2015年-世界发展银行全球_Mali_Financial_Sector_Assessment_Program___The_Banking_System_and_Credit_to_the_Economy_28页_754kb

Summary of the Financial Sector Assessment Program - Development Module in Mali

Core Content

This Technical Note provides an overview of Mali's financial sector, focusing on the banking system, its soundness, performance, legal and regulatory framework, and the challenges and opportunities for credit to the economy and financial inclusion.

Main Banking Sector Overview

• Sector Dominance: The banking sector dominates Mali's financial system, accounting for 97% of financial sector assets.
• Credit to the Economy: Private credit to GDP was 21.8% in 2013, above the African and low-income country medians. Domestic deposits to GDP were 23.1%, close to the low-income country median.
• Financial Inclusion: Despite growth in mobile money, financial inclusion remains low, with only 13% of Malians having accounts with financial institutions.
• Banking Institutions: As of 2014, Mali had 14 commercial banks and three small non-bank credit institutions, all under WAMU regional regulations and supervised by the WAMU Banking Commission.
• Ownership Structure: Foreign shareholders, particularly from Morocco, control a large portion of the sector (63% of total banking system assets). The government's role has diminished significantly, with only one bank (BHM) still having majority government ownership.

Banking Sector Soundness and Performance

• Capital Adequacy: Overall capital adequacy ratio (CAR) was 12.9% in 2013, above the WAMU average of 9%. However, two banks failed to meet the minimum CAR of 8% as of June 2014, and some banks may have overstated capital due to weak prudential norms.
• Asset Quality: Gross non-performing loans (NPLs) were 19.3% in 2013, with net NPLs at 8.3%. Asset quality improved in 2014, with NPLs at 15.9% gross and 5.59% net, but banks still retain NPLs for long periods due to legal delays.
• Liquidity: Banks have maintained adequate liquidity, with the loan-to-deposit ratio at 89.7% in 2013. The BCEAO has provided significant liquidity support, which has increased by 867% from 2011 to 2013. However, this has raised concerns about liquidity risk, especially if the central bank reduces its support.
• Profitability: The banking sector has remained profitable, with an average ROA of 1.2% and ROE of 14.1% in 2013. Gross interest margins have averaged around 8% over the past three years, slightly below the African and low-income country medians. High non-interest expenses (55.8% of net banking income) and credit risk contribute to lower margins.

Legal, Regulatory, and Prudential Framework

• Regulatory Oversight: Banking supervision in Mali is primarily governed by WAMU regulations, with the BCEAO setting monetary policy and credit standards. The WAMU Banking Commission (BC) is responsible for supervising credit institutions and has the authority to sanction non-compliance.
• Prudential Reforms: The BCEAO, with IMF support, is gradually implementing Basel II/III standards. This includes improving credit information systems, adopting international accounting standards, and introducing consolidated supervision.
• Weaknesses: Loan classification and provisioning standards are weak, leading to possible overstatement of capital. Regulatory enforcement remains lax, and the sector is vulnerable to risk concentration and liquidity issues.

Credit to the Economy and Financial Inclusion

• Credit Concentration: Lending to the top 50 borrowers has declined from 60% of total portfolio in 2012 to 39.4% in December 2014. This reflects a shift toward more diversified lending, particularly to SMEs and retail clients.
• Challenges to Credit Expansion: The informal sector dominates the economy, and structured supply chains are limited, especially outside the cotton sector. Legal and judicial weaknesses, including poor contract enforcement and inadequate credit information systems, also hinder credit access.
• Financial Inclusion Gaps: There is a need to expand financial services beyond basic payments to include savings, credit, and insurance. Mobile money offers potential for reaching rural populations, but existing services are not yet comprehensive.

Recommendations

• Strengthen Prudential Standards: Implement Basel II/III standards and improve loan classification and provisioning practices.
• Enhance Regulatory Enforcement: The Banking Commission (BC) should enforce existing regulations more strictly, especially regarding risk concentration and capital adequacy.
• Modernize Financial Infrastructure: Develop a more robust credit information system and improve the legal and judicial environment to support financial inclusion.
• Diversify Credit Portfolios: Encourage banks to expand lending to SMEs and retail clients, reducing reliance on a narrow group of borrowers.
• Promote Financial Inclusion: Expand the range of financial services available, including insurance and savings, and shift government payments to digital platforms to increase access.

Key Challenges and Opportunities

• Risk Concentration: Banks have significant exposure to the cotton sector and a few large borrowers, which may threaten financial stability.
• Liquidity Risks: High reliance on BCEAO liquidity support poses a risk if this support is reduced.
• Regulatory Forbearance: Weak enforcement of regulations and standards may undermine the sector's soundness.
• Opportunities: Increased competition has encouraged banks to explore new lending opportunities, particularly among SMEs and urban salaried workers. Mobile money and digital payments offer a promising avenue for expanding financial inclusion.

Conclusion

Mali's banking sector has shown sustained development, but remains shallow and vulnerable due to weak prudential standards, regulatory laxity, and limited financial inclusion. While profitability and capital adequacy are generally sound, asset quality and liquidity management require improvement. Reforms are underway to address these issues, including the implementation of Basel II/III standards and the modernization of financial infrastructure. Strengthening regulatory enforcement and promoting financial inclusion are critical to the sector's long-term stability and growth.