Source: WDR 2014 team; Calvo 2013; Feyen 2009 Source: WB-IMF Global Monitoring Reports

Short-, medium-, or long-term TA projects focusing on range of financial sector development issues and challenges Direct recipients: Country s regulatory and policy-making authorities Ultimate beneficiaries: Financial institutions, the private sector, firms, households, and the public at large Analyses of financial sector legal frameworks Assessments against key international standards Assessments of efficiency of the financial system, market infrastructure, and impediments to financial inclusion Identification of a prioritized set of reforms and action plans Lessons from international best practices in financial sector reform Example: Principles for Public Credit Guarantee Schemes for SMEs flagship Lessons learned series Impact studies Conferences and multiplatform knowledge products, e.g., videos and infographic Training for bank and non-bank supervisors, e.g., FinTech policy training

Financial sector legal, regulatory, and supervisory frameworks Banking sector development Crisis preparedness Central bank organization, accounting, and auditing Liquidity and reserve management Inflation targeting AML/CFT regulation and supervision Financial infrastructure: payments, credit bureaus, and collateral registries Consumer protection and financial literacy Housing finance Microfinance (including microinsurance) SME finance Gender--addressing gender gaps in access to finance Access to finance for youth, marginalized and excluded groups Capital markets development Government bond market development Insurance regulation and supervision Pension funds and collective investment vehicles Infrastructure finance

Financial Stability Financial Inclusion Long-term Finance Crisis Preparedness Payment Systems Strengthening (2010) (2007-2010) Supervisory Capacity of Bank Supervision Credit Information Insurance Commission Capacity Building Bureau (2007-2008) (2007-2008) supported us in two main FIRST (2010-2012) has had good experience Savings with Rwanda Credit and more specifically, Insurance with Risk-Based the National Bank of areas building our legal Rwanda Strengthening since way Financial back in 2005. Cooperatives We have worked (2011- with FIRST Supervision to build our (2011- legal and regulatory and regulatory framework framework, Stability Program and reform it to position 2012) the central bank as a 2012) regulator, not only focusing on and building the capacity of stability, (2013-2017) but also focusing on inclusion. Agriculture FIRST Finance has and supported us in two main areas building our staff. We are happy that our Strengthening legal and regulatory Financial framework Digital and Finance building (2018- the capacity of our staff. We are happy that FIRST supported us. All this FIRST Sector supported Supervision us. All this really 2019) helps us to stabilize and build the financial sector in Rwanda. - John (2017-2018) Rwangombwa, Governor, National Bank of Rwanda Financial Sector Development Plan I (2007-2008) Financial Development Plan II (2011-2014) We have worked with FIRST to build our legal and regulatory framework, and reform it not only focusing on stability, but also focusing on inclusion. FIRST has really helps us to stabilize and build the financial sector in Rwanda. - John Rwangombwa, Governor, National Bank of Rwanda

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FinTech Opportunities:

44% Sub-Saharan Africa

Payments 8% FS Strategies 6% Banking 20% Accounting & Auditing 5% Housing Finance 3% Credit Infrastructure 3% Microfinance 8% Macroprudential/ Safety Net/ Crisis Management 13% Capital Markets 13% Insurance and Pensions 21%