Financial Markets and Digital Innovation (FMDI)

DNA’s Financial Markets and Digital Innovation (FMDI) practice supports both public and private sector clients with strategy, policy and regulatory insight, market research, and economic and financial modelling. We combine expertise in social, economic, policy, and environmental issues with an in-depth understanding of African financial markets and how they are affected by micro- and macro-economic dynamics.

We also provide financial education policy, strategy, programme redesign, and monitoring and evaluation services to various financial institutions. We have built the inhouse skills to support our clients who are increasingly moving to digital platforms and apps for self-directed education and data collection. Drawing on behavioural economics and transformative learning theories, we assist our clients in improving the impact of their programmes.

We are able to provide unique insights into African financial and capital markets, financial market infrastructures and market participants, based on our experience in and knowledge of financial sector regulation, supervisory requirements, financial inclusion and capital market developments on the continent.

Past projects and clients

Various projects to review of the macro and household impacts of remittances in Malawi, Zimbabwe and Lesotho;
Study on state of stockbroking and the challenges faced by small black brokers in South Africa;
Feasibility study for a building society in Namibia;
Monitoring and evaluation framework to measure social, economic and environmental impact (ongoing) for a banking group;
Study to benchmark of CFE practices in the banking sector and identify collaboration opportunities and models;
Implementation and outcomes evaluations of CFE programmes in the banking and insurance sectors;
Monitoring and evaluation frameworks for CFE programmes;
Scoping study and strategic roadmap for market entry into Egypt, Morocco, Nigeria and Uganda for a digital identity provider.

For more information on DNA's financial markets and digital innovation work please contact us on +27 (0)12 362 0024 or alternatively at contact@dnaeconomics.com

PROJECTS

Market entry strategy for digital identity in Africa, One Vault Africa (Pty),Nigeria; Morocco; Egypt; Uganda ;2020): To identify a priority list of countries for possible market entry by One Vault/Secure Citizen;
- To research the country conditions in 4 identified African countries, and
- To develop a roadmap for market entry, drawing on the detailed country studies.

Liberty Financial Services, South Africa, 2020: DNA Economics was commissioned to develop a Consumer Financial Education Strategy for Liberty. To develop the strategy, the DNA Economics team reviewed programme documentation and conducted semi-structured interviews with key informants and training providers. The strategy introduces several innovations in the field of financial education. Ultimately, it aims to equip participants with the right knowledge and skills to make better financial decisions.

Feasibility study for a new building society in Namibia, (Monasa Advisory & Associates,Namibia, 2020): To benchmark Namibian legislation for Building Societies internationally
- To conduct a feasibility study for a new building society in Namibia
- To prepare a detailed business plan for a new building society for submission to the Bank of Namibia 

Momentum, South Africa, 2019-2020: DNA Economics was asked to evaluate two of Momemtum's Consumer Financial Education (CFE) programmes. The purpose of the evaluation was to assess the overall effectiveness of these programmes in improving the financial literacy and capability of participants. For these evaluations, DNA Economics used a theory-based evaluation approach to decide on the appropriateness of the programme design, its effectiveness and the sustainability of the programme's effects.

Today's Trustee, South Africa, 2018: Today's Trustee is an online platform and magazine that aims to build the capabilities of trustees to discharge their fiduciary duties. DNA Economics was asked to develop a monitoring framework that tracks and measures the extent to which the different products are achieving their intended goals including deepening the knowledge and skills of trustees.

Association for Savings and Investment South Africa , South Africa, 2019: DNA Economics was commissioned by the Association for Savings and Investment South Africa to establish a centralised monitoring and evaluation system for the industry's consumer financial education initiatives. As signatories to the financial sector charter, ASISA's members must spend at least 0.4% of their Net Profit After Tax on consumer financial education to quality for points in terms of the Broad-Based Black Economic Empowerment Codes. The purpose of this project was to collect information on the industry's financial education programmes.

The project was completed in two stages. In the first stage, DNA Economics to developed a guideline that would help ASISA's members to plan, monitor, evaluate and report on their consumer financial education programmes. In the second stage, DNA Economics collected information on the reach and nature of consumer financial education initiatives undertaken by ASISA's members. Click here to access the Planning, Monitoring, Reports and Evaluation Guideline.

Financial literacy's programme (Sanlam Foundation, South Africa, 2017): This project involves a design evaluation to assess the extent of which the financial literacy's programme was appropriate and relevant to the needs of the beneficiaries. The evaluation used qualitative methods including observations, semi-structured interviews, and intercept interviews.

evaluated the 2017 Consumer Financial Education (Sanlam Foundation, South Africa, 2017-2018): As part of this project, DNA Economics evaluated the 2017 Consumer Financial Education funded by the Sanlam Foundation. The evaluation assessed the extent to which the training programme had imparted financial literacy knowledge and skills to participants. The evaluation combined a mix of quantitative and qualitative research methods with included observations, in-depth interviews and Computer Assisted Telephonic Interviews.

Consumer Education programme (Sanlam Foundation, South Africa 2016): The Sanlam Foundation funded the roll-out of a large scale Consumer Education programme. In line with the GN 500 Guidance Note issued by the Financial Sector Transformation Council, financial companies must evaluate the outcomes and impact of all their financial education programmes. The Sanlam Foundation appointed DNA Economics to assess the overall effectiveness of this financial literacy programme.

Sanlam Foundation, 2016-2017: The Sanlam Foundation tasked DNA Economics with an evaluation of its trustee training programme. For this evaluation, DNA Economics used a theory-based evaluation framework to evaluate the recruitment and selection of trustees for the programme, the knowledge and skills acquired by the programme and the extent to which they applied the concepts learnt during the training.

Market scoping - SADC remittances (Cenfri, 2011): Economic migrants in South Africa from the SADC region remit substantial quantities of goods and money to their home countries, but often struggle to access safe and cost competitive forms of remitting. The study provided an estimate of the total size of this market, including substantial detail on remitting behaviour from an extensive focus group research exercise.

Savings Barometer (SASI / FinMark Trust; 2007-2008): Reviewed the design and relevance of the 'Savings Barometer', a spreadsheet-based model and index published quarterly by the South African Savings Institute.