08:55 uur 20-06-2023

BearingPoint client success story: The Finance Ministry of Burkina Faso traces development funds by using blockchain technology

BearingPoint supported Burkina Faso’s Ministry of Finance and KfW in improving the management of donor funds by implementing a blockchain-based solution for better planning and greater transparency of projects.

AMSTERDAM–(BUSINESS WIRE)– In a recent client story, management and technology consultancy BearingPoint shows how it supported Burkina Faso’s Ministry of Finance and KfW, one of the world’s largest development banks, in improving funds management processes using cutting-edge technologies.

Using blockchain technology for funds management

Following several successful pilot studies conducted in Burkina Faso, Ethiopia, and Georgia, BearingPoint helped KfW and the Finance Ministry of Burkina Faso implement a blockchain-based platform shared between donors and the recipient country. The initial solution developed by KfW, called TruBudget, was adapted and further developed to meet Burkina Faso’s specific needs and rebranded as “SIGFE” (Système Intégré de la Gestion des Financements Extérieurs).

With the Finance Ministry’s IT department, BearingPoint installed a blockchain node and connected it with a node at KfW, which allowed for the integration of SIGFE with local IT systems to automate data exchange while avoiding data redundancy.

BearingPoint provided user guides, training sessions, and support in communication with other Ministries and donors. The solution was customized with an intuitive interface, allowing users to easily create and validate approval procedures and documents related to procurement procedures, disbursement of funds, payments, reporting, and receiving updates regarding the financial execution of donor-financed projects.

“With TruBudget, we achieve transparency and accountability for everyone involved in a project. Our goal is to ensure reliable and efficient use of the approved funding in development cooperation. As payments are traceable on TruBudget, donors may consider channeling funds directly to the partner country’s budget,” said Piet Kleffmann, TruBudget Taskforce Lead at KfW.

Enhancing the effectiveness of financial development projects

Implementing SIGFE enabled the Burkina Faso Administration and donors to benefit from access to real-time data on project execution, full transparency of payments, and an accelerated online validation of processes.

By using SIGFE, there is a reduction of the administrative workload, as all tasks related to reporting, procurement, and disbursement procedures are handled digitally on one single platform.

The Burkinabe administration has already enrolled 25+ development projects on the SIGFE platform. These development cooperation programs are managed by more than ten line Ministries and multiple donor countries, including France, Germany, Italy, Switzerland, Luxemburg, Sweden, Belgium, Denmark, and Canada.

“We are proud to have supported KfW for five years on different use cases on this great Tech4good innovation for the benefit of KfW’s development partners in Africa, Eastern Europe and Latin America,” said Jean-Michel Huet, Partner at BearingPoint.

About KfW

KfW is a German promotional bank and one of the world’s leading promotional banks. It was founded in 1948 and is 80% owned by the Federal Government and 20% by the federal states.

The business sector KfW Development Bank carries out Financial Cooperation (FC) projects with developing countries and emerging economies on behalf of the German Federal Government. KfW Development Bank employs approximately 1,000 people at the head office in Frankfurt am Main and almost 400 specialists at more than 60 international locations, who cooperate with partners all over the world. Their goal is to combat poverty, secure peace, protect the environment and the climate as well as ensure fair globalisation. KfW is a competent and strategic adviser for current development policy issues.

About BearingPoint

BearingPoint is an independent management and technology consultancy with European roots and a global reach. The company operates in three business units: Consulting, Products, and Capital. Consulting covers the advisory business with a clear focus on selected business areas. Products provides IP-driven digital assets and managed services for business-critical processes. Capital delivers M&A and transaction services.

BearingPoint’s clients include many of the world’s leading companies and organizations. The firm has a global consulting network with more than 10,000 people and supports clients in over 70 countries, engaging with them to achieve measurable and sustainable success.

For more information, please visit:

Homepage: www.bearingpoint.com
LinkedIn: www.linkedin.com/company/bearingpoint
Twitter: @BearingPoint

Contacts

Press contact

Alexander Bock

Global Senior Manager Communications

Telephone: +49 89 540338029

E-Mail: alexander.bock@bearingpoint.com

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