January 2012 I Access Africa Technical Learning Series : No. 4

MALAWI Banking ServiceS

empower villagerS

Karonga

Chilumba

Rumphi

Ntcheu

Nsanje

Nkhotakota

Mwanza

Kasungu

Dedza

Chitipa

Ngabu

Machinga

Chisenga

Zomba

Salima

Blantyre

Lilongwe

Mchinji

Nkhata Bay

Malawi

ZoNe of INTerveNTIoN SAve Up proJecT

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IntroductIon When Africa’s rural poor gain access to financial services, the benefits can be transformative. CARE has been nurturing this process of transformation since 1991 when it began to cultivate a savings-led micro-finance movement based on village savings and loan associations (VSLAs) in Niger. Today CARE’s VSLAs serve more than 2.8 million people in 26 African countries—nearly 80 percent of them women who, experience shows, invest most effectively in improving their families’ lives. Meanwhile many other organizations working in developing countries have also adopted the savings-led methodology; it is estimated that, in all, more than 4 million Africans are now benefiting from this approach.

In 2008 CARE launched Access Africa, a 10-year program designed to scale up the VSLA methodology to reach 30 million people in 39 African countries during the decade. Access Africa’s first project, Save Up, began working intensively in Malawi, Tanzania and Uganda in 2009, expanding the number of VSLAs through demand-driven replication by trained VSLA members called village agents (VAs). When this phase of Save Up ended in August 2011, it had established more than 18,000 VSLAs in these three countries, serving more than 400,000 members.

As VSLAs mature, their need for more sophisticated financial services becomes apparent. Many VSLAs today are accumulating larger and larger amounts in savings and emergency funds that need to be stored securely and earn interest. Often members need to borrow more than their VSLA funds can provide. They need to transfer money instantly, and they need access to specialized insurance, especially to defray the unforeseen costs of funerals. In other words, like the rest of us, Africa’s poor need to be linked to a variety of formal financial services and products such as bank accounts, mobile money transfer technologies and insurance.

In 2009 CARE’s Save Up program launched three pilot projects to provide such linkages in the three Save Up countries: bank accounts in Malawi, mobile phone banking in Tanzania and funeral insurance in Uganda. This publication describes the process of linking VSLA members in Malawi with savings and credit from a major micro-finance bank.

When Africa’s rural

poor gain access to

financial services,

the benefits can be

transformative.

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Methodology

Each of CARE’s 6,400 VSLAs in Malawi has around 18 members—more than 70 percent of them women. These members deposit small amounts of money in their group savings every week, and they generally save for a specific purpose. Around 50 percent invest in small businesses while others buy farm inputs, pay their children’s school fees or make home improvements. Typical member businesses include buying and selling fish, groceries or farm produce; baking and selling scones; running small eateries; and selling secondhand clothes or paraffin. Around 80 percent of these businesses were started after their owners joined the VSLA. After 1 month of saving, group members can borrow from their group’s savings pool to invest in these businesses, at an average interest rate of 10 percent per month. To strengthen the entrepreneurial skills of group members and increase the proportion of those who run successful businesses, VAs are being trained in economic activity selection, planning and management. After they have started training their group members.

In addition to borrowing from their savings pool, VSLA members also contribute a separate amount to a social fund that provides zero-interest loans or grants to cover the emergency needs of members. But even after money is taken out of the group’s savings pool for loans and for the social fund, many VSLAs find they have considerable funds left over in their small metal cash boxes—some of which become full to overflowing. Not only is theft a risk, but the extra money is earning no interest. At this point the VSLAs need access to a safe place to store their excess funds.

When CARE’s Access Africa/Save Up program was launched in Malawi in 2008, one of the objectives was to link mature VSLAs—whose members had been saving and lending to each other for at least a year—to the financial services of a bank. Opportunity International Bank of Malawi (OIBM), established in 2002, was an obvious choice. It has 34 outlets throughout the country and wide experience working with small, rural groups of customers. OIBM is a member of the Opportunity International network of non-profit, micro-finance institutions based in the United States, with affiliates in 29 countries worldwide.

Figure 1: OiBM’s Kasupe Savings Account

Kasupe Account

This is an account suitable for customers who do not have regular transactions from their accounts. Kasupe accounts

are ideal for people who live away from towns and major centers to build savings.

feature

No minimum account balance

Benefits

•  No monthly administration charges 

•  Easy to build savings

•  Account opening is easy, immediate and efficient

•  Can be accessed at any outlet including mobile outlets

•  Pay as you use the account

from oIBM website

Around 80% of

vSLA members’

businesses were

started after they

joined the vSLA.

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According to OIBM the group savings account used by CARE’s VSLAs—called a Kasupe or “fountain” account—(see Figure 1) was not developed specifically for CARE’s VSLAs. The bank has been serving other small groups of savers, 80 percent of which are rural. These include premium trust banks, farmers’ clubs and VSLAs supported by other organizations such as Save the Children and World Vision. CARE’s VSLAs, which do business with three of the bank’s outlets, constitute only about half of 1 percent of OIBM’s business.

Setting realistic targets

In October 2009 OIBM signed a memorandum of understanding with CARE Malawi to provide financial services to CARE-supported VSLAs. Since CARE Malawi’s Save Up project 6,457 VSLAs are located in seven districts of the country, stretching from north to south, the original plan for the pilot was to link 20 percent of all the VSLAs to banking services. After consideration, however, the CARE country office decided that a country-wide reach was too ambitious for a pilot project.

Since this was a new initiative, CARE felt that it was not the time to take it to scale. And since the Save Up project was due to end in August 2011, there was not enough time to provide linkages to all of the 6,457 VSLAs throughout the country. Pilot implementation proceeded in only three districts: Mzimba in the north and Mchingi and Lilongwe in the central region. Today, out of a total of 2,592 VSLAs in these three regions, 482 (or 19 percent) are linked to the services of OIBM. But other VSLAs are asking to be linked every day. The demand is very high and groups are interested in being linked to formal financial institutions. Even in areas where the linkage efforts have not commenced, the groups are hearing about its benefits.

Choosing the best pilot locations

A major consideration in choosing these three districts was security. Especially in border areas, when large amounts of cash are stored in a VSLA’s cash box, the risk of theft is high. In addition these three districts were chosen because OIBM has established two banking kiosks there, plus a mobile banking van, manned with a teller and two armed guards, that travels the main roads. These facilities bring banking services closer to group members rather than obliging them to travel long distances—often carrying cash—to a bank branch. Relative proximity to the CARE country office also enables the project to save on monitoring costs during this pilot initiative.

out of a total of

2,592 vSLAs in three

regions, 482 – 19% –

are linked to formal

financial services.

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These banking kiosks, fabricated for the rural areas, were obtained through grant funding from The Bill & Melinda Gates Foundation for OIBM’s capital investments. The idea is that the collaboration with CARE’s VSLAs will help OIBM amortize the operating costs including electricity, communications, computer hookup and Internet access, two tellers and a security guard. For OIBM, bringing new outlets to rural areas needs to be backed by a strong investment opportunity. By bringing in VSLAs as clientele to these rural outlets, economies of scale are met in a shorter period for OIBM—from 24 to 18 months.

identifying qualified VSLAs

To exercise due diligence in every instance in which a group wants to link to a financial institution, Access Africa has developed a tool for assessing the readiness of the VSLA to forge that link. A scorecard reflects an assessment of nine quantitative elements ranging from savings information to the value of the funds that have been lent. Six qualitative factors capture such group characteristics as member discipline, meeting procedures and quality of record keeping. On the basis of the total score obtained by a group (75 percent from quantitative factors and 25 percent from qualitative elements), CARE recommends to the group and the financial institution whether or not the linkage should take place. The scorecard template is set forth in Table 1.

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TABLe 1: Linkage readiness Assessment Tool

No.

1

2

3

4

5

6

7

8

9

1

2

3

4

5

6

Score

0610

071012

035

035

0610

035810

03610

0368

0345

40

4

2

0

4

2

0

10

1

1

1

1

0

3

crITerIA

Maturity of group

Savings volume on previous cycle (in U.S. dollars)

Savings volume of this cycle (in U.S. dollars)

Attendance rates

Loan fund utilization

Portfolio at risk

Amount written off as a % of last share-out amount

% of members with active loans

Value of investment (in U.S. dollars)

Member discipline during the meeting

Meeting procedures

Member awareness of group norms

Decision-making about loans

Quality of record keeping

Member discipline during the meeting

MeASUre or vArIABLe

Date of first savings cycle

Net value of savings at share-out in last cycle

Net value of savings at this cycle

Number of members attending meetings

Value of loans outstanding/Total assets of the group

(i.e., value of fixed assets and other funds)

Portfolio at risk

Amount written off at share-out

% of members with active loans

Amount of money that has been used; average

loan per member

Did all the members come on time for the meeting, or, if some members came late,

did they pay a fine?

Were all the members seated according to their number and did they carry out transactions

in that order?

Did all members appear to have good awareness of group norms?

When a member wanted to take a loan, did the secretary check how much they had saved in this cycle

and apply the rule of providing a loan not more than 3 times the member’s

savings in this cycle? Were all decisions made with consensus?

Errors in transactions recording

Discipline and participation in decision-making, VSLA transactions

ScorINg crITerIA

< 1 year1-2 years> 2 years

< US $678$678 – $1,017

$1,017 - $1,695> $1,695

< $254$254 - $339

> $339

< 80%80% - 90%

> 90%

< 50%50% - 75%

> 75%

PAR > 10%PAR > 5% & < 10%PAR > 3% & < 5%PAR > 1% & < 3%

PAR = 0%

5% or more2% - 5%1% - 2%

0%

< 40%40% - 60%60% - 80%

> 80%

< $8.47$16.95 – $33.90$33.90 – $50.85

> 50.85

YesNo

Fully as per procedure

Generally as per procedure

Significant deviation from procedures

All members display awareness

Most members display awareness

Very few or none display awareness

YesNo

Loan recording

PrincipalYes=0; No=1

InterestYes=0; No=1

Savings and date of saving recording

Yes=0; No=1

Closing balances Yes=0; No=1

No discipline or participation

Good discipline and participation

QUANTITATIve MeASUre – ToTAL MArKS 75%

QUANTITATIve MeASUre – ToTAL MArKS 25%

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In accordance with the savings group methodology, the VSLAs share out their savings after 9 to 12 months; in Malawi they prefer to share in November or December—the beginning of the rainy season—because most need the money to buy farm inputs. But at the time the agreement with OIBM was signed (October 2009), many VSLAs had functioned for only a few months. They had just started to accumulate savings and to lend money, so they were not ready for bank linkage.

There were some preparations to do nevertheles. Sensitization meetings were conducted that included everyone—the bank, CARE, the implementing partners organizations (IPOs) and VAs. This facilitated consistent communication to the VSLA members in terms of OIBM product offerings for VSLAs. IPO staff worked through the VAs so they were in constant contact with VAs, informing them about the program and about how the VSLAs would register and open their accounts. Briefing meetings with OIBM staff and all the IPOs from the three districts were conducted on how to bring the program to the field, starting with how to chose the groups that qualified for OIBM’s products. In addition to the following criteria in the VSLA Readiness Assessment Tool, VSLAs eligible for linkages would include:

• Those that had completed all phases of the VSLA training methodology• Those with excess cash• Those located in areas where the risk of theft was high • Those that had used all the loan funds available from their savings in a responsible manner and

required additional loans for business investment

In April and May of 2010 the VSLAs that qualified for the bank linkage were invited to gather in clusters for sensitization meetings held at several central locations convenient to OIBM outlets in each of the three districts. OIBM staff explained their financial services offerings—secure savings accounts yielding 6 percent annual interest and loans of up to $654 per VSLA at 2.92 percent interest per month for 6 months--to the groups’ VAs and IPOs.

Training VSLA members on linkages

Although the VSLAs, VAs and IPOs were briefed on bank linkages during these 1-day training sessions, everyone agreed that more training would have been beneficial. OIBM has plans to provide additional training to the groups but has yet to do so.

Training needs to cover a number of issues, starting with savings. There is also the need to study debt management, because once the groups are linked to external financial institutions, they have to know both their own and the bank’s obligations. The groups need to know how to work with the bank, and,

The scoring categories and point allocation system that Access Africa applies are as follows:

No.

1

2

3

4

DecISIoN ABoUT LINKAge

The group should not be linked.

Link the vSLA oNLY for savings products.

Link the group for both savings and credit, but credit not to exceed 50% of the amount shared out in last cycle.

Link the group for both savings and credit, but credit not to exceed twice the amount shared out in last cycle.

vSLA MArKS oBTAINeD

Less than 40 marks

40 – 59 marks

60 – 79 marks

80 marks or above

TABLe 2: Scoring Categories and Point-Allocation System

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even before they get a loan, they need to be aware of what’s going to happen rather than discovering it after the fact, so that they can make the right decisions. As articulated by Auster Gondwe, “Training also gives them consumer protection because it enables them to make demands of the bank and not be intimidated by the bank.”

CARE Malawi developed a financial education curriculum and training manual in English and Chichewa with support from Microfinance Opportunities. Based in Washington, D.C. (http://www.microfinanceopportunities.org/), Microfinance Opportunities trained staff members from both OIBM and CARE in financial literacy. VAs can use these materials to train VSLA members before they are linked to formal financial institutions. The knowledge and skills VSLA members will gain through this training will also help them work properly with different banks of their choice after CARE has moved on, rather than feeling they must stick with one bank.

registering VSLAs with the bank and opening savings accounts

After the sensitization meetings, the IPOs and bank staff arranged for VSLAs to meet with bank staff at rural locations to formally register with the bank. This arrangement is convenient to clients because it saves time and money as the service is taken close to where potential clients reside. At the registration meetings the bank staff recapped features of the product offerings and explained how to fill out the forms for opening accounts. As the bank started to open the groups’ accounts one by one, the VAs and IPO staff helped other groups—many of whose members have had little education—to fill out the forms.

“Training gives groups

consumer protection.

It enables them to

demand something

from the bank and

not be intimidated

by the bank.”

Auster Gondwe,

CARE Save Up VSL

Technical Advisor,

Malawi

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Although the process is good as it brings the bank close to the people, it has its problems as well. The bank did not always bring needed electronic equipment to the field, so some groups were given account numbers that were not active until the group leaders went to a bank outlet to have their pictures and finger prints taken. Up until the biometrics were taken, groups were only able to deposit funds but not withdraw. CARE Malawi is currently working with OIBM to find ways to allow groups to open accounts and activate them on the spot. After about 4½ months, even groups that were far from a bank outlet had managed to open their accounts, and the demand for more accounts continues.

Providing security for savings and access to “top-up” loans

Not all the VSLAs that have opened accounts with OIBM are primarily interested in taking out large loans. Moreover the 6 percent annual interest they earn on their bank savings accounts is considerably less than the 10 to 40 percent they can earn when they lend to each other within a VSLA (see Table 3).

But when excess cash accumulates in VSLA cash boxes, the groups need a bank. Mainly, VSLAs bank their money for the purpose of security especially when their excess money earns nothing. The 6 percent interest is significant because it’s a benefit in addition to keeping their money safe.

When VSLA members had to carry money from their home village to a bank branch in a town, the risk of theft was high. But the risk is minimized because OIBM’s container banks are near many of the VSLA villages. One reason why CARE chose to work with OIBM on this linkage is because their mobile banking van stops at strategic places along the main roads. In addition, VSLAs are trained to keep their transactions confidential, so it is very difficult for an outsider to know when group leaders are going to the bank.

No.

Savings

Loans

TABLe 3: VSLA and OiBM interest rates

oIBM INTereST rATeS

6% earned

2.92% per month flat

vSLA INTereST rATeS

10–40% earned

10-20% per month flat

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Figure 2: OiBM’s Agricultural Loans

Even when they have a bank account, groups continue to meet in their villages once a week to make savings deposits in their VSLAs and take out loans. The bank is not a substitute, but a complement to VSLA services. It provides adequate security and top-up loans if a group’s loan funds are insufficient for the activities they want to undertake. There are times when groups have excess money especially during the rainy season (December to March) when most members are busy farming rather than operating their small businesses. They also have excess money when they are approaching share-out in December, since at this point they have stopped lending to each other.

In 2009 a VSLA called Tikondane (the name means Let’s love each other) was formed by VA Elizabeth Mithi, a 29-year-old farmer with two children. So far Elizabeth has formed and trained 10 VSLAs, of which 7 have completed their first savings cycle and 2 have been linked to OIBM. Before joining the bank, Tikondane’s 20 members—all women—had shared out a total of $2,253 in group savings and interest they had made on loans to each other. The amounts each member received varied according to the number of savings “shares” each had bought during the year. “I received $159 at share-out and I used it to buy two bags of fertilizer,” says group member Gean Mlozowa. “I also was able to pay $59 for my son’s secondary school fees.”

By May 2010 after lending to their members and establishing their social fund, Tikondane still had $653 left in their cash box. When they asked Elizabeth how they could keep this money safe, she advised them to open a savings account with OIBM and arranged for the IPO’s

field officer to brief the group on the banking process. In June the group opened an account in the amount of $715.

In October, after their original deposit had earned interest and grown to $729, the group deposited an additional $280 for a total account balance of $1,009. The bank manager, appreciating the group’s commitment to save, advised them that during share-out they should just call the bank and a staff member would bring the money (which, with interest, had grown to $1,020) to the group. Since VSLAs that save with the bank are not obliged to wait a year until their share-out, the group called in December, and bank staff brought them $1,011, which the members shared to buy farm inputs, leaving an account balance of $9. In 2011 they started saving at the bank all over again, and this time they plan to save even larger amounts. They also continue to save every week and to lend to each other through their VSLA, but they value the security of their bank savings as well.

A vSLA of 20 Women Discovers the Benefits of Banking with oIBM

oIBM’s Agriculture LoansLoan product for groups active in the agricultural production

Features• LoansizeuptoMK120,000forclubsoraminimumofMK5,000foreachmemberofaclubandfrom

MK100,000forindividuals• MaximumloansizeforVSLAs:MK100,000• Farmersmustbeinself-selectedclubsorassociations• Repaymentperiodof6to10months• Contractwithagri-dealerorprocessornecessary

Benefits• Droughtinsurancecoveragethroughall-weatherindexinsurance• Creditlifeinsuranceprovided• Securitybymutualguaranteeofmembers

From OIBM website

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In addition to savings, OIBM provided loans to VSLAs. Currently a VSLA can get up to $654. There is a limit because most groups are still young, they have been saving in groups for years and most of the members are not running businesses that need huge capital. Also it is not desirable for groups to be totally dependant on the bank for loans; they should be working hard to develop their own group loan funds and should only get top-up loans from the bank when needs arise. The idea is that by the time the groups have access to loans from the bank, they will have enough of a track record in managing their small businesses to be ready to expand these businesses and manage their loans responsibly.

The need for agricultural inputs, such as fertilizer and seed, is a main reason why groups require top-up loans (see Figure 2). In Malawi’s Mzimba district, six VSLAs that had accounts with OIBM decided not to share out their VSLA loan funds until they had each received a seasonal agricultural loan of $654 from the bank to add to their VSLA loan funds. When they received the bank’s agricultural loans in December 2010 (just before the planting season), they lent the total to their members to buy farm inputs like fertilizer and seed. Table 4 shows the amounts of the groups’ OIBM agricultural loans added to their VSLA loans funds.

OIBM’s seasonal agricultural loans are normally paid back (at 2.92 percent interest) after the farm produce is sold, but VSLA members are also allowed to pay back sooner if they can.

TABLe 4. To Buy Farm inputs, Six Agricultural Loans Supplement Savings of Six VSLAs

NAMe of groUp

Tiyezge

chimbiranjala

Kamujuwa

Temwanani

Tiwonerepo

Kannkhata

Totals

AMoUNT IN vSLA BANK SAvINgS

AvAILABLe for LoANS

MK

155,188

97,060

114,120

181,380

110,180

47,950

705,878

U.S. $

1,014

634

745

1,185

720

313

4,611

MK

100,000

100,000

100,000

100,000

100,000

100,000

600,000

U.S. $

654

654

654

654

654

654

3,924

MK

255,180

197,060

214,120

281,380

210,180

147,950

1,305,870

U.S. $

1,668

1,288

1,399

1,839

1,374

967

8,535

AMoUNT of oIBM AgrIcULTUrAL

LoAN fUNDS

ToTAL AMoUNT LoANeD for

AgrIcULTUrAL INpUTS

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individual savings accounts

The group methodology is at the core of all of CARE’s financial linkage initiatives because of the sense of cohesion, solidarity and mutual support it creates among members. However, VSLA members are also free to open individual savings accounts with OIBM—also at 6 percent interest. Individual savings accounts serve two purposes: for share-out and for keeping additional savings of individual members. Of the approximately 8,700 members of the 482 groups that have accounts with the bank, 2,062 (or about 25 percent) have opened individual savings accounts while also maintaining their VSLA savings accounts and their group bank accounts. Since there is a limit on the number of shares group members can buy, if a member has excess money, it may be to their advantage to open an individual savings account at the bank.

Another reason for individual accounts is the risk involved in transporting large amounts of cash back to the village after share-out of the bank savings account. The bank offers individual accounts to group members who do not need immediate access to all of their savings and interest earned at time of share-out. The group lists these members and the amount that each of them will get during share-out and they instruct the bank to put that money in the individual members’ savings accounts allowing for those individual accounts to serve two purposes: for share-out and for keeping additional savings of individual members.”

partnership priorities

OIBM’s priority is growth. CARE’s priorities are preparation, capacity building and oversight. The bank wants economies of scale in the form of a steady stream of VSLAs opening accounts. CARE Malawi wants groups that are mature and ready for external financial products to be linked to the bank. These are two extreme contrasts. OIBM felt that the field officers of the IPOs slowed the process in order to take time to ensure that their VSLAs are mature enough to link to the bank. OIBM believes that if they work directly with VAs,

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including paying them a fee and a commission based on the number of VSLAs they bring in, this could accelerate the process.

For CARE, on the other hand, the priority is the soundness, maturity and sustainability of the VSLAs, not the number of new accounts they open. CARE feels that the oversight of the IPOs will continue to be needed to ensure that every time a VSLA opens a bank account, it is mature enough to minimize the risks involved and take full advantage of the benefits.

Looking to the future and assessing lessons learned

The CARE Save Up linkage pilot, scheduled to end in August 2011, will be extended until December 2012, and demand from additional VSLAs to be linked to OIBM appears high. CARE’s ultimate goal is for all its VSLAs to benefit from linkages, but the resources for this are not currently available. A project extension will focus on forming and training new groups and creating as many more linkages as possible. Since CARE Malawi is very committed to continuing the linkage process, they have not only developed financial education materials but are also writing proposals to seek funding.

Lessons learned that will inform the next phase of the pilot include:

• VSLAs need financial education and training to use bank linkage effectively.• The bank and the IPOs must be properly trained on the product offerings and on the VSLA methodology

if they are to pass this information on to communities.• The linkage process should be given enough time and should not run parallel to group formation

and training.• Wholesale bank loans do not interfere with the performance of VSLAs within their home groups.• To stimulate competition, it would be beneficial to offer linkages with more than one bank.• Banks being linked should be more transparent and accountable to the VSLAs to inspire the

groups’ confidence.• Banks should explore more effective means of getting access points closer to the groups, especially those

that are far from bank outlets and main roads.• VSLAs need access to account statements on a regular basis. OIBM is currently establishing a special

account code to ease tracking.

Zimbabwe

Zambia

Uganda

Tunisia

Togo

Tanzania

Swaziland

Sudan

South Sudan

South Africa

Somalia

Sierra Leone

Senegal

Rwanda

Nigeria

Niger

Namibia

Mozambique

Morocco

Mauritania

Mali

Malawi

Madagascar

Libya

Liberia

Lesotho

Kenya

Guinea-BissauGuinea

Ghana

Gambia

Gabon

Ethiopia

Eritrea

Equatorial Guinea

Egypt

Djibouti

Cote d'Ivoire

Congo

Democratic Republicof the Congo

Chad

Central African RepublicCameroon

Burundi

Burkina Faso

Botswana

Benin

Angola

Angola

Algeria

Western Sahara(Occupied by Morocco)

6,899

238,366

123,914

30,322

1,634

17,799

5,621

27,358

4,000

101,150

299,179

461,380

149,763

9,115

1,000

139,436

104,113

9,423

14,323

12,597

157,348

12,977

248,114

503,402

8,000

cAre vSLA Membership

Data as of June 2011

first Wave

Second Wave

Third Wave

excluded

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editorial Credits Author:KristinHelmore,Editor:SybilChidiac

Photo Credits Cover: S. Smith Patrick/CARE; Pages 1: Brendon Bannon; Pages 3: Sybil Chidiac/CARE; Pages 4 and 7: Allen Clinton/CARE; Page 8, 10 and 11: Phil Borges/CARE.

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