Financial Inclusion Support Project in Burkina Faso

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The development objective of Financial Inclusion Support Project in Burkina Faso is to increase access to digital financial services and facilitate access to credit for targeted beneficiaries. This project has four components. 1) The first component, Increasing usage of transaction accounts, aims to increase the usage of transaction accounts. It has the following two subcomponents: (i) Digitization of government payments; and (ii) Digital transformation of Microfinance Institutions (MFIs). 2) The second component, Strengthening institutional capacity for enhanced financial inclusion, aims to strengthen the institutional capacity of both the national supervisory authority and institutions in the microfinance sector, as well as strengthen the Women Entrepreneurial Activities Support Fund's (FAARF) capacity to facilitate the graduation of their beneficiaries to the formal financial sector and enhance consumer protection in the financial sector. It has the following three subcomponents: (i) Strengthen the soundness and sustainability of the microfinance sector; (ii) Enhancing FAARF’s capacity to facilitate client graduation to the formal financial sector; and (iii) Strengthen consumer protection and financial education. 3) The third component, Increasing farmers’ and Small and Medium Enterprises' (SMEs) access to credit, aims to increase farmers’ and SMEs’ access to credit. It has the following two subcomponents: (i) Strengthening credit supply for farmers and SMEs; and (ii) Strengthening SME business development services. 4) The fourth component, Project Management, aims to finance the costs related to project management and monitoring and evaluation (M and E).