The World Bank Implementation Status & Results Report Comoros Financial Inclusion Project (P166193) Comoros Financial Inclusion Project (P166193) AFRICA EAST | Comoros | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2021 | Seq No: 1 | ARCHIVED on 30-Oct-2020 | ISR43089 | Implementing Agencies: Banque Centrale des Comores, The Union of Comoros Key Dates Key Project Dates Bank Approval Date: 09-Jul-2020 Effectiveness Date: -- Planned Mid Term Review Date: 09-Jan-2023 Actual Mid-Term Review Date: Original Closing Date: 30-Jun-2025 Revised Closing Date: 30-Jun-2025 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) To increase access to and usage of financial services for adults. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Component 1: Increasing Access to and Usage of Financial Services:(Cost $18.00 M) Component 2: Project and Payment Systems Management:(Cost $2.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO -- Satisfactory Overall Implementation Progress (IP) -- Moderately Satisfactory Overall Risk Rating -- Substantial Implementation Status and Key Decisions The project is on track to achieve project effectiveness with only two effectiveness conditions outstanding: the development of completing the Project Operations Manual (POM) and establishing a subsidiary accord between the central bank (BCC) and the Ministry of Finance (MoF). The World Bank team is reviewing the POM chapters as they are developed and the MOP should be completed by mid-October 2020. BCC has also taken the lead on the subsidiary agreement and is also expected to be completed in October. For the project to achieve effectiveness, the national assembly will need to approve the project in the new session in October 2020. This is ongoing as Cabinet just approved it. Since delays may be expected in securing the necessary clearance from the President and Supreme Court (Judicial Advise) after parliamentary approval, the PPA has been extended till Dec 31, 2020 and the effectiveness conditions will also be extended accordingly, after request from the authorities. 10/30/2020 Page 1 of 5 The World Bank Implementation Status & Results Report Comoros Financial Inclusion Project (P166193) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Substantial -- Substantial Macroeconomic Substantial -- Substantial Sector Strategies and Policies Substantial -- Substantial Technical Design of Project or Program Moderate -- Moderate Institutional Capacity for Implementation and Substantial -- Substantial Sustainability Fiduciary Moderate -- Moderate Environment and Social Low -- Low Stakeholders Moderate -- Moderate Other -- -- -- Overall Substantial -- Substantial Results PDO Indicators by Objectives / Outcomes Access to financial services IN00880378 ►Number of transaction accounts per 1,000 adults (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 361.14 -- 361.14 450.00 Date 01-Jul-2020 -- 01-Jul-2020 30-Jun-2025 Number of transaction accounts (i.e., bank and mobile money) per 1,000 adults Comments: Usage of financial services IN00880379 ►Number of digital retail transactions per 1,000 adults (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 1,500.00 Date 01-Jul-2020 -- 05-Oct-2020 30-Jun-2025 10/30/2020 Page 2 of 5 The World Bank Implementation Status & Results Report Comoros Financial Inclusion Project (P166193) The total number of digital payments from the ATS+ (ACH direct credit and debit, and instant payments), Comments: mobile money, and national switch, per 1,000 adults Intermediate Results Indicators by Components Component 1: Increasing Access to and Usage of Financial Services IN00880380 ►Number of financial institutions connected to the ATS+ (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 6.00 Date 01-Jul-2020 -- 05-Oct-2020 30-Jun-2025 Number of financial institutions connected to the Automated Transfer System +. The ATS+ has yet to be Comments: procured. IN00880437 ►Number of transaction accounts per 1,000 adult women (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 163.00 -- 163.00 200.00 Date 01-Jul-2020 -- 01-Jul-2020 30-Jun-2025 Number of transaction accounts (i.e., bank and mobile money) per 1,000 adult women. Comments: IN00880438 ►Number of risk-based supervision manuals, processes, and tools adopted (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 7.00 Date 01-Jul-2020 -- 05-Oct-2020 30-Jun-2025 Number of risk-based supervision manuals, processes, and tools adopted. Comments: Component 2: Project Management IN00880436 ►Percentage of complaints received through the grievance redress mechanism, which are addressed (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 100.00 Date 01-Jul-2020 -- 05-Oct-2020 30-Jun-2025 Percentage of complaints, which are received through the grievance redress mechanism (GRM) and Comments: which are addressed. The GRM has yet to be established. 10/30/2020 Page 3 of 5 The World Bank Implementation Status & Results Report Comoros Financial Inclusion Project (P166193) Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed Not P166193 IDA-67070 USD 10.00 10.00 0.00 0.00 10.82 0% Effective Not P166193 IDA-D6760 USD 10.00 10.00 0.00 0.00 10.45 0% Effective Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date Not P166193 IDA-67070 09-Jul-2020 15-Aug-2020 -- 30-Jun-2025 30-Jun-2025 Effective Not P166193 IDA-D6760 09-Jul-2020 15-Aug-2020 -- 30-Jun-2025 30-Jun-2025 Effective Cumulative Disbursements 10/30/2020 Page 4 of 5 The World Bank Implementation Status & Results Report Comoros Financial Inclusion Project (P166193) PBC Disbursement Achievement Disbursed amount in Disbursement % PBC ID PBC Type Description Coc PBC Amount Status Coc for PBC Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 10/30/2020 Page 5 of 5