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Shaping Inclusive Finance Transformations (SHIFT) (Myanmar)
Myanmar
May-14
30/06/2021
Keywords
Access to finance
Project description
In 2014, the Shaping Inclusive Finance Transformations (SHIFT) in the Association of Southeast Asian Nation (ASEAN) was launched by the United Nations Capital Development Fund (UNCDF) with the support of the Australian Government. SHIFT addresses the needs of the Least Developed Countries (LDCs) and Middle-Income Countries (MICs) in emerging ASEAN markets, with a focus on Cambodia, Laos, Myanmar, and Vietnam (CLMV). SHIFT contributes to inclusive regional economic growth by supporting individuals on low incomes, particularly women, to use money more productively through increased access to products and services (i.e. credit, savings and insurance). SHIFT supports challenge fund projects with private sector; data mapping of national financial inclusion - banking data analysis to improve client services; regional (ASEAN) and national policy / advocacy technical assistance; and learning activities - training banks to be more inclusive. By 2020, SHIFT in ASEAN aims to transition at least
Primary thematic area
Secondary thematic areas
Financial services
Project details
Umbrella programme
Shaping Inclusive Finance Transformations (SHIFT)
Accountable Org(s)
Australian Department of Foreign Affairs and Trade; United Nations Capital Development Fund
Funding Org(s)
Australian Department of Foreign Affairs and Trade; United Nations Capital Development Fund; Nederlandse Financierings Maatschappij Voor Ontwikkelingslanden N.V.; VISA; Associations of Banks in Singapore
Implementing/
Partner Org(s)
United Nations Capital Development Fund; ASEAN
Project contact
Australia - Department of Foreign Affairs and Trade
+61 2 6261 1111
iati.support@dfat.gov.au
R.G. Casey Building, John McEwen Crescent, Barton ACT 0221, Australia
Funding (USD)
Committed
Spent
$
$
Project website
https://erc.undp.org/evaluation/evaluations/detail/9971
https://www.uncdf.org/article/3344/shaping-inclusive-finance-transformations-shift-in-the-association-of-southeast-asian-nations-asean-countries
https://www.dfat.gov.au/sites/default/files/asean-and-mekong-appr-2018-19.pdf
D-Portal link
Project evaluation
Evaluation source
Mixed method. The independent evaluation was undertaken by consultants as IPE Global and M-Cril Inclusive Microeconomics. As documented in the Mid Term Evaluation Report, the evaluation employed a mixed-method theory-based evaluation utilising quantitative and qualitative data.
Evaluation methodology
Evaluation has triangulated information and perspectives from numerous programme documents, semi-structured stakeholder interviews, including in person regulator and partner meetings in two countries, and interviews with a few end-clients (�beneficiaries�).
Programme targets
Overall goal: To contribute to reducing poverty and vulnerability directly, and indirectly
increase employment and inclusive economic growth in ASEAN.
Expected outcome: At least 6 million low-income individuals, micro-entrepreneurs, and small and
medium businesses, including women and young people�s transition from using
informal financial mechanisms to more formalised financial services by the year
2020.
Output 1 (fund facility): Support FSPs to develop new prototypes and bring to scale viable business
models that serve low-income individuals, micro-entrepreneurs, and small and
medium businesses, especially women within these markets, in the ASEAN
frontier economies.
Output 2 (Learning and Skills Development Portal): Support business development service providers by leveraging ICT solutions to develop and bring to scale viable e-learning models for professionals in financial
institutions to improve productivity and professionalism.
Output 3 (Data and Analysis Hub): Produce, consolidate and communicate data and information on supply,
demand and regulation in financial markets to strengthen the evidence base and
investment decisions of providers, regulators and policy makers, specifically
targeted towards low-income individuals, micro-entrepreneurs, and small and
medium business, especially women within these markets.
Output 4 (Policy and Advocacy): nfluence policy makers, FSPs and governments to enable financial markets to be more responsive to the wider development priorities of governments and their
people.
Results achieved
In 2018-19, SHIFT Challenge Fund Facility grants provided access to financial services for over 516,000
beneficiaries (38 per cent women). Cumulatively, SHIFT has provided financial access to over 2.3 million lowincome men, women and enterprises in ASEAN, exceeding end-of-program targets. Usage results include over 120,000 sustained users. Financial service segments show usage rates ranging from 4.2 per cent (payment services) to 91 per cent (clean energy financing services) against a new industry standard of 36 per cent; Three new remittance projects (TransferTo/Thunes, Singcash, AMK) were signed, with
TransferTo/Thunes exceeding access targets through 80,000 transfers. Since 2014, SHIFT has leveraged over
AUD5.7 million in private sector investment across ASEAN�s emerging markets. A 2018 independent midterm review concluded that SHIFT was achieving intermediary targets, demonstrated value for money, and highlighted complexities around recording usage rates as an area of improvement which the program has actioned. SHIFT was extended until December 2020 and will focus on results reporting in its final year, and develop a transition-sustainability plan beyond 2020.
Targets met?
Overall goal: To contribute to reducing poverty and vulnerability directly, and indirectly
increase employment and inclusive economic growth in ASEAN.
Expected outcome: At least 6 million low-income individuals, micro-entrepreneurs, and small and
medium businesses, including women and young people�s transition from using
informal financial mechanisms to more formalised financial services by the year
2020.
Output 1 (fund facility): Support FSPs to develop new prototypes and bring to scale viable business
models that serve low-income individuals, micro-entrepreneurs, and small and
medium businesses, especially women within these markets, in the ASEAN
frontier economies.
Output 2 (Learning and Skills Development Portal): Support business development service providers by leveraging ICT solutions to develop and bring to scale viable e-learning models for professionals in financial
institutions to improve productivity and professionalism.
Output 3 (Data and Analysis Hub): Produce, consolidate and communicate data and information on supply,
demand and regulation in financial markets to strengthen the evidence base and
investment decisions of providers, regulators and policy makers, specifically
targeted towards low-income individuals, micro-entrepreneurs, and small and
medium business, especially women within these markets.
Output 4 (Policy and Advocacy): nfluence policy makers, FSPs and governments to enable financial markets to be more responsive to the wider development priorities of governments and their
people.
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