+ 1. At a glance

How this guide can help

This guide will help you to develop a shared vision with key stakeholders and create a structured discussion to address specific regulatory reforms. The tools in this guide are the foundation of systematic and sustainable consultation processes that can quickly address high priority issues and build trust among a wide variety of actors.

In addition, you can expect this guide to help you to:

• Understand the challenges facing other market actors;
• Get feedback on policy intent and potential regulatory impact; and
• Obtain access to essential data to inform decision-making.

Examples of when to use this guide

It is useful to consult with stakeholders at all stages of the policy and regulatory process. Below are examples three moments when you should consider structured consultation:

1. Assessment

Refer to this guide as part of the assessment phase to discuss market barriers and to clarify high-level policy objectives. Consultation during this phase can also explore possible pathways that align public and private sector interests.

The focus of consultation during the assessment phase will likely be on aligning incentives, developing a common vision, and enabling market development.

2. Design

Refer to this guide as part of the regulatory design phase and to share various regulatory options with stakeholder to understand their viability and possible impact on consumers and business models.

The focus will likely be on medium term outcomes, competition, focus on key segments (such as women and youth) and incentivizing market investment.

3. Policy implementation

Refer to this guide after a policy course of action has been determined and to share early drafts of regulation and/or its principles with stakeholders for feedback.

The focus will likely be on compliance burden, competition, and impact on market investment.

Contact us to learn more.

+ 2. Identify the appropriate approach for structured consultation

Below are three approaches that may define how consultation tools are used.

Issue-based

An issue-based approach focuses on a technical legal or regulatory issue with clear available options. Examples include amending KYC standards, adjusting wallet limits, and changing regulatory sandbox participation criteria.

This is often the least intensive consultation process, and it can be used to address short-term objectives. Usually this approach is very effective because the issue is clear and involves a less complex process that is easy to manage.

The duration of an issue-based approach can be between 3 to 6 months, with monthly or quarterly meetings.

Thematic

A thematic approach focuses on a specific policy objective that encompass multiple technical legal or regulatory issues. Examples include payment system interoperability, financial inclusion strategies, e-commerce systems, or women’s economic empowerment.

This process can be complicated as many intersecting issues must be balanced and discussed. Consultation process can be multi-stage, addressing one element of the theme at a time. It will usually involve many stakeholders from across the market, with possible formation of sub-groups. Focused dialogue and systematic discussion are critical to success.

The duration of a thematic approach can be between 6 to 18 months.

Systemic

A systemic approach focuses on broad policy objectives and often ambitious outcomes that require close alignment of public and private interests. Examples include creating an innovation environment, digital economy strategies, or ICT for development.

This is the most complex area of consultation. It is typically designed to discuss ambitious objectives that may have ambiguous outcomes. Multiple market scenarios may emerge from different market developments, requiring deep engagement with stakeholders. This process also presents greatest opportunity to align public and private incentives and create common vision for inclusive market development. These consultations are optimized when accompanied by detailed market data and expert facilitation.

The duration of a systemic approach can be between 6 to 12 months.

+ 3. Identify the list of stakeholders to consult and refine your questions

In most circumstances consultation should include a broad range of stakeholders. This ensures the policy and regulatory issues are considered from multiple points of view. For regulators and policymakers, regulated institutions form the core constituency of the consultation process. Consumer groups, academics, and other government agencies should also be considered to participate in the consultation process when appropriate.

Examples of organisations who may need to participate in the consultation include:

• Banks, including the Central Bank
• Civil society organizations
• Development partners
• Mobile Network Operators
• Mobile money providers
• Microfinance Institutions
• Money transfer operators
• Fintech companies
• Financial inclusion secretariat
• National civil registration
• National or regional switching services

The people participating in the consultation are as important as the institutions they represent.

Each of the approaches noted previously may call for a specific level of experience or authority so the consultation process can be productive. For example, the CEO of a bank may be necessary for a strategic consultations while the head of operations or a field officer may be more appropriate for narrow, issue-based consultations. Therefore consider the expertise and responsibilities of the people who will participate in the process.

Stakeholder interviews (Excel template)

Start by identifying stakeholders to interview. Pay particular attention to engaging with stakeholders who understand the challenges women face in accessing financial services as well as the underlying potential of digital technologies.

Then adapt our list of 50+ organized by theme and by sector for your stakeholder interviews.

Download the template (Excel) (EN)

Download the template (Excel) (FR)

Stakeholder interviews (Airtable format)

You can also use Airtable to explore the same brainstorm process and sample questions provided above in a CSV format.

Scroll through the records below or open the table in a new tab. (If you would like to make a copy of the base that you can edit, you will need to create your own free Airtable account.)

Go to Stakeholder Interviews (Airtable) (EN)

Go to Stakeholder Interviews (Airtable) (FR)

+ 4. Apply our tools to manage the selected approach

The tools below will help manage the situation and approach that meets your needs. They are simple and fairly self-explanatory — but we hope the templates will help you save time and effort.

Each tool can be used independently and (should) be customized to your specific context. When used collectively these tools can transform the effectiveness of the consultative process.

When you are ready to consult with stakeholders these tools will help you to:

• Develop commitment structures to ensure participation, upfront buy-in and clarify the expected outcomes from the consultation;
• Use governance models to help develop consensus and manage the consultation process;
• Leverage meeting agendas to enable structured dialogue and focused discussions; and
• Use the facilitation and engagement guide to ensure all stakeholders are heard and participate.

Charter template (Word)

This template can be used to ensure stakeholder have a shared understanding of the scope and purpose of working group or committee. The structure and content suggested is intended as a guide.

This resource includes both a template of a working group or committee charter and a sample charter. Please adapt, amend, and improve so it can be useful in your respective context.

Download the charter template (Word) (EN)

Download the charter template (Word) (FR)

Agenda template (Word)

A meeting is more than an agenda. When stakeholders feel valued and heard, you will learn more about the topics relevant to your work while developing relationships that you can return to in the future.

This resource includes both a template agenda and a sample agenda. Please adapt, amend, and improve it so it can be useful in your respective context.

Download the agenda template (Word) (EN)

Download the agenda template (Word) (FR)

This resource includes both a template for meeting notes and sample meeting notes. Please adapt, amend, and improve it so it can be useful in your respective context.

Remember to be aware of who you enlist to take notes – oftentimes female team members are asked to take notes even if they are in more senior roles.

Download the meeting notes template (Word) (EN)

Download the meeting notes template (Word) (FR)