S5_Microfinance Trends and Natural Disasters Indonesia Nov 2011
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ASEAN DISASTER RISK FINANCING & INSURANCEFORUMNovember 8 10, 2011
Jakarta, Indonesia
Microfinance in ASEAN
Eric Duflos, Regional Manager for East Asia and the Pacific, CGAP
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Table of Content
1. What is CGAP?
2. What is Microfinance? What is FinancialInclusion? Who are the key actors?
3. Global challenges and opportunities forfinancial inclusion
. ren s an success s or es n
5. Microfinance and Natural Disasters
6. Next steps
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1. What is CGAP?
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CGAP: an independent policy and research center
CGAP is an independent policy and research center dedicated toadvancin financial access for the world's oor.
It is supported by over 30 development agencies and private foundationswho share a common mission to alleviate poverty.
, ,standards, develops innovative solutions and offers advisory services togovernments, service providers, donors, and investors.
At a glance:
7 locations: offices in Washington DC and Paris, with 5 regionalrepresentatives based in Abidjan, Dhaka, Moscow, Nairobi, and Ramallah
~ s a ~70 countries with CGAP activities
150,000+ copies of CGAP publications distributed annually
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CGAP Priorities
Understanding of client demand
Increase understanding of needs of different market segments
Expand range of delivery models To promote broad set of financial services at lower costs
Encoura e conducive olicies and re ulations
Su ortin field in advancin res onsible financeagenda
Su ort donors to im rove effectiveness
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2. Definitions and Actors
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Questionforparticipants
and for what purpose?
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What is Microfinance?
Microfinance = Financial services for the poor
Diverse institutionsproviding
Permanent access
to
A wide variety of quality services
to
A broad range of poor and low-income peopledelivered
Cost effectively
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What is Financial Inclusion?
Financial inclusion is a state in which all workin a e
adults, including those currently excluded or underservedby the financial system have effective access to the
credit, savings, payments and transfers, and insurance.
Financial inclusion goes beyond microfinance and includesSME financing.
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Key actors in financial inclusion
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The clients: Poor households everywhere have veryactive financial lives
Formal
Informal
11
Source: Collins, Daryl, Jonathan Murdoch, Stuart Rutherford, and Orlando Ruthven. 2009. Portfolios of the Poor: How the World'sPoor Live on $2 a Day. New Jersey: Princeton University Press. Slide from Collins, et al, May, 2010
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FinancialServiceNeeds
Life Cycle Investment
Birth
Education
Businessinvestments
Marriage
Funeral
Purchasing land
and other assets
Emergencies
improvement
Injury
Theft
Harvest School fees
Natural disasters Recurrent festivals
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Differentclientsegmentsneeddiverseservices
Estimated livelihood segment sizingon peop e
World population < USD 2 a day 2,640Credit Savings Insurance
,
Low-wage salaried 300
Unemployed 100
Consumption
credit ?
Casual laborers 365
Micro-entrepreneurs 160
Pastoralists 40
Workingcapital
Fishermen 40
Small holder farmers 610
Agriculturalfinance ?
13
Source: Oliver Wyman 2008
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Questionfortheparticipants
microfinance in your respective countries?
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MICRO Maincategoriesofproviders
Private commercial banks (e.g. ACLEDA, Xac Bank)
. .
A variety of government-run and/or government-ownedfinancial service entities (e. . China Postal banks)
NGOs (e.g ASA in Bangladesh)
Commercial finance (and leasing) companies Informal actors (e.g. moneylenders supplier credit)
Financial cooperatives (e.g. RCCs, CECAM)
ew p ayers on e scene: Nonbank retail agents supporting branchless banking models
(e.g. gaz stations in Brazil, pharmacies in Pakistan)
Mobile phone operators and nonbank prepaid card issuers (e.g.
Safaricom MPESA)
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Actors at the Meso LevelMESO
Market Infrastructure
Financial infrastructure Payments and clearing systems,local capital markets
Information infrastructureand transparency
MIS, auditing, rating, benchmarking,credit bureaus
Technical supportservices
esearc compan es,universities, training andtechnical assistance providers,technology firms
dissemination Associations, networks
Wholesale Financing Investment funds, apexes
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Actors at the Macro LevelMACRO
Prime Minister and cabinet Parliament, regulators Ministry of Finance Central bank Other ministries (agriculture, planning, social affairs)
, Local authorities Unions, political parties, and other
socioeconomic/political organizations
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Prudential and Nonprudential RegulationsMACRO
Prudential Regulation
savings, and financial system from
contagion
Controls financial solvency of regulatedinstitutions and stabilit of the s stem Governs the conduct of business (fraud,
Involves understanding and protectingthe core health of institutions
Does not involve government taking
, .
Is relatively difficult, intrusive, andex ensive
Tends to be easier to administer
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Interventions that Hinder MicrofinanceMACRO
Provision of subsidized credit directly by state banks or othergovernment institutions
High costs for government
High risk of politicization
Creates unfair competition
Debt forgiveness High costs for governments and providers
Negatively impacts credit culture
Creates disincentives for roviders/funders to enter market
Interest rate ceilings
(see next slides)
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Do Interest Rate Ceilings Protect the Poor?MACRO
Interest rate ceilings may lead to marketcontraction
MFIs often respond by
withdrawing from more costly markets (e.g.,
rural/remote areas
becoming less transparent about total loan costs
Clients often are driven to informal providers
(moneylenders)
= Bad for poor customers
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What Is a Conducive Macro-Level (Policy)Environment?MACRO
Financial stabilityFinancial stability
romotes a sta e econom c, nanc a , an ega env ronment or m cro nance
Enables the development of sustainable microfinance services and institutionsthat grow with their clientseliminating subsidized, short-lived programs
Encourages institutions to operate efficiently
Adapts traditional collateral requirements to poor clients
Improved accessImproved access
emoves po cy arr ers o e pro a e prov s on o verse m cro nanceservices
Facilitates the use of information and communication technologies (ICTs) andnonbank retail channels to reduce costs of delivering financial services toclients
Protection of clientsProtection of clients
Promotes consumer protection and market conduct regulations
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3. Global Challenges and Opportunities
Challenges
Huge unmet demand Going beyond credit
Reducing costs a n a n ng oc a m ss on Resisting external shocks
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Questionfortheparticipants
to banking accounts in developing
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Huge unmet demand: 2.7 billion working-ageadults without access to formal financial services
75 to 100
50 to 75
25 to 50
Adults without an account (%)
Central Asia &
0 to 25
No data
High income OECDand non-OECD
50%East Asia &
Pacific
Middle East &
North Africa
South Asia
5 %
Sub-Saharan
% show the averagepercent of unbankedpopulation
Africa
88%Latin America andCaribbean
60%
24Source: CGAP and Workd Bank Group. 2010. Financial Access 2010. Washington, D.C.:World Bank Group. Map shows percent of households without a deposit or loan account inan institution (Banks, Savings Banks, MFIs)
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The poorest dont just need credit
Creditmighthelp Otherservicesmighthelp
food aid
health services
ve oo s
social development
financial services
self-confidenceentre reneurshi
lack of self-confidenceday-to-day life
good health
social capital
nessesisolation
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Need for better understanding of enterprisesegmentation
Self-employed
Microenterprise Very SmallEnterprise
SmallEnterprise
eve o
formality(registration/taxes)
o
registeredNot taxpayer
os y no reg s ere
Mostly not taxpayer
ar a y reg s ere
Partially taxpayer
u y reg s ere
Taxpayer
Type ofemployees
Self 1-4 employeesmainlyfamily members
< 5 employees,also out of family
>5 employees,includingtechnical staff
Businessorganization
Singleperson
Integrated inhousehold
Some separationfrom household
Clear businesscycle and staffspecialization
nterna rate oreturn
g g e um ow
FinancialNo writtenrecords
Weak recordsSome documentation
Financial recordsbills a ments
Financialstatements
26
report for up to a year
Source: Team analysis; based on interviews with Financial Institutions, Finscope FSM segmentation tool, and desk research
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ReducingthecostofMicrocredit
Interest Yield Trends 2003-2006
27Source: Rosenberg CGAP 2009
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Informal financial services are less reliable and moreexpensive: Indian example data
Underlyingneed
Manis financialstrategy
Cost of informalservices
Cost of formalservices
Intra-year liquidity Pawning jewelry 180% annualized Credit card 24% APR onmismatch with local money
lenderoverdrawn amount
Long-termsavings
Investment in goldand agricultural
Fluctuates with goldprices and land
Mutual funds,fixed deposits
Approximately4-5% real rates of
5-10xhigher
.correlated withrainfall
Short-termsavings Physical savings athome Zero nominalreturns Bank account 3.5% nominalreturns poorerfamilies
Emergency loantowards medicalemergency
100 day loan 50% annualized Personal loan 14-16% APR
-
improvement loan
investment
contribute to othervillage feasts
improvementloan
Remittance Informal provider Unreliable,3-5%
Bank or postalremittance
0.5% till Rs. 10,000-- declining
28
Source: IFMR Trust.
services thereafter forincreasing amounts
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Maintaining the social mission of microfinance
October 22, 2009
Wall Street Journal, October29, 2010
Mainstream Indian and
IPOs PrivateE uit
cro nance oa poses
question of profit andexploitation
international banks have
backed the microlendingindustry in India with more
year, with private-equityfunds pouring more than
$250 million into theSeptember 29, 2010
Times of IndiaConsumerAbuse?
industry in India last yearalone
Ten days ago, Zaheera Bi, 46,of Kabrasthan Street inYemmiganur town committedsu c e una e o o era e eharassment from a micro-finance firm.
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Resisting exogenous shocks
2008: Food and Fuel Crisis
-
2010: Andhra Pradesh 2011: Arab S rin
Impact of Food crisis on MFIs portfolio
2012 ????
15
20
25
5
10
Only 3 out of 45MFIs say theirorganization has
0
56.8% 43.2% 35.1% 27.0% 13.5%
Our PAR (portfolio at Our loan portfolio has The default rate has Our loan portfolio has The share of very
not beenaffected by thecrisis
30
as a consequence of
the crisis
the crisis
consequence of the
crisis
portfolio has
decreased
Source: CGAP survey with 42 leading MFIs in 2008
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Global Challenges and Opportunities
Opportunities
Innovation branchless banking G2P
Donor support Responsible FI Role of Government
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Access to finance has important benefits to households
1. Building 2. Smoothing 3. Managing
. -
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Questionfortheparticipants
transaction costs?
33
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Innovation can help reducing transaction costs
Useexisting Useexisting
reta
infrastructure
technology
34
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Innovation: Branchless Banking
deliveryoffinancialservicesoutsideconventionalbankbranchesusingin ormationan communicationstec no ogiesan non an retai agents.
k nt nt
Ba
Age
Clie
35
On average branchless banking services are 19%
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On average, branchless banking services are 19%cheaper than banks
4.8
% BB cheaperthan banks
2.1
2.4
3.9
2.8
2.8
Receivin
Sending 12%24
1.6
5.2
3.3
3.7
Medium-term savings
Short-term safekeeping
Branchless
-43%
50%
7.4
3.4
8.4
6.9
High Usage
Bill Payments50%
12%
6.5
2.97.5
.
Kenya Bank Customer
M-PESA Customer
14%
PriceUS$
Note: Prices are based on one month usage of services. Data was received on actual average transactions byM-PESA and Kenya Bank customers to develop these use cases.
PPP)
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Branchless banking spreading globally
100
96
80
40
60 1 in 4
2220
0
Live branchlessbanking
implementations
Implementations with>1 million registered
users
37
Sources: CGAP, Coffey International
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G2P has the potential to increase Financial Inclusion
Globally: 170 million low income individuals receive some form of regular payment from theirgovernments
FocusforFinancialInclusion
GovernmenttoPerson
(G2P)Payments
SocialSafetyNet
(SSN)Programs
(wages,pensions)SocialTransfers NoncashSupport
Conditional
TransfersFood
Tobetteroff
employees
Workfare
UnconditionalTransfers
PriceSubsidies
FeeWaivers
Tolow
income
employees
170
mil
Nearly half of the 40 social transfer schemes launched since 1999
feature electronic delivery - But globally fewer than 1 in 4 G2Precipients get payment into financially inclusive account
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Donors commit $21.3 billion to Microfinance
Total Commitments to Microfinance as of December 2009: $21.3 billion*
41 Public Donors and
Investors(Multilaterals, Bilaterals, DFIs)
r va e onors anInvestors
(Foundations, Institutional andRetail Investors)
.$6.7 billion
90 Microfinancenves men
Intermediaries(MIIs)
pexes
5.6 n
$7.5Apexes
1.9 n12.7 n 1.1 n
n
cro nance(Support for microfinance at all levels of the financial system: retail, market infrastructure, and policy)
* CGAP surveys capture 85 to 95% of the total cross-border funding to microfinance
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Finance inclusion is becoming more responsible
Initiatives improve financial
CONSUMERS
RESPONSIBLEFINANCE
Consumers organize and
advocate for responsible finance Consumers know rights, act
res onsibl avoidINDUSTRY
Providers adopt and implementClient Protection Principles(CPPs)
over-indebtedness
Power of feet
policy and processes + funderssupport CPP implementation
Providers offer appropriateproducts + innovation in
Implements consumer protectionregulation disclosure rules, faircontracts etc.
service delivery Industry adopts and reports on
ESG standards
Mandates effective recourse andsets standards for self-regulation
Champions consumer awarenessand financial capability
Reaches out to industry andconsumer representatives
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Governments increasingly supportive: G20 GPFI
9 Principles for innovative financial inclusion,elaborated and acce ted b all in Toronto
Principles and link withthe Standard Setting
Partnership with the main SSBs: FATF, BCBS,CPSS, IAIS, IADI + OECD, FSB
Bodies1
2010 stocktaking report Scaling-up SME accessto financial services in the developing worldSME Finance
2 14 winning proposals of the SME Finance
Challenge
New subgroup, but which will build upon importantwork already completed on data by somecountries/institutions
Data and Target Setting3
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4.TrendsandsuccessstoriesinASEAN
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GrowthinclientsinASEAN
Borrowers and De ositors EAP
12,000,000
14,000,000
6,000,000
8,000,000
, ,
Borrowers
Depositors
2,000,000
4,000,000
Source: MIX Market 2011 Data represent totals. Excluding BRI and PSBC
-2007 2008 2009 2010
2010 Mix data for all Asia
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ReturnsonAssetsareStable
Source: MIX Market.
7%
ROA EAP (Median)
4%
5%
6%
rcent Cambodia
Indonesia
1%
2%
3%Pe
Philippines
Vietnam
44
0%2006 2007 2008 2009 2010
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PortfolioatRisk(PAR>30days)islowerthanglobal
Source: MIX Market.
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MainTrendsfromCSFIBananaSkin
.2. Reputation3. Credit Risk
4. Liquidity
.2. Credit Risk3. Inappropriate regulation
4. Reputation. nappropr a e egu a on . orpora e overnance
Fastest risers 1. Credit Risk2. Com etition
1. Competition2. Re utation
3. Political Interference4. Mission Drift5. Liquidity
3. Credit Risk4. Mission Drift5. Management Quality
46
Q i f i i
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Questionforparticipants
strategy for microfinance or financial
47
ASEANcountriesaredevelopingnationalstrategies
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REGION COUNTRY
MENA Egypt, Jordan, Syria, Tunisia, Yemen
SOUTH ASIA Nepal, Pakistan
EAST ASIA & PACIFIC Cambodia, Fiji, Indonesia, Lao PDR, Malaysia, Philippines,Solomon Island, Thailand, Vietnam, PNG
AFRICA Benin, Burkina Faso, DRC Congo, Congo Brazzaville, Cte
d'Ivoire, Ethiopia, Gambia, Ghana Liberia, Madagascar,Mali, Malawi, Mauritania, Mozambique, Niger, Nigeria,Rwanda, Sierra Leone, Senegal, Tanzania, Togo, Uganda,Zimbabwe
EUROPE AND CENTRALASIA
Kyrgyz Republic, Russia, Uzbekistan
48
LAC Brazil, Mexico
Source: CGAP Research 2007 and 2011 - In red some of the latest countries
P li I i th R i
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PolicyIssuesintheRegion
Governments la a si nificant roles in financialinclusion in the region both at the policy and retail levels(e.g. Vietnam, Lao PDR, Thailand, Malaysia, Indonesia)
egu a ory success s or es n am o a, e pp nesand Malaysia (consumer protection)
There is a two s eed develo ment: Re ulatorframeworks are not optimal yet in several large markets(Vietnam, Myanmar, Thailand)
g emp as s on s a e an mo e s n some coun r es
Increasing attention on consumer protection
49
Cross border funding in East Asia is increasing rapidly
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Crossborder funding inEastAsia is increasing rapidly
CommitmentstoMicrofinancefor EAPasofDecember2009:$1.5billion*27 Public Donors and
Investors(Multilaterals, Bilaterals, DFIs)
Investors
(Foundations, Institutional andRetail Investors)
.$0.55 billion
42 Microfinance
Intermediaries(MIIs)
.
Apexes
. .
$0.5Apexes
.
(Support for microfinance at all levels of the financial system: retail, market infrastructure, and policy)
* CGAP surveys capture 85 to 95% of the total cross border funding to microfinance 50
Top funders of microfinance in Asia
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Topfunders ofmicrofinanceinAsia
%ofCommitmentstoEAP Four out of the five top
receiving 5 countries are inASEAN.
WorldBank 10%AsDB 6%
China, Indonesia, Vietnam,Cambodia, Philippines,
represent ~80% of total
IFAD 6%
GTZ 5%
commitments to EAP.
51
ASEANSuccessStoriesinFinancialInclusion:NGO
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Transformations
Card Bank Philippines
Converting profitable branches into aan
Started in 1986 as a social NGOserving landless women
1997 licensed as rural bank
Profitable branches converted into
bank 267,000 micro-borrowers
495,000 micro-depositors
99.94% are women
Insurance, housing loans, businessdevelopment centers
,
Fully sustainable52
ASEANSuccessStoriesinFinancialInclusion:NGO
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Transformations
ACLEDA Bank in Cambodia
From a project to the bank with the largestou reac n am o a
Started in 1993 as a national NGO formicro and small enterprises'eve opmen an cre .
2003 received a full banking license
266,000 micro-borrowers 703,151 micro depositors (dec 2010)
Launched a regional training center
Ex anded in Lao PDR
Fully sustainable
53
ASEANSuccessStoriesinFinancialInclusion:State
k f
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BankReforms
BRI Indonesia
Convertin a loss makin statebank into profit microfinance units
Before 1984 subsidized inefficient state
Established Unit Desas microfinance profitcenter
IR deregulation in 1983
4.5 million borrowers
m on epos ors
Diversity of clients and services (16% ag.loans)
Resisted Asian crisis IPO in 2003 nowhighly profitable
54
A policy success story in the Philippines?
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ApolicysuccessstoryinthePhilippines?
Central Bank took a test and see approach by allowing nonbank agentsto function as a remittance agent
Regulation s a s e ru es or agen s o carry ou Issued e-money regulation in February 2009
Business
Banks and nonbanks are allowed to play, so we see bank-led andnonbank-led models (i.e. SMART Money vs. GCash)
One-half of active mobile money users are unbanked
Customeradoption
Intensive users are 40% more likely to live within 5 minutes of an agent
1-in-10 unbanked users save of their family savings in a mobile wallet
Microfinance and Natural Disasters
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MicrofinanceandNaturalDisasters
56
Impacts of Disasters on Clients and MFIs
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ImpactsofDisastersonClientsandMFIs
Loss of livelihoods
Destruction of homes Trauma
ClientLevel
Damage to infrastructureLoss of portfolio (high delinquency)InstitutionLoss of files/informationLiquidity issues, cant lendStaff losses / trauma
Level
What are the minimum steps for MFIs to be prepared?
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Incor orate disaster risk into their exisitin riskmanagement systems (e.g.):
Insure all physical assets
Back-up data
Keep minimum of cash in branches
Arrange potential emergency borrowing
58
How does micro-insurance help clients and MFIs
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re are?
Desi nin effective and affordable micro-insurance fordisasters is challenging (sufficiently diversified outreach
is biggest challenge)
Therefore caution is required when considering micro-
insurance as a ma or disaster relief tool
MFIs may however offer life, health and loan insurances
which can be helpful most often in collaboration with areputable insurance company.
59
How can MFIs help clients ability to withstand andrecover from disasters?
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recover from disasters?
Savings is the most useful financial service to prepare
key (but requires regulation and supervision)
em ttances can a so p ay a eyrole in preparing clients
es eciall if tide with savin saccounts and once crisishappens (e.g. Haiti)
Housing improvement loans canalso help clients be better
60
prepare
ExpandServicesthatareinDemand
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p
Credit Emergency loans Housing loans
MoneyTransfers
Can be a major source of income pre and post-crisis
Getting cash into the communities is fastest/easiest way torecovery (particularly for communities with large numbersof immigrant workers such as Haiti, Sri Lanka)
Savings Demand increases after disaster (Sri Lanka, India, Aceh) Offer voluntary, stop compulsory
Leasing Better than in-kind grants, restores assets without marketdistortions
Works as screen only those serious about their
Insurance Limited experience for MFIs partner with providers Difficult product for natural disasters given covariant risk
What immediate steps should MFIs take inresponse to natural disasters?
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response to natural disasters?
Take stock of key assets & establish crisis task force
Ensure safety of key resources Review impact on clients
ase 1:
Stocktaking
Monitor and follow up with clients
Design product modification (e.g.
Phase 2:resc e u e re nance c ange me o
Design new products (e.g. emergency loans)Monitoring
Institute liquidity management obtaining liquidity
support if needed Revie health of portfolio and set aside reserves Develop new products as part of reconstruction
ase :
Focus on
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What kind of adjustments should and should notbe made with clients loans after a disaster?
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be made with clients loans after a disaster?
No blanket rules: all loans need to be evaluated on caseby case
Decision to re-schedule should be based on detailedassessmen o c en s emporary oss o ncome
Refinancing (larger loan) can be appropriate for those
who have lost roductive assets. Write off should be last resort
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Questionforparticipants
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get involved in relief activities?
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Under what circumstances should MFIs getinvolved in relief activities?
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MFIs always want to help but they have to be carefulabout ettin involved in activities which are outside theirexpertise
MFIs can conduct assessment, and help relief agenciesa e ear y s age
MFIs should not remain involved in relief long after the
disaster as the could be erceived as hand outagencies
In short they need to help but
be smart about it
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Examplesofinvolvementindisasterreliefefforts
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Identif needs of clients / communities
Partner with relief distribution efforts
Partner with grant providers but MFIsshould avoid direct disbursement
In sum, facilitate and coordinate
Example:Sareeram SriLanka
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Operates in the northern area of Sri Lanka
se n ras ruc ure ve c es an s a o
distribute relief until govt agencies arrived (2-3
Helped move people to camps
immediate needs
of affected people
Limitations of microfinance in post disaster
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Alone microfinance cannot solve the livelihood andeconomic issues faced by affected populations
nanc a serv ces are not as cruc a as me ca serv ces,food distribution, shelter, infrastructure which require
s ecialized a encies
Placing over-ambitious
can be dangerous
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Microfinance &LivelihoodsFramework
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Clients need to recover their livelihoods perhaps themost important focus after basic survival needs are met
Sustainable livelihoods are those that can cope with, andrecover rom s resses an s oc s, w e no un erm n ngexisting natural resource base (DFID, WB)
Microfinance is one way to support recovery ofsustainable livelihoods
Other livelihoods support tools include cash/in-kind, ,
Thingscangowrong:SriLanka2005(posttsunami)
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Mix of grants and subsidized loans exacerbated
harming the credit culture
highlighted weak capacity, proliferating moreprograms when already too many
Disbursement pressure
donors (through apexes) challenged MFI sustainability
6.NextSteps
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KeyquestionsforPolicymakers
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1. What part of the response should be targeting clients(in the form of relief)?
. a par o response s ou e arge ng s owto structure this?
3. Who gets the subsidy?
4. How can we prepare for or lessen the impact of futurecrises?
Revisit: PolicyandDonorResponse
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What part of the response should be targeting clients?
Channel separately from MF. Relief is needed and is an appropriateresponse. Scale of relief should match damage.
What part of response should be targeting MFIs?. . .
needs to balance needs of entire industry.
Who gets the subsidy?
Both clients and MFIs. Do not put pressure on MFIs to channelsubsidy to clients (via interest rate cuts, grants, etc).
How can we re are or lessen the im act of future crises? Provide TA to MFIs on new products (savings, insurance). Help MFIs establish disaster preparedness plans. Invest in appropriate systems and help MFIs diversity portfolios.
Suggestionsforgovernments
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Promote regulatory and supervisory environment for micro-deposit taking savings and insurance which are most
helpful for poor clients in times of disasters
Ensure strong donor coordination in microfinance before,during and after disasters
Inject liquidity through professional apexes whennecessary
reng en capac y o s o e prepare
Have good knowledge of the industry through robust dataand dia nostics of financial inclusion
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Conclusions
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Disaster creates both losses, but potential for
u ythe crisis to determine strategy
Need to ensure the right incentives are in place-
Stay in touch
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The MicrofinanceGateway
Publications
cgap.org
Financial InclusionRegulation CenterSocial media
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Advancing financial access for the worlds poor
www.cgap.org
www.microfinancegateway.org