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AFI Grant Evaluation: FCAP Project in Armenia

The Alliance for Financial Inclusion (AFI) recently evaluated the impact of its Financial Capability Assessment Program (FCAP) in Armenia, aiming to improve financial education and capability measurement among Armenian citizens.

Challenges and Delays

The evaluation highlighted several challenges and delays that grant recipients may face. According to the Central Bank of Armenia (CBA), amendments to ongoing grant agreements can be difficult to justify internally, particularly when external factors require changes to deliverables or additional activities not initially planned for.

  • Average time it takes for each challenge: 4-6 weeks
  • Standard Operating Procedures (SOP) recommendation:
    • Develop a clear SOP outlining the role of GIZ and highlighting potential delays in grant agreements.

Data Management and Stakeholder Engagement

The FCAP faced challenges in data management and stakeholder engagement. National experts pointed out that the sampling methodology and questionnaire wording required improvement, while external researchers criticized the lack of transparency in sharing FCB survey data.

  • Average time it takes for each challenge: 6-8 weeks
  • SOP recommendation:
    • Establish a clear protocol for data collection, interpretation, and sharing to ensure transparency and stakeholder engagement.

Private Sector Bank Engagement

Another challenge identified was the limited role of private sector banks in the implementation of the National Strategy for Financial Education (NSFE).

  • Average time it takes for each challenge: 3-4 weeks
  • SOP recommendation:
    • Develop a strategy to engage with private sector banks, including regular meetings and training sessions to ensure their commitment to financial education.

Project Impact

Despite these challenges, the FCAP achieved its objectives and delivered positive outcomes. The project improved policy decision-making, programming, and stakeholder engagement, resulting in new insights for better policy development.

  • Average time it takes for each outcome: 6-12 months
  • SOP recommendation:
    • Establish a clear timeline for project implementation, including milestones and deliverables to ensure successful project completion.

Action Points

The evaluation produced several action points for AFI and the AFI Network:

  1. Share FCB methodology within the Network as a reference and potential blueprint.
  2. Invite national steering committee members and GIZ Armenia to participate in a CEMCWG meeting as observers.
  3. Develop a case study/guideline note on the FCB as best international practice.
  4. Inform CEMCWG members about the German Savings Banks Foundation’s programs in member countries.
  5. Create a blog or write a blog post on the Armenian NSFE and the FCB.
  6. Synthesize results of the evaluation and impact of the FCAP in a promotional case study for potential donors.

By addressing these challenges and implementing SOPs, future grantees can better anticipate and prepare for delays, improve data management and stakeholder engagement, and increase private sector bank engagement.