, and lower social-economic status. 2 INTRODUCTION Access to formal financial services means There has been a commendable increase in the access to secure and efficient means of use of DFS globally, especially digital payments— transferring money; secure and productive with the fastest growth coming from developing means of saving; regulated credit; and ways countries. According to the 2017 Findex report, of insuring against costly unexpected events. the proportion of people using digital payments A burgeoning body of literature shows that rose by 12 percentage points (to 44 percent) access to finance and the use of DFS among between 2014 and 2017 in developing countries. women is yielding significant results. A recently Given that financial institutions and access conducted study demonstrated that access to points are not always available in all areas of mobile money services helped women-headed developing countries, the use of DFS eliminate households in Kenya to reduce extreme the effort of long distance travel to access poverty and provided opportunities to change financial services, while lowering operational livelihoods from farming to other business costs for FSPs. services (Suri and Jack, 2016). Similarly, Doepke and Tertilt (2011) demonstrated that with Despite a remarkable growth in financial improved access to finance, women are more inclusion rates in Sub-Saharan Africa, the gender likely than men to spend on education, food gap remains. The financial inclusion gender gap and health care, resulting in improved welfare in Sub-Saharan Africa is on average 11.3 percent, and productivity of their families. ranging from as high as 24 percent in Nigeria to a low of 6 percent in Mauritius (see Figure 1). This underlines the necessity of a concerted effort to ensure that the designing and provisioning of financial products and services is tailored to meet the needs of marginalized groups, including women. Figure 1: Gender gap in financial inclusion in Sub-Saharan Africa 24 20 18 Gender Gap (%) 17 15 15 14 13 12 11,3 11 11 11 11 10 10 9 9 9 9 9 8 8 8 8 8 8 8 8 6 Nigeria Benin Mozambique Burkina Faso Liberia Togo Chad Uganda Ethiopia SSA Cote d’Ivoire Mauritania Rwanda Zambia Congo Rep. Gabon Botswana Cameroon Niger Sierra Leone Tanzania C. African Rep Ghana Guinea Kenya Malawi Senegal South Sudan Zimbabwe Mauritius Source: Global Findex 2017 3 Importantly, providers must understand KEY FINDINGS AND DISCUSSION women’s financial needs, and get to the root of what drives or hinders them from taking up and The gender gap persists for the take-up of using DFS. Understanding customer segments financial services is what enables providers to optimally tailor products and services that serve the broadest Taking up or signing up for a financial product customer base of both women and men. is the first step towards meaningful use. In the Drawing from survey and transactional data case of mobile money, having an account in from seven countries in Sub-Saharan Africa, this one’s own name results in different usage than study explores gender differences with respect using someone else’s account. As highlighted to: (1) account ownership; (2) financial service above, the gap on account ownership is biased needs and use cases; (3) the extent to which DFS toward men. An inspection of selected mobile is used; and (4) drivers for uptake and use or non- money portfolios across the region also show use of DFS. that most of the mobile money clients are men. For instance, research with IFC client This synthesis note mainly comprises insights FINCA DRC found that the ratio of active gleaned from IFC research conducted in male versus female users was 65 percent to Sub-Saharan Africa under the Partnership 35 percent, respectively, in the FINCA mobile for Financial Inclusion, a $37.4 million joint money portfolio—with an even bigger gap initiative of IFC and the Mastercard Foundation among youths. As depicted in Figure 2, only to advance financial inclusion in Sub-Saharan 26 percent of the under 25 age group were Africa, between 2014 and 2018. The studies women; women constituted 34 percent and were conducted in DRC, Ghana, Kenya, Senegal, 39 percent of customers in age groups 25 to 35, Tanzania, Uganda, and Zambia using various and 36 years and above, respectively. research approaches including qualitative and ethnographic research, quantitative surveys, There is a clear age gradient on mobile money and the analyses of large consumer datasets ownership, gradually reducing with increasing in financial institutions (big data analysis). age. If one were to take these three age groups Additional analysis drawing from datasets as cohorts and assume that this gender gap collected by the partnership was conducted to on mobile money ownership will remain help weave together themes discussed herein. constant over time, it would suggest that the gap between men and women will continue to The studies reviewed to produce this note were grow. On the other hand, our research shows selected because they addressed one or more of that younger men tend to adopt technology and the research questions outlined above. It should mobile money earlier, as compared to younger be noted that the quantitative surveys were not women. Therefore, as population demographics specifically designed as gender financial inclusion age, the comparative female age cohort might surveys; they were designed for research studies be expected to adopt later, seeing this gender focused on other DFS questions but included adoption gap close somewhat over time. What gender-disaggregated data that now serve this is not yet clear is how gender-biased predilection synthesis study. Because the studies focused to early technology adoption naturally closes on their respective questions, the gender data over time. For providers, understanding these offer limited overlap in terms of questions, patterns may help to re-tune products to align issues addressed, sampling methodology and with the needs of particular segments at the target population across the countries. As such, appropriate time. the analysis from a gender perspective does not necessarily use similar questions from the different countries and surveys. Nevertheless, we can identify several clear patterns that hold true across the countries and data included in this analysis. 4 Figure 2: FINCA accounts distribution by gender and age Percent of customers 80% 74% 66% 61% 60% 34% 39% 40% 26% 20% 0% <25 25-35 36+ Male Female Linear (Male) Linear (Female) The gender gap on mobile money ownership Although, as compared to DRC data that looks among youths in DRC mentioned above is at different age cohorts at an instance in time, also affirmed by the findings from the Young the Kenya data looks at the same age cohort Ennovators Account (YEA) at Cooperative Bank over time (under 35 is the eligibility criteria for in Kenya. As can be seen in Figure 3, the gap the product). If the hypothesis of early adoption between men and women aged 35 years or holds, this widening gap seen in Kenya will be below has widened between January 2015 and expected to close as this cohort ages. January 2018. Figure 3: Growth of accounts by gender (Cooperative Bank in Kenya) # Distinct transacting customers 1 2 3 4 1 2 3 4 1 2 3 4 1 2 5 Q Q Q Q Q Q Q Q 7 Q Q Q Q Q Q 01 15 15 15 16 16 16 16 01 17 17 17 18 01 8 2 20 20 20 20 20 20 20 2 20 20 20 20 2 Year, quarter, gender Male Female 5 In examining Uganda, it is evident from survey About 59 percent of men, in comparison to 41 data that men exhibited higher appetite percent of women, reported that they used for mobile money for both saving and other phones to perform financial transactions, financial transactions than women (Figure 4). while 41 percent of men compared to 27 percent of women reported that they would save via their phones. Figure 4: Appetite for mobile money for saving and transactions in Uganda 59 60 41 41 50 40 Percent 27 30 20 10 0 Would use phone for Would save via financial transactions the phone Male Female The gender disparities on mobile money As depicted in Figure 5, it was shown that mobile ownership are also supported by the Findex money ownership in DRC, Ghana, Senegal, (2017) data across Sub-Saharan Africa. Tanzania, Uganda, and Zambia is skewed in favor of men. Figure 5: Mobile Money Account ownership in selected SSA countries Zambia Uganda Tanzania Senegal Ghana DRC 0% 10% 20% 30% 40% 50% 60% Male Female Source: Global Findex 2017 The above discussion shows an inescapable It is against this backdrop that the following picture of a gender gap in financial inclusion section explores some of the factors driving the globally and in selected Sub-Saharan Africa observed differences in the uptake and use of countries. digital financial services. 6 Drivers and barriers of DFS uptake and use Women are less aware of DFS than men among women and rely more on social networks for financial information Access to phones and connectivity remain a challenge for women in SSA Men and women rely on different information sources regarding the existence and functioning Mobile phones, mobile apps and websites are of financial products. These differences between increasingly being used to access financial the various types of media men and women are services in Sub-Saharan Africa, especially to exposed to, and how they engage with them, make payments. This has been made possible are important as financial providers need to by the rapid growth of phone ownership and understand which mediums can be used to connectivity, as well as the penetration of DFS. reach women and tailor their advertisements or As such, access to a cellphone has become a key educational campaigns to be delivered via these driver of financial inclusion. Despite the rapid media platforms. growth in mobile ownership, women are left behind. IFC research from Senegal, Uganda and Evidence from Senegal, Uganda and Zambia Zambia shows that men are 5-7 percentage points point to the fact that men are more likely to be more likely to own a smartphone than women; informed about DFS than women. In Zambia, and when women do own a mobile phone, their it was found that knowledge about usage of handsets tend to be older and cheaper than mobile money is negatively correlated with those used by men. Similarly, IFC research in being a woman, with 33 percent of women Ghana shows that male mobile users are twice having little or no knowledge about how to use as likely as female users to have two mobile mobile money, compared to 14 percent of men. phones. This finding also means that women Similarly, in Uganda, men were more familiar tend to use only one mobile provider, while men with both the general concept of mobile money are more likely to own several SIM cards and and with particular services offered by mobile diversify their usage of mobile providers (Harten providers (64 percent and 52 percent for men and et al, 2014). In Uganda, while the gender gap in women respectively). In Uganda, women tend to mobile ownership tends to hover around 7-8 rely more on friends and family for information percent in urban areas, data shows that women about mobile money—39 percent compared to in rural areas are 15 percentage points less likely 25 percent for men—and are less likely to get that than men to own a mobile phone. These results information from radio or TV; 54 percent women, are supported by the GSMA Mobile Gender Gap to 64 percent men. report of 2018, pointing to a 10 percent mobile ownership gender gap worldwide and a 13 Ease of access and confidentiality matter percent gap in Sub-Saharan Africa. for women Women’s access to and use of mobile phones Women prefer to save in places where they can hold an important lesson for financial providers easily access their savings, especially during seeking to include women: the services offered emergency situations. Across countries, it need to be tailored to the type of handsets women emerged that access to emergency funds is a are more likely to own and use. Additionally, consistent reason why women diversify their dedicated services training and marketing saving sources by saving with friends, family information tailored to raising awareness about or neighbors. In addition, women also seek how to use them can be helpful to women. confidentiality to better accommodate known and unknown future needs. By design, mobile Beyond simple mobile ownership, across the money provides both confidentiality and ease board, our data shows that women in Senegal, of access to funds, thus these features should Uganda and Zambia are less likely than men be emphasized when promoting mobile money to use the Internet—be it at work, at home, services to women. or on their phones. This finding was echoed by the GSMA 2018 report, which shows that the mobile Internet use gap between men and Socio-economic status remains low women stands at 34 percent in Sub-Saharan among women Africa. It is therefore important to stress that these structural issues of mobile hardware and Education and income, which serve as connectivity in the region deter women from indicators for socio-economic status, remain accessing financial services in the same way important drivers of financial services use. men do. Those with better education, income or assets are more likely to have the right information and sufficient money to meaningfully engage financial services. IFC research in Ghana shows that there was a 30-percentage point gap in 7 the usage of mobile money services between In Uganda, women lacked information on men and women, and when non-users were the sources of credit. When asked why they asked why they were not using mobile money borrowed from a particular source, the most services, women overwhelmingly stated lack of quoted reason by women was that it was the money as the primary reason. In Tanzania, male only available option, and always by a higher borrowers had higher values of total and fixed percentage than men. It is unclear why women assets than female borrowers, and resultantly, felt they had no other options. When asked male borrowers on average had higher loan sizes why they didn’t use a financial institution, 35 (Harten & Buri, 2015). percent of women indicated that they didn’t know about it – 10 percentage points more than The level of education or literacy and men. This finding points to financial education technological appropriation may also impact and informational campaigns about financial the ability and level of comfort when engaging options as a fundamental way to drive up the DFS. In Senegal, older women were more level of financial inclusion for women, at least in likely to indicate that they feel the need for the case of Uganda. assistance when they use mobile money. Data from Senegal also indicates that women who The needs and use cases of women are use their phones to download apps tend to be different from those of men younger and more educated than the average women in the sample. While this is expected, To meaningfully tailor products and services it emphasizes the fact that including older and and successfully onboard women into less educated women would require USSD or formal financial services, it is important to SMS-based financial transaction services and understand what needs financial services not app-based ones. address for women and how these differ from those of men. As depicted in Figure 6, there were variances in the patterns of usage for different mobile money services among male and female users in Zambia. Figure 6: Most common transactions performed using mobile money in Zambia 40 30 Percent 20 10 0 Bill Purchasing Receiving Sending Storing/ Purchasing Other Payment airtime money money depositing other valuables Most common transactions Male Female 8 Across the board, the most common use cases The extent and patterns of digital financial for mobile money were purchasing airtime, services usage differ between men and receiving money, storing or depositing money, women and sending money, as self-reported by clients in Zambia. The most common transaction By exploring the type of financial instruments performed by men was purchasing airtime (35 used, the regularity of use, the amounts percent) and this was 10 percentage points transacted and how recently they were used, we higher than for women (25 percent). For find interesting patterns differentiating women women, the most common transaction was from men in the use of DFS. Understanding these receiving money (28 percent—double that of differences provides a wealth of information that men at 14 percent). Men and women exhibited can guide the design or redesign of products and almost the same level of transactions related to services to match the financial behavior and depositing money or storing value (29 percent needs of women or to introduce interventions female versus 27 percent male). On sending that better support women to engage financial money, these transactions were slightly higher services. for men (13 percent) than women (9 percent). This finding was reinforced in Ghana where only Women save more in informal financial 29 percent of women had sent money in the services than men previous year, compared to 59 percent of men. Considering the limited participation of women Savings are an important gateway for most low- in the salaried labor force across Sub-Saharan income clients into the world of formal financial Africa, it is not surprising that women are services. From Findex data, we can tell that mostly on the receiving end, and men sending women already save at similar rates to men. money outnumber women. Furthermore, in Therefore, it’s not necessarily about women many African settings, men seasonally migrate clients saving more, but keeping their savings to urban areas or mining towns for work. For safe while also having access to funds in case example, in Zambia, there is considerable of emergency. Across our research countries, internal migration by men leaving wives and evidence shows that women save in informal children in their home villages to work in mines financial services more than men. As shown (Koblanck, Heitmann & Davico, 2017). in Figure 7, about 81 percent of the savings for women in Senegal were managed by informal It is worth noting that there was not much of a services, with saving groups (such as merry-go- difference observed between men and women rounds) holding a significant share (25 percent). on the use of mobile money for bill payments Understanding the benefits women get from in Zambia. It can be seen in Figure 6 that the these informal financial services, especially proportion of men and women using mobile saving clubs, may help DFS providers to emulate money for bill payments was almost the same— or adapt those benefits within formal digital and below 10 percent. This is potentially a financial services to strengthen engagement growth opportunity for mobile money providers, of this market segment through a recognized as more can be done to facilitate the payment of value proposition. bills, particularly for routine household bills such as electricity, TV and water. Figure 7: Proportion of total savings by type of institution - Senegal 25 20 Percent 15 10 5 0 Financial At home / Merry go Susu Member of Family Friend Advance Other Institutions Matress round HH member purchase Male Female 9 Women use mobile money less frequently week and daily compared to men (49 percent than men versus 68 percent). Thus, women were more likely to use it once a month than men (26 percent Besides having low account ownership, it was versus 15 percent). In Uganda, among those that found that when women sign up for mobile have used mobile money services, more men money services, they use these services less have consistently used them more recently than frequently than men. In the case of Zambia, women, regardless of provider. Figure 8 shows that, cumulatively, fewer women indicated that they used mobile money several times a month, once a week, several times a Figure 8: Regularity of mobile money use in Zambia 40 30 Percent 20 10 0 About once Once every Once a Several Once a Several Daily a year few months month times a week times a month week Male Female As stated above, on the FINCA mobile money Women save more with mobile money portfolio in DRC, it was found that the ratio than men of male to female users was 65 percent to 35 percent, respectively. From the fraction of women Figure 9 shows that women at FINCA DRC constituting this portfolio, women contributed saved more with mobile money than men. By 24 percent of the transactions, suggesting that examining the account balances since the last they performed fewer transactions than men. quarter of 2017 through to the second quarter of 2018, it was shown that women’s balances continued to be substantially higher than those of men. Figure 9: Value of saving for men and women at FINCA DRC Average account balance per customer 1 2 1 2 3 4 5 6 1 710 1 71 1 71 1 80 1 80 1 80 1 80 1 80 1 80 20 20 20 20 20 20 20 20 20 Year, Month, Customer Gender Male Female 10 Using the same portfolio of mobile money mobile money more than men (46 percent users from FINCA in the DRC, it was revealed versus 33 percent). On the other hand, men that the most common transactions on performed more withdrawals than women the mobile money platform were cash (67 percent versus 53 percent). Recognizing withdrawals (63 percent) and cash deposits that women were more likely to make (36 percent), and all other transactions were deposits into their mobile money accounts very insignificant—see Figure 10. What is than men, possibly to save, is an important important to highlight is the difference in the finding given that women typically save transaction patterns for men and women. It using informal mechanisms. is evident that women deposited money into Figure 10: Value of transactions performed by mobile money users at FINCA DRC. 70 Percent of transactions 60 50 40 30 20 10 0 Cash Cash Fund School fees Tax Payment TV subscription Withdrawal deposit transfer payment payment All 63,10% 36,10% 0,64% 0,02% 0,02% 0,06% Female 53,00% 46,00% 0,80% 0,02% 0,02% 0,05% Male 66,70% 32,70% 0,58% 0,02% 0,16% 0,07% Women are equally high value mobile Given that women constituted 35 percent of the money clients FINCA mobile money portfolio, we observed that about 39 percent of debit transactions Consistent with the findings on savings above, and 32 percent of credit transactions in USD we can observe that women are equally high were performed by women. However, in the value mobile money clients as men (Figure 11). At Congolese franc, women contributed 23 percent FINCA, clients can have accounts and transact in of credit transactions and 20 percent of debit both USD or in the Congolese franc. transactions. Figure 11: Value of transactions performed at FINCA, DRC 100 percent of tansactions 80 80 77 68 61 60 (value) 39 40 32 23 20 20 0 Female Male Female Male USD CDF 11 Women borrow from informal sources About 18 percent of women’s loans were from more than men money lenders compared to only 1.6 percent for men. Again, close to 24 percent of women’s loans As with savings, women are more likely to borrow were from pawn shops. This shows that the real from informal sources than men. As depicted in competition for digital loans among women lies Figure 12, there was a huge gap between men and in informal lending products. women borrowing in Senegal with 87 percent of men borrowing from a formal institution in comparison to 38 percent of women. Figure 12: Credit owed by source of loan - Senegal 100 80 Percent owed 60 40 20 0 Financial Family Moneylender Pawnshop Other Institution Male borrowers Female borrowers Women experience more difficult loan This is consistent with research from other conditions than men countries in the region, which shows women to be less risky borrowers than men (Chamboko As shown in Figure 12, women borrowed less & Bravo, 2016). This finding is a strong message from formal financial institutions than men. For to lenders not to neglect opportunities to offer those who borrowed from such institutions, due women credit, despite having a lower asset base to a low asset base for collateral, on average, or income on average. they experienced more difficult loan conditions than men. For example, IFC research in Tanzania indicates that female borrowers had less favorable credit conditions than male borrowers, including shorter terms, smaller loan sizes and high interest rates, yet they presented less risk than men (Harten & Buri, 2015). 12 KEY TAKEAWAYS AND • The needs and use cases of men and women IMPLICATIONS OF THE FINDINGS in Sub-Saharan Africa are not the same. The study findings suggest that women are more From the findings discussed above, the following likely than men to use mobile money to receive key takeaway and implications can be made: money and to deposit or store value. On the other hand, men are more likely to use mobile • The means to access DFS remain low money to send money and buy airtime more among women because of limited access than women. Understanding these needs or to mobile phones (or smart phones), uses cases and patterns is essential to ensure Internet connectivity, limited participation that innovation and the provisioning of DFS is in the salaried labor force, and lower social enhanced to meet these needs. economic status (income and education). As such, the designing and provisioning of DFS— • There is limited use of mobile money to make especially for women—should be simplified merchant payments and bill payments. This to ensure that the less literate are able to is a growth opportunity for mobile money, engage, and the technology should be simple especially for bills such as electricity and enough (but safe) to allow compatibility with water, which are recurring. basic phones. • There was a clear age gradient on mobile • Women place importance on social money ownership with the greatest gap networks and are more likely to rely on being among those less than 25 years, them for information. As such, marketing and it gradually reduces with increasing and promotional programs for DFS should age. What is not clear is whether these consider capitalizing and exploiting these gender disparities will reverse course as networks, through referrals, testimonials or a given cohort matures, or at which age ratings to onboard women more. marks the inflection point? Investments in understanding these patterns may help to • Women use informal financial services more re-tune products to align with the needs than men—be it for saving or borrowing— of particular segments at the appropriate suggesting that informal services continue time. to provide value unavailable from other channels. One of the reasons is that some • Addressing gender bias is fundamental to of such products (for example, merry-go- close the financial inclusion gender gap. One round) are multi-purpose and flexible, as they way for institutions to do so is to rely on data. serve as a saving mechanism, credit source Gender-lensed insights provide understanding and insurance mechanism. In designing DFS into how and who is using financial products products, FSPs should therefore consider and make the case for customized products for replicating or adapting some of the features women. Gender-lensed data analytics, where of the informal services to attract women. gender data is available, is key to including women in the formal financial system. • In some markets such as DRC and Zambia, findings showed that women use mobile CONCLUSION money for storing value or depositing funds more than men and withdraw less than Addressing gender bias is fundamental to men, which provides women with a safe close the financial inclusion gender gap— way to build reserves to pursue foreseeable doing so is not only a social good, but a good financial goals. This finding is very important practice and responsible finance. Gender given that women consider safety and lensed insights shed light into the needs of confidentiality as key in the use of financial women, women’s mobile money use cases, services. Building on this, DFS providers women’s financial behaviors, as well as should consider introducing products that barriers and facilitators of mobile money allow women to earmark funds for future use, which providers can take into account aspirations. However, flexibility should when designing and providing services. be key if this is to be successful, given that women emphasized the need for flexibility to allow them to access funds in emergency situations. 13 AUTHORS Richard Chamboko is an IFC Results Measurement Specialist supporting the Sub-Saharan Africa region. His research domains include digital financial services, SME banking, microfinance, and financial risk management. Soren Heitmann leads the applied research and learning program for the Partnership for Financial Inclusion. His background is in data science, development economics and cultural anthropology. Morne Van Der Westhuizen is a data science consultant with 12 years of data science experience in the financial industry spanning 16 countries. Acknowledgements The authors acknowledge the editorial support from Anna Koblanck and Ladi Eguche as well as the contribution from Anca Bogdana Rusu and Zenobia Whitney Sharee Peterson. Contact the Publisher: Anna Koblanck AKoblanck@ifc.org +27(0) 11-731-3000 IFC, Sub-Saharan Africa 14 Fricker Road, Illovo, DECEMBER 2018 Johannesburg