December 2021
Overview
This report is based on data up to 31 December 2021 from the portfolio of Fund participants. By the end of 2021, over half of all Fund portfolio projects had closed or were going through the closure procedure in terms of their mandates with the Fund. However, even as we approach the end of the Fund lifetime, customer acquisition continued, with an additional 269,000 rural people added to the overall customer base achieved. As some Fund projects are still undergoing closure procedures, customer acquisition numbers will be boosted further by the end of the Fund lifetime, and once the grant period totals are verified.
OVERALL RESULTS AND IMPACT
Fund participants had cumulatively reached 5.4 million customers up to 31 December 2021. Of these, 34% were customers under 35 and 33% were women living in rural areas. Over 6,000 direct jobs have been created, with 3.7 million people receiving capacity building from participant businesses to use the over 218 financial products and services launched with Fund support over its lifetime. These results significantly exceed initial expectations of the Fund performance when conceptualized some seven years ago.
JULY TO DECEMBER 2021 PROGRESS
Despite the ongoing effects of the pandemic as well as climate related and political shocks, Fund participants reached 269,000 customers in this period alone. 370 direct jobs were created, with 83% being for those under 35. In addition, 280,000 people received capacity building from participant businesses to use the financial products and services launched with Fund support. 8 new financial products and services were added in this period.
PRODUCT DEVELOPMENT
Given that most projects were approaching (or had already reached) the end of their implementation period, product development had been markedly slower in 2021 than in the earlier time periods. However, it should be noted that no product creation had been targeted for the year, so the 8 new products launched in the second half of the year (as well as the 6 products launched in the first half of 2021) still represent a significant achievement.
JOB CREATION
After the structural adjustments to operations following the COVID-19 crisis and the ensuing boost to employment, job creation has slowed down in the July to December 2021 period. However, even as the project implementation periods come to a close, Fund-sponsored participants continue to create direct jobs. 369 new jobs were created in the period, with 48% of those occupied by women, and 82% by staff under the age of 35.