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  • 1. Hugh K. Fraser – Curriculum Vitae: November 2009 Hugh K. Fraser Name of Staff: Hugh K. Fraser Name of firm: Independent Consultant Nationality: Sierra Leonean Profession: Banker / MSME Finance Consultant Membership of Professional Societies: Associate, Chartered Institute of Bankers (UK) Contact Details: Tel (Cell): + 232 33 107566; Email: Key Qualifications Hugh Fraser is a financial sector consultant and trainer especially relating to banking and Micro, Small & Medium Enterprise (MSE) development. A university graduate and a professionally qualified banker with a postgraduate Diploma in Education and Training, he has a combined total of over 25 years financial sector experience especially in MSME finance and commercial banking. He has undertaken financial sector assignments in East, West and Southern Africa. While in East Africa, Mr. Fraser has managed two UNDP-funded SME finance projects in Kenya and Tanzania. A pre-requisite for both projects was for him to have a thorough knowledge of the financial services industry in both countries and to interact with banks, government officials, Donors, Co-operatives, Community banks and other non-bank microfinance Institutions at very senior levels as well as with grassroots communities. Further, he has designed and evaluated SME finance programmes and projects. He has also designed and implemented numerous banking-related training programmes. He has undertaken several financial sector and banking consultancy assignments in for the EU, UNDP, DFID, SIDA, USAID, DANIDA, SIDA, AfDB and The Royal Netherlands Embassy including as project manager for the EU’s PROINVEST programme implemented by Ernst & Young, from 2005-2009 covering East Africa. At the College of Banking & Finance of Kenya, he was senior banking lecturer and taught a number of banking subjects to bankers preparing for the Banking Associate exams as well as refresher courses to practicing bankers. Over the past 11 years he has undertaken several major feasibility and business plan preparation assignments for establishment of banks in Tanzania. He has also undertaken non-banking financial sector consultancy assignments such as development of the comprehensive roadmap for Collective Investment Schemes in Tanzania and the privatization of the National Insurance Corporation of Tanzania. 1
  • 2. Hugh K. Fraser – Curriculum Vitae: November 2009 He is an Associate consultant and accredited Trainer of CGAP’s1 African Microfinance Capacity Building Programme, AFCAP and has also sat on a number of MSED/Microfinance-related Boards and Committees. For 11 years up to September 2009, Hugh was Director of the Business Advisory Service line of Ernst & Young Tanzania and has led most of the firm’s consulting assignments during that time. He was also the MSME finance leader for Ernst & Young Africa firms covering 14 countries. He pioneered and led the annual preparation, as an Ernst & Young publication, of a detailed analysis of the Tanzania banking industry which has been well received by the industry. He regularly contributed to Ernst & Young Global’s annual international Donor Dynamics publications on financial sector related issues. The most recent publication was in May 2009 where he wrote an article on gaps in financial services in Tanzania. Achievements in MSME and Financial Sector Development a. Has successfully managed two donor funded MSME projects b. Was among the pioneers of training Kenyan Banks and MFIs in micro and small business finance as the Project Manager of a UNDP/ILO project (Ken 90/008) c. Pioneered the annual MSME-training collaboration, in Kenya, with international training institutions, Cranfield School of Management and Durham Business School. d. Was instrumental in the setting up/strengthening of MSME units in Barclays bank Kenya, the Co-operative bank of Kenya and Kenya Commercial bank e. Designed and managed the first MSME Guarantee Fund in Tanzania f. Designed microfinance schemes for projects of non-financial NGOs such as CARE (Kenya and Somalia), WWF (Tanzania) and the UK-based NGO Conciliation Resources (Sierra Leone). g. Was one of only two accredited CGAP trainer/consultant from Tanzania h. Has utilized the CGAP poverty assessment tool to assess the relative poverty of microfinance clients in two regions of Tanzania i. Led the team which developed the Operating policies and procedures for establishment of Collective Investment Schemes in Tanzania Education & Training 1 The Consultative Group to Assist the Poor, the Washington-based, World Bank led Multi donor funded organisation 2
  • 3. Hugh K. Fraser – Curriculum Vitae: November 2009 B.A. (law) University of Sierra Leone, 1977 P.G. Dip.Ed University of Sierra Leone, 1978 ACIB (Associate of the Chartered Institute of bankers –London), 1988 Other Professional Training Finance for MicroEnterprise Cranfield School of Management U.K. (1993) Training for Enterprise Cranfield School of Management U.K. (1993) Training of Trainers / Consultants AFCAP/CGAP: Financial Analysis; Delinquency Management & Interest Rate Setting (2000) Employment Record (prior to joining Ernst & Young Tanzania in July 1998): • June 1995 –June 1998 (Nairobi, Kenya) Financial Services and Enterprise Development (FINSED) Ltd. Position: Partner/Principal consultant, Banking and Enterprise Development. • Oct 1991- May 1995 (Nairobi, Kenya) The College of Banking & Finance of Kenya (Now Kenya School of Monetary Studies) Position: Project Manager/Head, Research and Extension Services Division • 1988 – 1990 (Sierra Leone) Barclays Bank of Sierra Leone Ltd. Position: Assistant branch accountant/signatory • 1978 – 1985 (Sierra Leone) Standard Chartered Bank of Sierra Leone Position: Officer/Signatory Relevant Consulting Assignments Relevant Consulting Assignments MAJOR ASSIGNMENTS Sierra Leone – Hugh is the Pilot Scheme Manager for the proposed SME credit guarantee scheme which is a component of the DFID-funded private sector development programme. He is to design and pilot the guarantee fund project for 6 month before full roll-out and will work very closely with banks in Sierra Leone. (Aug 2009 – Feb 2010) Tanzania – DANIDA: Member of the Oxford Policy Management (UK) team which evaluated DANIDA’s support to the financial sector in Tanzania (2009) 3
  • 4. Hugh K. Fraser – Curriculum Vitae: November 2009 Tanzania – UNDP: Undertook a comprehensive assessment of the top eight banks in Tanzania to determine their suitability to become the One UN Banker in Tanzania. (2008) Tanzania – Tanzania Investment Bank: Led the team that undertook a job evaluations and salary survey for the bank (2008) Tanzania - Akiba Commercial Bank: Led the team that undertook job evaluation, grading and salary survey for the bank (2008) Tanzania – Akiba Commercial Bank: Participating in Ernst & Young’s assistance to the bank as financial advisor, in its search for a strategic investor - 2007 Tanzania – Uhuru Commercial Bank: Developed a comprehensive business plan for the bank as part of its requirements for a banking license (2007) Tanzania – Vice –President’s Office/AfDB: Led the team which undertook a transformation study with recommendations on transforming the SELF project to a self sustaining financial institution. (2006) Zimbabwe – Reserve Bank of Zimbabwe: I was the Team Leader for this assignment through Ernst & Young Zimbabwe, to undertake a comprehensive survey of microfinance in Zimbabwe and develop the legal and regulatory framework for microfinance (Nov 2005 – March 2006) Tanzania - Ministry of Gender, Community Devt and Children: Part of a two- person team which prepared the feasibility study and business Plan for the establishment of a National Women’s Bank (2006) Tanzania – Bank Muscat International: I was Team Leader and banking expert of the team which undertook a feasibility study and prepared a business /Operational Plan for the bank to set up branches in Tanzania (Jul- Sept 2005) Tanzania – Vice –President’s Office/AfDB: Designed and delivered training programme to the partners (Co-operative societies, NGOs, Community banks etc) of the AfDB-finance Small Entrepreneurs Loan Facility (SELF) project (2004/2005) Tanzania – The Financial Sector Deepening Trust: I have been very involved in the set-up of the FSDT (a multi-donor programme) as Ernst & Young Advisory Services is the financial manager for the Trust. I participated substantially in the development of the Operations Manual and the Investment guidelines. I also led the recruitment of the Trust’s Technical Director and continue to backstop the programme as it waits for the arrival of the Technical Director. (Dec 2004 – April 2005) Tanzania – Ministry of Cooperatives and Marketing: I was Team Leader and Microfinance expert of the team undertaking a feasibility study and preparing a business /Operational Plan for the establishment of a National Co-operative Bank (Jul- Sept 2004) Rwanda – UBPR: Undertook a situational analysis of this 148-branch bank and gave recommendations on the way forward for its microfinance programme (2003) 4
  • 5. Hugh K. Fraser – Curriculum Vitae: November 2009 Tanzania – Research on Poverty Alleviation (REPOA): Led the research team which undertook a study for REPOA entitled: Assessing the relative poverty of clients of non-bank MFIs in Tanzania: The Case of Dar es Salaam and Coast regions (2002) Kenya – DFID: Senior consultant in two-person team which undertook mid-term review of the Kenya Rural Enterprise Programme’s (KREP) development Agency. The agency develops, pilots and disseminates new approaches in Rural Financial services for the microfinance industry (2001) Tanzania – Development International Desjardins (DID): Undertook a comprehensive survey of microfinance and specifically co-operatives, in Tanzania as baseline information for DID and recommended 5 Co-operative Societies for further DID support (2001) Tanzania – MicroSave Africa: Local consultant in the international team which reviewed the progress of the savings product developed by MicroSave and being tested by the Tanzania Postal Bank (2001) Tanzania – FINCA Tanzania: Team Leader of E&Y’s team which undertook a legal and taxation analyses of this microfinance institution to assist it in determining whether to change its legal status (2001) Tanzania - The Mutual Guarantee Fund Project: Mr. Fraser was the Project Manager of this 3 year UNDP-funded project being managed and implemented by Ernst and Young (MEY). He designed and developed the operating procedures and systems as well as drafting the detailed and comprehensive agreement with participating banks. He was also solely responsible for project funds and the project was extended to the third year due to appropriate savings made during the first two years. Project management duties include periodic reporting to the donors, appraising guarantee applications, liaising with donors, Government officials and other stake holders. (July 1998- 2001) Tanzania – USAID: Led the team which undertook a baseline survey of 6 regions in Tanzania for the proposed Private Enterprise Support Activities (PESA) project which had a major rural financial services component (1999/2000) USAID – Led the same team, as above, to develop the Performance Monitoring Plan for the PESA project. The team was commissioned to: (i) Verify indicators in the draft PMP with USAID partners, through a participatory process; (ii) Design a methodology for collecting and analyzing the data for the indicators to be agreed upon; (iii)Collect and analyze (baseline) data on the indicators agreed upon; (iv)Set targets based on the baseline data, for all the indicators which were to be agreed upon; and (v) Suggest ways in which baseline data can be collected in the future. Tanzania – Capital Markets & Securities Authority: Team Leader of the team that developed the comprehensive ‘Roadmap’ for establishment of Collective Investment Schemes (2000) 5
  • 6. Hugh K. Fraser – Curriculum Vitae: November 2009 Kenya - Micro Enterprise Support Project (MESP): Mr. Fraser was the Microfinance Specialist in the team to convert the Microfinance component of this EU project into a MicroFinance Trust company (Micref). He developed the Operational policies and procedures manual. (Sept – Dec 1998) Somalia – CARE Somalia: Undertook final evaluation of this CARE-financed microfinance scheme in Somalia (1998) Kenya – CARE Kenya Economic Skills Development project: Evaluated and restructured CARE’s Economic Skills Development microfinance scheme for refugees. Developed Savings & Credit policy annual, operating procedures and trained the staff on microfinance techniques. (1997) Kenya - The Small Enterprise Credit Association: Mr. Fraser was the Chief Executive of this Kenyan banks-sponsored association. His brief, apart from running the affairs of the Association, was to increase its membership and financial position. This involved several meetings with Government and International donor officials and developing funding proposals. He also developed the activities of the association. After his 18 month tenure was up, membership of the association had doubled to include over three quarters of the banks in Kenya and most of the Micro-finance Institutions. (July 1996 - March 1998) Kenya - UNDP/ILO Small Enterprise Development Project: Mr. Fraser was the project manager of this project managed and implemented by the College of Banking and Finance of Kenya as part of the deepening of the financial sector in Kenya. The project was to sensitize and train the banking industry in lending to small businesses and assist them develop small business loan, savings and other financial products. It involved development of annual workplans and budgets, periodic reporting and extensive interaction with Government officials and those of banks and the international donor community as well as meetings in Kenya and abroad with UNDP and ILO officials. (September 1991 - December 1994). Other Relevant Assignments Tanzania: Advisor to the Dar es Salaam Community March 2002 Bank on Setting of sustainable Interest Rates as it prepared to begin operations. May 2009 Also provided the same assistance in 2009 as the bank looked to review their Interest Rate regime. Tanzania Akiba Commercial bank and February Swisscontact East Swisscontact East Africa: 2002 Africa Organisational structure and Human Resource Undertook a study of the banking industry’s human resource practices for this microfinance bank and recommended changes to its organisation structure, personnel rationalisation and remuneration as well as guidance on the content and preparation of an HR manual 6
  • 7. Hugh K. Fraser – Curriculum Vitae: November 2009 Tanzania: Undertook Market research for the proposed Arusha July Incofin Community bank as part of their application for a 2002 Belgium banking license and gave recommendations on the major features of the savings and loan products Tanzania MSED Support Project May to (Swisscontact) (Small and Microenterprise June 2001 researcher) Undertook an appraisal of banks and MFIs serving MSEs, and a demand assessment of their MSE support needs, to enable Swisscontact develop its MSED support intervention. Tanzania National MicroFinance Bank Ltd 2000/01 (Microfinance Specialist) 2 months Microfinance specialist in the Ernst & Young team which undertook annual audit of this microfinance institution (NMB), the largest bank in Tanzania, which had recently begun operations on a pilot basis. Evaluated the MFI’s design, procedures, portfolio and performance. Tanzania Assessment and Critical Analysis of 1995 Netherlands Embassy / FAIDA-SEPP’s savings and credit 3 months SNV programme (Microfinance Consultant) Assessment and critical analysis of proposed credit scheme with a local bank. Assignment included: Training Needs Assessment of the collaborating bank; Design and delivery of training to the bank staff; Development of Savings and Credit procedures manual including reporting forms. Kenya Designed a small-scale enterprise credit Aug- Oct Kenya Finance Bank scheme for this bank including the 1994 Ltd. operating policy and procedures. Also trained all the relevant the bank staff on the operations of the scheme MICROFINANCE-RELATED CAPCITY BUILDING / TRAINING Tanzania Training of Board members of Mufindi March Swisscontact East Community Bank (lead trainer) 2003 Africa Lead trainer for Swisscontact in training Board members of this community bank which is supported by Swisscontact 7
  • 8. Hugh K. Fraser – Curriculum Vitae: November 2009 Tanzania Delinquency Management, Interest Rate November Setting and Financial Analysis course. 2001 (Co-ordinator and lead trainer) In collaboration with the Bank of Tanzania Training Institute, was lLead trainer for this 2-week course, which was designed for international participation and attracted 38 participants from 4 Eastern and Southern African countries. Also delivered the same course in Kenya (twice) and Zambia The courses have attracted participants from (Africa, Europe and Asia) Kenya For two successive years, designed and November facilitated training for CARE’s Women 1995 and Economic Development project staff on 1996 microfinance credit administration and management. I have also designed, organised and co-facilitated several tailor made courses, including: • Small Enterprise Credit Training manuals workshop – Kenya, 1993 • Finance for Micro Enterprises (in collaboration with Cranfield University School of Management, UK) – Kenya, 1993 and 1994. These were for Southern and Eastern Africa participation • Developing an effective working relationship with premium growth businesses (in collaboration with Durham University Business School, UK) – Kenya, 1995. For Southern and Eastern Africa participation He also designed and participated in the following studies: • Measuring the relative poverty of MFI clients (Tanzania 2002) • Impact evaluation of MSE credit training on bank staff (Kenya August 1993) • Report on microfinance study tour to Indonesia and the Philippines.(April 1993) • Re-orientation and Training Needs Assessment: Incorporating an assessment of banks' policies, philosophies & attitudes towards small enterprise lending.(Nov 1992) • Baseline study of Small and Micro-Enterprise credit in Kenya (Kenya Mar 1992). OTHER ACTIVITIES • ILO’s Assistance to Business Creation Loan Guarantee Scheme Project (Kenya) Advisor and member of the Steering Committee – Jan-June 1994 • Ministry of Planning and National Development (Govt. of Kenya) Member of the steering committee to oversee the implementation of Sessional Paper No. 2 of 1992 on Jua Kali and Small Scale Enterprise development in Kenya – 1992-94 • Ministry of Planning and National Development (Govt. of Kenya) Chairman of the sub-committee on credit (re item immediately above) – 1992-93 • UNDP/National Income Generation Programme (Tanzania) 8
  • 9. Hugh K. Fraser – Curriculum Vitae: November 2009 Member of the committee formed to organize the setting up of the Tanzania Association of Micro-finance Institutions (TAMI) – Sept 1998- 2000 • Director, Tanzania Mtaji Fund Ltd. (Tanzania) A wholesale Micro-finance company funded by the Royal Netherlands Government. It included a guarantee Fund, wholesale lending to MFIs and facilitating the development of Rural Finance Institutions –2001 -2008. • Part-time lecturer in microfinance at the University of Dar es Salaam’s Evening Microfinance diploma classes (2006) Countries of long and short term Work Experience Kenya, Sierra Leone, Zambia, Somalia, Tanzania, United Kingdom, Uganda, Rwanda, Zimbabwe, Malawi, Mozambique. Languages Speaking Reading Writing English Excellent Excellent Excellent Krio Excellent Excellent Excellent Kiswahili Fair Fair Fair French Fair Good Good 9