Country: Nigeria

What banks can do to tame the tide of bad debts

Posted on by Kihingu Inc

Alex is a mid-manager at an NGO in Nairobi.  He’s servicing a home loan for a two-bedroom apartment in an upmarket neighborhood, and two car loans – one for him and one for his wife. His four-year-old son is in a private nursery school and Alex is considering enrolling him in a private elementary school next year.

Two years ago, he took another loan to buy the land where he intends to build his family home. The land is 50 kilometres from the main road and the access road is yet to be paved. None of the owners of other plots near his have considered developing their properties but there are plans to connect electricity and water.

The family goes on holiday twice a year – again, financed through personal loans. Alex is also financially responsible for taking care of his elderly mother, who has no income and lives in the village. On top of that, he pays for his younger sister’s college education; she’ll be finalising her diploma course in the next two years. He also employs his cousin, who recently of college, in a small business Alex started to supplement his income.

Since he has a pay slip and a contract of employment, the bank considers Alex to be a good customer and often tops up his home loan whenever he faces financial pressure. In addition, Alex is a member of a SACCO. He has a loan there, as well as two peer groups – one is a welfare group and the other is an investment club.

With all this to consider about Alex’s background, how can the bank properly assess the risk of lending to him? Risk management practices vary from bank to bank depending on their policies on granting credit. Poor credit risk management can lead to institutional failure. This, in turn, can reduce financial inclusion.

In 2016, FSD Africa commissioned a market study to assess demand for, and supply of, risk management training for the financial sector. The study looked at three markets: DRC, Ghana and Kenya.

It found that in most institutions, after a brief orientation or introductory course, new staff members are puto operations without appropriate skills training. In a majority of institutions surveyed, no risk management training is provided to entry-level staff (those in their first or second year at the institution).

Not surprisingly, most institutions cited poor portfolio performance as a symptom of poorly trained staff.  But the importance of entry-level training is still underestimated. Entry-level staff are the foundation of any financial sector. Without strong skills at the foot of the staff pyramid, middle managers struggle to control risk in daily operations. And in addition to strengthening risk management, better entry-level staff training can lead to an improvement in the quality of customer service.

How, then, can such training be improved? Above all, the study recommends the development of a comprehensive risk management training programme. This would address risk management training needs, particularly for entry-level staff, and help them to stem the rising tide of bad loans.

FSD Africa’s funded project hits 1 million target of clients accessing financial services in Nigeria

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In May 2015, FSD Africa and Women’s World Banking signed an agreement to support Diamond Bank Nigeria in its aim to reach a total of 1 million new clients by the end of 2018. In June of this year, that target of 1 million clients was achieved.

FSD Africa’s support has been focusing on two main initiatives. The first is the expansion of an existing value proposition, a transaction account which is focusing on giving market traders a way to keep their money safe digitally (BETA). The second is the introduction of bank accounts for young people (from 13-25).

FSD Africa also supports the expansion of BETA products. To this end, FSD Africa has been funding the development of two distinct credit products focusing on individuals and Micro, Small and Medium Sized Enterprises (MSMEs). This work shows some of the problems with creating greater access. But it also demonstrates how to overcome them.

Creating access to Financial Services for Women

One of the core focus of the project was to deliver an increase in the number female account holders. The aim was always achieve as many women signing up to the new accounts as men. However, it soon become clear that an inherent disparity exists in the number of women who sign up, relative to the number of men. The figures for June 2017 suggest the percentage of female account holders is 38% for the BETA account.

This would suggest that the uptake of products by women have not been successful. However, changes in marketing have raised this percentage from 35%. Most important of these changes has been to increase the engagement with women about the upsides of the product. This helped to overcome an initial scepticism about working with a formal financial institution. Although the project is still short of its targets, marked improvements have been made.

For the youth products the picture is markedly different. Here the gender split is almost 50/50 (49% girls). The key difference between the products is the sign-up process. For the youth proposition, the registration occurs with the parents. This means the deliberation is much less, when signing up. A core lesson is therefore to encourage marketing that helps women to understand how the product would help solve their problems. Activity rates for female youth accounts are higher which shows that early engagements helps people to take control of their finances early.

For BETA accounts, women tend to be much more deliberate about signing up for new products. In many cases the agents who manage the financial products make multiple visits to a potential client. But, this investment pays off; female clients are more likely to be active on the platform, have higher standing balances and deposit more regularly.

Managing Change within Institutions

Within Diamond Bank the changes have also been marked. When the project started our work was housed in the retail segment. Yet, overtime it became clear that in order to create long lasting change the product needed to have its own segment. Creating a separate unit has increased the accountability within the institution and shown that the product can stand on its own feet, financially.

Our project conducted both senior and middle management leadership development programmes. These focus on helping Diamond Bank understand the complexity of change management, helping the team to “buy-into” the desired change. It also helped prepare them to manage future challenges. Our support set clear goals which ensure better teamwork, create a common purpose and helped management support the process of change.

Looking ahead, this project still has more targets to achieve and although good progress has been made work still needs to be done on increasing access to credit. They key to achieving these goals is learn from lessons that have been discovered through our work. We want to share these and will be launching a series of blogs here, from next month, that will look at the key successes and challenges from this project.,

Providing and improving: learning to measure as an FSD network

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In August 2017, FSD Africa launched a fresh drive to build measurement know-how across the FSD Network – a family of ten like-minded financial sector development programmes across sub-Saharan Africa funded by UK Aid. These projects – the development of a Value for Money (VfM) framework & the development of a compendium of indicators for financial sector development interventions – are the latest departure in a journey that began just over three years ago. This blog tells its story…

Over the last two decades, the role of Monitoring and Results Measurement[1] (MRM) in the field of international development has become more and more critical. The presence of MRM systems within organisations implementing development projects, irrespective of the strength of such systems, is now more the norm than the exception. Though MRM remains an important accountability tool, what’s more striking is the increasing role it plays in the ways in which interventions are planned, designed and implemented by development practitioners. Thus, MRM systems have many stakeholders – from funders and board members to project managers and delivery partners – and they need to be robust enough to meet their various needs.

While it’s critical to make MRM systems robust and efficient, achieving this is not an easy undertaking. It requires financial investment, commitment at CEO-level and the wider team, and continuous learning and improvement. This has very much been the case for the FSD Network.

Investing in stronger MRM systems began in earnest in July 2014, when FSD Africa began an FSD network-wide consultative process aimed at strengthening MRM processes within individual FSDs, both at project and programme level. The initiative also sought to achieve a more consistent approach to MRM across the FSD Network, one that would spur seamless cross-learning amongst its members. The result of this extensive consultation was publication of the Impact Orientated Measurement guidance paper, or IOM, which was launched in December 2015.

The launch of IOM, was an important milestone; one that was received with mixed feelings – of both excitement and anxiety. A vision of what an effective MRM system looked like was clearly established in theory, but the delivery of one in practice – across the FSD Network – quickly became FSD Africa’s challenge. This has required systematic effort over recent months since its launch.

Here’s what we did…

First, MRM diagnostic clinics were undertaken between April and July 2016, in partnership with Genesis Analytics. The objective of this exercise was to determine the readiness of FSDs to implement IOM. It involved evaluating the status of the different FSD MRM systems, as well as establishing the knowledge and attitudes of staff, senior management and governing bodies towards MRM, and more specifically IOM. Light-touch tailor-made support was also offered during these clinics, benefiting 47 FSD staff. Through this exercise, FSD Africa gained a better understanding of the unique needs of each FSD and their perceptions on how to address these challenges. By and large, it also provided an opportunity for individual FSDs to decipher IOM and define how they could start applying it.

Second, based on findings[2] from the MRM diagnostic clinics, FSD Africa worked with Adam Smith International to develop and deliver a 2.5-day training course christened Results Measurement for Systems Approaches in Financial Sector Deepening. The training, which took place in November 2016, focused on the five principles of IOM[3]. In total, 20 FSD staff drawn from FSD MRM units, intervention teams and programme management benefited.

One unexpected, but positive outcome of the MRM training was an increased appetite for FSD-specific MRM support, delivered through in-country support to staff. Two FSDs (FSD Uganda and FSD Mozambique) have so far benefited from this initiative. The results are evident – FSD Uganda now has an IOM-enabled MRM manual, and staff with a greater understanding of how to plan and execute results measurement initiatives. Its Board of Directors has a better appreciation of the intricacies of implementing and measuring results of projects that utilise the M4P approach, and are willing to support the course. FSD Mozambique has also just embarked on a process of reviewing its own results measurement guidelines and tools.

FSD Africa appreciates that, though IOM is a useful conceptual cornerstone, it is no panacea for measuring the results of complex financial sector development programmes. There is need to augment it with practical tools that can be easily deployed across the FSD Network.

In response, in August 2017, FSD Africa commissioned two other initiatives, which are being delivered in partnership with Oxford Policy Management:

  • the development of a Value for Money (VfM) framework that seeks to strengthen the internal technical and operational capacity of FSDs to assess and manage their programme/projects’ VfM, and
  • the development of a compendium of indicators that enables FSDs to better measure market system changes and how FSD programmes have contributed to these.

Amidst all these developments, is a thriving MRM Working group – an experience-sharing platform for MRM staff across the FSD Network. FSD Africa acts as its secretariat. The Chair rotates between individual FSD MRM leads.

Has this been an easy-to-execute task? Not at all. But, substantial progress has been made. In my next article, I will reflect on the lessons FSD Africa has learned during our work towards a harmonised MRM approach across the FSD Network.

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[1] Also commonly referred to as Monitoring and Evaluation (M&E)

[2] A generally poor comprehension of the value of Theories of Change in effective results measurement, as well as insufficient skills in applying the same; widespread desire to understand how to effectively measure systemic change; weakness in assessing causality and building credible ‘contribution’ narratives; infrequent and meaningful engagement between some MRM units, intervention teams, and programme/organizational management.

[3] Aligning monitoring with measuring impact (the ‘sweet spot’); using the ToC as a strategic framework for planning and impact evaluations; focusing on the FSD programmes primary interest (as regards measurement), which is assessing changes in inclusive financial markets; identifying and measuring systemic change; measuring impact from the perspective of both the FSD programme (‘bottom-up’) and the sector/market system (‘top-down’)

 

The art of market facilitation: learning from the FSD network

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When taking a market systems approach, development organisations such as those in the FSD network act as facilitators of market development—external change agents whose role is to develop actors in the market system to increase financial inclusion.

While facilitators work in a variety of ways, their primary role is to address constraints, in order to allow and facilitate the market system to function more effectively and inclusively. Facilitation is therefore a public role (not a commercial one); it is a temporary role (it is time-bound); and it requires understanding of the market system and the capacity to intervene with appropriate resources (financial, human and political).

The purpose of this paper is to provide guidelines on some key, practical questions facing facilitators, based on synthesised learnings from the FSD Network as captured in seven case studies written by the Springfield Centre. This document explores the art of market facilitation in action through the lens of the FSD network  to bu understanding around the M4P approach. The paper examines the wider lessons and challenges that emerge for organisations addressing the dilemmas of developing financial markets for the poor, and how they differ significantly from other conventional approaches.

We hope that you find the learnings in this synthesis paper useful and that they shed some light on your path to effective market facilitation.,

Reaching the mass insurance market: where to start when going digital

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For insurers to serve a new type of client at scale they must change their modus operandi. The high costs associated with conventional insurance cannot be absorbed by low premium products. This means that existing structures need to be adapted to serve the low to middle-income mass market.

One key to success lies in digitization, which can be used to automate existing (often paper-based) processes. Going digital has obvious benefits: minimising expenses, reducing the scope of human error, improving efficiency and achieving scale. But, how can insurers begin to make this shift?

Working with our partner Britam in Kenya, we have seen one route to becoming a digitally-driven insurer: start with strategic process mapping.

So what does a strategic approach to process mapping look like? Process mapping involves creating a flow chart to capture every step in a process. This is then analysed to see how the process could be redesigned. Process mapping can both reveal opportunities for automation and help manage the internal change required to put it into action.

The strategic element of process mapping lies in identifying how new processes can achieve greater efficiency and also help improve the client’s experience. The ILO’s Impact Insurance Facility advocates human-centred design, which focuses on integrating the experience of the target group into product design and delivery. To improve the client’s experience, we have found that careful analysis is needed both of client interactions and back-end processes.

To illustrate, let’s take a simple example. At Britam, one of the team’s many tasks was to redesign the member information gathering process at enrolment to cut data entry and courier costs. The team started by looking at the systems and resources in place to capture data, and the experience of internal and external stakeholders interacting with the system. Careful analysis from both “outside-in” and “inside-out” uncovered pitfalls and opportunities for automation of members’ enrolment data gathering, such as customers processing their own data through an automated platform.

However, there are limits to automation, including limited client access to internet and smart phones. This problem extends to partner organisations, who are in many for automated processes. For example, the mission hospitals who work with Britam prefer paper claims submission.

Furthermore, there may be initial teething problems with automation, especially when it is only partial and still relies on a degree of human intervention. For example and as illustrated by the graph, after making significant reductions in claims processing times through process automation, Britam found that the processing time started to increase again due to staff constraints. This highlighted the need to support process changes with training or new staffing structures.

Our change management projects have repeatedly shown that digitization success does not lie solely in introducing technology, but in how people are placed to handle this change. Understanding what it takes to encourage and sustain behavioural change, both internally and externally, is key to change management and to reaping the rewards of going digital.

This blog is part of a joint series between the ILO’s Impact Insurance Facility and FSD Africa. The series explores practical solutions to manage change within insurance providers.

Anti-money laundering, know your customer, and curbing the financing of terrorism

Anti-Money Laundering (AML) and Know Your Customer (KYC) obligations are complex issues that require concerted action across all market participants; including banks, supervisory authorities, payment schemes and the international community. They all have a role to play in addressing the issues that have given rise to the phenomenon known as ‘de-risking’, which has seen banks closing accounts and exiting markets in order to reduce their exposure to regulatory enforcement action, in preference to managing the risk.

This is according to a new report, entitled “Anti-Money Laundering, Know Your Customer and Curbing the Financing of Terrorism”, published today by the Financial Sector Deepening Africa (FSD Africa) in partnership with Consult Hyperion. The report concludes that the need for financial service providers to pursue a comprehensive approach to due diligence (of both customers and of commercial partners) and AML is greater than ever.

It recommends that the Financial Action Task Force (FATF) -defined Risk-Based Approach (RBA) should be embraced in collaboration with national regulatory authorities.  Without full backing for the RBA from these authorities, and – in most cases – their counterparts in the US, there is a risk that financial institutions will continue to withdraw their services from particular markets and take refuge in ‘de-risking.’

Commenting on the report, Paul Makin, the Head of Financial Inclusion at Consult Hyperion, says: “The areas of money laundering and KYC are complex and multi-faceted, with many interlinking issues and unexpected consequences. This report demystifies the subject, and presents a coherent view of how we got here; why banks choose to withdraw from markets for particular groups of customers, how this came to be characterised as ‘de-risking’, and what can be done about it.”

The report concludes that with the continuing terrorism threat, attention should be paid to anonymous transactions which disburse cash. Robust Customer Due Diligence (CDD) processes at banking or mobile money agents must be enforced. Whilst some elements are technical (for example, biometrics, transaction limits, bearing down on cash, etc.), others will be in the areas of organisation and co-operation, particularly around the sharing of transaction and registration data.

Catalysing investment finance for SMEs

This case study looks at FSD Tanzania’s (FSDT) initiative to establish an effective alternative investment channel of the Dar es Salaam Stock Exchange (DSE) for micro, small and medium enterprises (MSME), the Enterprise Growth Market (EGM). The EGM aims to supply long-term equity capital for growth oriented SMEs in various areas such as agribusiness, agro processing, mining, tourism, manufacturing, banking and financial services.

FSDT sought to catalyse investment finance in MSMEs through the DSE’s EGM. Providing approximately USD1,360,000 to CMSA and DSE in 2011, FSDT supported the operationalisation of the EGM and stimulated take up by firms and investors. This work included public awareness campaigns, providing technical support to MSMEs and nominated advisers and building the regulator’s ability to supervise the EGM segment.

The establishment of the EGM has demonstrated that the stock exchange can provide an investment finance channel that’s relevant to medium-sized companies that do not meet the requirements to list on the main market segment. The potential for growth remains huge due to the large number of MSMEs in Tanzania but will rely on ongoing information dissemination, awareness raising and support to firms, in order to increase both the number and type of companies listing, and attract more investors.

All stakeholders in the EGM have stated that MSMEs and ‘well-researched start-ups’ are worthy of, and able to handle, increased investment, so long as they receive additional technical assistance. The CMSA and DSE have shown support for the EGM by changing regulations and practices. Members of both agencies report that “we have more capacity and increased confidence to supervise and run the EGM. But it’s a nascent market and we will continue to need technical and financial support”.

Getting ahead of the curve: how the regulatory discourse on M-insurance is changing

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Nearly a year ago, we joined the A2ii in Abidjan to sit down with a roomful of regulators to discuss the challenges and imperatives CIMA faces in regulating mobile insurance at the CIMA-A2ii Workshop on Mobile Insurance Regulation. In the CIMA context, as with most countries in Africa, mobile network operators (MNOs) and the technical service providers (TSPs) that support them are emerging as key players in extending the reach of insurance. The discussions at the workshop focused on how insurance regulators can broaden their focus to include these MNOs and TSPs, as well as how to cooperate across different regulatory authorities.

A year on, these considerations remain as valid as ever, but we have come to realise that there is more at stake than m-insurance. Digital technology is changing the insurance landscape as we know it by paving the way for new players and business models with the potential to rapidly expand coverage. This is causing a re-think of how insurance is traditionally delivered. In addition, while m-insurance remains important, looking beyond m-insurance to the broader insurtech field is important to truly understand the opportunities technology provides to change the game in inclusive insurance and the associated risks.

Thus far, the insurtech debate has largely focused on developed country opportunities. But the tide is turning. My colleagues and I recently scanned the use of insurtech in the developing world to see what the potential is for addressing challenges in inclusive insurance. We found more than 90 initiatives in Asia, Latin America and sub-Saharan Africa that fit the bill. What we saw is that the “insurtech effect” is happening in two ways.

Firstly, digital technology is a tool to make insurance as we know it better: it is being used as a backbone to various elements of the insurance life cycle, in an effort to streamline processes, bring down costs and enable scale. Examples include new ways of data collection, communication and analytics (think big data, smart analytics, telematics, sensor-technology, artificial intelligence – the list goes on), as well as leveraging mobile and online platforms for front and back-end digital functionality (such as roboadvisors, online broker platforms, mobile phone or online claims lodging and processing, to name a few!).

It also allows for more tailored offerings: on-demand insurance initiatives are covering consumers for specific periods where they need that cover, for example for a bus ride, on vacation or when borrowing a friend’s car for one evening, while advances in sensor technology mean that insurers can adapt cover and pricing based on usage, for example allowing customers to only pay car insurance for the kilometres they actually drive every month.

In all of the above, digital technology, including the application of blockchain for smart contracting and claims, makes the process seamless.

Secondly, digital technology is a game changer. In many ways, it is changing the way insurers do business, design and roll out their products, and, importantly, who is involved in the value chain. Peer to peer platforms (P2P) are a much-discussed example of these next generation models. They are designed to match parties seeking insurance with those willing to cover these risks. The revolutionary element lies in the ability to cover risks that insurers usually shy away from due to the lack of data to adequately price the risks – all now enabled by digital technology. But these platforms are often positioned in regulatory grey areas: if all the platform does is match people to pool their own risks, does it then need a licensed insurer involved? And if advice is provided by a robot powered by an algorithm, who is ultimately accountable?

No wonder insurance supervisors are sitting up straight when you mention the word “tech”. As Luc Noubussi, microinsurance specialist at the CIMA secretariat, said at the 12th International Microinsurance Conference in Sri Lanka late last year: “Technology can have a major impact on microinsurance, but change is happening fast and regulators need to understand it”.

So, how do they remain on the front foot in light of all of this, what different functions, systems and players do they need to take into account and what are the risks arising? In short: how can they best facilitate innovation while protecting policyholders? Front of mind is how current regulatory and supervisory frameworks should accommodate new modalities, functions and roles – many of them outside the ambit of “traditional” insurance regulatory frameworks – and what cooperation is required between regulatory authorities to achieve that.

Two weeks from now we’ll again be sitting down with regulators from sub-Saharan Africa for the Mobile Insurance Regulationconference hosted in Douala, Cameroon, from 23 – 24 February 2017 by the A2ii, the IAIS and the 14 state West-African insurance regulator, CIMA, supported by UK aid, FSD Africa and the Munich Re Foundation. This conference will delve into the opportunities that mobile insurance present and the considerations for regulators and supervisors in designing and implementing regulations to accommodate it. The imperative to find an m-insurance regulatory solution remains, but it is clear that the horizon has broadened: at play is the way that insurance is done across the product life cycle, who the players are in the value chain and, at times, the very definition of insurance.

As we suggested in an earlier blog, this could be microinsurance’s Uber moment, but then regulators need to be on-board. We look forward to taking part in the discussions to see how supervisors plan to do just that.

Financing the frontier: inclusive financial sector development in fragility-affected states in Africa

Poverty in sub-Saharan Africa (SSA) is reducing, but the concentration of extreme poverty in fragile states is likely to increase, according to a new report published today by the Financial Sector Deepening Africa in partnership with Mercy Corps. The report concludes that the donor community can crowd-in legitimate financial market actors and provide the flexibility needed to take risks, and allow development actors to pivot as the fragility-affected states in Africa (FASA) change and adjust.

SSA has one of the world’s highest refugee and internally displaced populations – over 19 million people in 2016 – and the numbers are rising due to new and ongoing crisis in several countries. According to the report, SSA has 483 million people living on less than US$1.25 per day, representing a poverty gap three times the level of South Asia. Poverty rates in fragile states are, on average, 20% higher than countries with comparable levels of economic development; the gap is widest for countries affected by repeated cycles of violence. Finance plays a crucial role in poverty and conflict cycles, as lack of equitable access to financial services can lead to underdevelopment and stagnation, exacerbating social and economic unrest.

As a group, fragile-affected countries lagged behind in reaching the Millennium Development Goals; nearly two-thirds failed to meet the goal of halving poverty in 2015. Today, the 50 countries and economies on OECD’s 2015 fragile states list – of which 30 are African – are home to 43% of the global population who live on less than US$1.25 per day and by 2030, this figure could reach 62%.

Commenting on the report, Joe Huxley, the Regional Strategies Co-ordinator at FSD Africa says: “Fragile economies require special attention if financial sector development outcomes are to be shared evenly throughout the continent. A vibrant financial sector provides room for facilitating employment creation, embarking on infrastructure projects, and opening-up new economic opportunities for entrepreneurs and small businesses. It is incumbent upon the private sector, governments and government agencies, and international development organisations to scale up efforts to build financial systems that are efficient, robust and inclusive in Africa.”

The report comes at a time when there is increasing recognition that inclusive financial market development in SSA faces new challenges, with levels of financial sector under-development in FASA distinctively lower than non-fragile counterparts. Examples of such challenges include: increasing degree of forced population movements, and recurrent humanitarian cycle of needs; weak and incentives for financial service providers; high prevalence of, and reliance on, informal financial mechanisms; wide-spread infrastructure deficits; and high levels of distortion from humanitarian aid and short-term investments from donors.

Thea Anderson, the Director, Financial Inclusion at Mercy Corps says: “A strong, transparent financial sector can contribute to economic stability, which can be both a driver and a result of overall stability. Financial inclusion can address income equality issues and is a core means to tackle vulnerability in FASA. It is critical to recognise that situations of fragility do not follow clean patterns, but rather often exist in ‘complex crisis’ situations for protracted periods of time. To address, we should prioritise market system solutions. While each FASA situation is unique and complex, using a market systems approach allows us to adjust tactics but adhere to several key principles: think long term, do not ignore the informal sector, ensure a positive business case, carefully sequence interventions, and utilise a diverse package of smart aid instruments.”

The report dubbed, “Financing the Frontier: Inclusive Financial Sector Development in Fragility-Affected States in Africa” provides justification for donors and development actors to invest in the foundations of a functional financial sector in FASA and the critical need for personal identification (ID) solutions and fit for purpose financial regulations. It also addresses the role the financial sector plays in resilience-building and fostering economic opportunity in FASA.

Financial sector development in FASA can: reduce transaction costs; build capital markets; encourage the development of entrepreneurship and business growth; provide options for mitigating risk and responding to shocks and stresses; and contribute to overall stability-building measures. FASA provides increased opportunity for payments and remittances infrastructure and diaspora investments as financial strategies to diversify risk central to both formal and informal financial sectors in FASA. The report highlights several promising trends in FASA including, finance for refugees and internally displaced populations, Islamic finance, inclusive insurance, and the increased use of liquidity facilities and increasing impact investing.