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59 PERSPECTIVES July 2009 BEYOND MICROCREDIT: THE ROLE OF SAVINGS BANKS IN MICROFINANCE Experiences from Latin America, Africa and Asia BEYOND MICROCREDIT: THE ROLE OF SAVINGS BANKS IN MICROFINANCE Experiences from Latin America, Africa and Asia ACKNOWLEDGEMENTS WSBI wishes to thank all its member banks which have contributed to this publication through the provision of input, case studies and figures. The WSBI Institutional Relations team – Anne-Françoise Lefèvre, Hugues Kamewe, Mina Zhang, Angela Arevalo, with the assistance of Juana Muys Ramirez and Seth Landau – was responsible for the development of the different reports presented in the document. 4 TABLE OF CONTENTS Foreword Section 1.: Microfinance: Description and recommendations for enabling better development 1. Introduction: Characteristics of microfinance 1.1. What is microfinance? 1.2. Microfinance – broader than microcredit 1.3. Diversity of players 1.4. Microfinance and socially committed retail/savings banks 1.4.1. WSBI members: managing the double bottom-line for consumer benefit 1.4.2. Microfinance – An institutional commitment and a responsible business approach 1.5. Summary of the WSBI members’ microfinance approach by region 1.5.1. Latin America 1.5.2. Africa 1.5.3. Asia/Pacific 2. Towards an enabling regulatory and supervisory framework 2.1. Tailoring frameworks to national circumstances 2.2. Gearing regulations towards activities rather than institutions 2.3. Encouraging a diversity of players in a market-driven environment 2.4. Making regulation proportionate to the expected benefits 2.5. Removing restrictions to microfinance activities and associated prudential requirements 2.6. Allowing for increased deposit-taking activities 2.7. Allowing the recycling of deposits into lending 2.8. Revising regulations for payment systems 2.9. Encouraging linkages between banks, microfinance institutions and other retail outlets 2.10. Implementing business rules to ensure consumer protection 9 11 13 14 15 16 19 19 21 22 22 24 26 27 28 28 29 29 30 30 31 31 32 33 5 Section 2.: WSBI members’ experiences: A presentation of regional leaders Report 1. Microfinance in Latin America – The leadership of WSBI members 1.1. The context: Microfinance in Latin America 1.2. Microfinance as carried out by WSBI Latin American members 1.3. Microfinance products and services 1.3.1. Microcredit 1.3.2. Savings 1.3.3. Remittances 1.3.4. Insurance 1.4. Current trends 1.5. Short case studies of selected members 1.5.1. Peru - Federación Peruana de Cajas Municipales de Ahorro y Crédito (FEPCMAC) 1.5.2. Chile – BancoEstado 1.5.3. Colombia – Banco Caja Social Colmena– BCSC 1.6. Bibliography/works cited Report 2. Microfinance Services by Savings Banks in Africa – The Sleeping Giants have started moving, but where are they going? 2.1. Summary 2.2. Main characteristics of microfinance in Africa 2.3. Savings banks in the microfinance landscape in Africa 2.4. Key features of African savings banks 2.4.1. Accessibility 2.4.2. Proximity 2.5. Products and services 2.6. Lending experiences 2.6.1. Retail lending: savings banks’ experiences across Africa 2.6.2. The provision of microcredits 2.6.3. Small savings schemes 2.7. Diversifying into insurance and payment services 2.7.1. Commercialising insurance schemes 2.7.2. Payment facilities 2.8. Conclusions 2.9. Bibliography/works cited 6 35 37 38 39 43 43 46 50 53 55 56 56 57 58 59 61 61 63 66 68 68 69 70 71 72 74 78 81 82 83 87 89 Report 3. Microfinance in Asia/Pacific – Experiences of WSBI members 3.1. Snapshot of Microfinance in Asia/Pacific 91 3.1.1. Market structure and outreach 91 3.1.2. Microfinance actors 92 3.1.3. Microfinance models 93 3.2. WSBI members’ intervention in microfinance in Asia/Pacific 94 3.2.1. Profile of WSBI members in Asia/Pacific 94 3.2.2. Main characteristics of WSBI Asian members’ microfinance activities 94 3.3. Selected case studies from members 96 3.3.1. Hatton National Bank (HNB), Sri Lanka – Rural savings mobilisation and social development through the Gami Pudubuwa programme 96 3.3.2. Vietnam Bank for Agriculture and Rural Development (VBARD) – Services to rural market 100 3.3.3. National Bank for Agriculture and Rural Development (NABARD), India – Self-Help Group model to contribute to poverty alleviation in rural areas 103 3.3.4. China Postal Savings Bank (CPSB) – Accessible small-scale savings products 105 3.3.5. National Savings Institute (NSI), India – Promotion and facilitation of small-scale savings 106 3.3.6. Government Savings Bank of Thailand (GSB) – People Bank’s programme with a specific focus on SME financing 107 3.3.7. Bank Simpanan Nasional (BSN), Malaysia – Microfinance to finance micro and small enterprises 110 3.4. Bibliography/works cited 112 Annexes Annex Annex Annex Annex 1: 2: 3: 4: 115 WSBI Latin American members list WSBI African members list WSBI Asia/Pacific members list General bibliography/works cited 115 116 117 118 7 8 FOREWORD I am delighted to present to you a new issue of Perspectives which focuses on microfinance and the role of WSBI members. Access to financial services at the microlevel has been shown to be critical for developing economies and individual capacities – especially among poorer populations. Savings and socially committed retail banks have long worked towards financial inclusion and the betterment of their communities. This issue of Perspectives examines the role of WSBI members in improving access to finance and enhancing microfinance activities in the Asia/Pacific, African, and Latin American regions. The document also examines what must be done to enhance microfinance activities throughout the world – turning a focus on microcredit into a focus on general financial inclusion. The world-wide movement towards financial inclusion is critical for economic development in all geographic areas. This publication confirms that savings banks and socially responsible retail banks play a leading role in this effort and offer innovative and important products to serve middle and lower income clients. WSBI aims to continue to work with its members and international organisations to capitalise on the progress being made amongst our members throughout the world. I hope that this publication provides the reader with a good overview of some of the important issues related to microfinance. Chris De Noose Managing Director, WSBI 9 10