Microfinance Expert, CEO of YOSEFO Finance Chairman of the Board of Directors of Mbinga Community Bank

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1 A CLKnet FORUM PRESENTATION BY ALTEMIUS MILLINGA Microfinance Expert, CEO of YOSEFO Finance Chairman of the Board of Directors of Mbinga Community Bank 11 th April,

2 Tanzania s Financial Sector Landscape Financial Landscape in Tanzania Formal Semi-Formal Informal Commercial Banks Non Bank Financial Institutions Regional Bank Units Regional Financial Units Forex Bureaus Capital Markets Insurance Pension Funds SACCOs Microfinance Institutions Hire Purchase Companies Financial NGO s VICOBA Money Lender ROSCAs ASCAs Micro insurance-burial associations Relative & Friends 2

3 Why Access? Consensus that there is constrained access to financial services and products Mainly to economically active poor, low-income households and Micro- and Small- Scale Enterprises (MSEs) Policy and regulatory implications Regional positioning (East African Region) 3

4 LEVEL OF ACCESS TO FINANCE IN TANZANIA Only 12.4% of Tanzanians have access to formal financial services 56% have no access to financial services Access to financial by rural population is very loan 3% Many Tanzania do not have knowledge on how to access financial services Banks and financial services are urban based and oriented and not rural based where majority of people live 4

5 ACCESS TO FINANCE BY AGRICULTURAL SECTOR Agriculture sectors accounts for one quarter of TZ s GDP Approximately 80% of Tanzania are employed by agricultural sector Borrowing in agricultural sector is constrained by lack of collateral If a farmer needs a loan he basically has two options: A bank loan which he might not access due to lack of collateral or a loan from a SACCOS if he/she is a member or MFI but very few operate in rural area. 5

6 Why is access to finance essential It enables households invest in activities that are likely to contribute to future income and therefore, to growth It enables businesses to adopt technology and improve products quality, mix and etc. Enables the country and households finance the education Enables households finance housing Enable farmers adopt new technology, increase productivity and farm size. 6

7 consumption reasons to save or borrow Consumption reasons to save or borrow Improve house Pay of debt faster Acquire household goods Purchase a car or motorcycle Purchase land Meeting households needs Social reasons To repay someone s debt Build a house or purchase to live Leave something to your children For emergencies For accessing a Loan 7

8 Investment reasons to save or borrow Consumption reasons to save or borrow Purchase or build a house to rent out Buy agricultural inputs Buy fishing equipment Start up own business Education Buy livestock Pay off debt faster Purchase shares/stocks Buy agricultural implements Expand own business Invest in someone s business For farming activities 8

9 Informal Financial Loan from family or instruments friend classification Loan from a money lender Savings in kind Savings kept in secret hiding place Piggy banks vibubu Micro Insurance with burial associations Savings given to a family or friend Semi-formal Loan from MFI Loan from a SACCOS A Loan from VICOBA Loan from an Accumulated Savings and Credit Association (ASCA) Credit from Kiosk Credit from a hospital or school Savings account at SACCO Savings account at VICOBA Savings at MFI Savings with Merry go-around (ROSCA) 9

10 Formal Financial Personal Loan from a instruments bank classification Loan from employer Education loans (Education Loans Board) Car purchase loan Business loan from a Bank Loan to build a house from a bank Loan to buy plot of land from a bank Salary loan Loan to buy a house from a bank Savings from insurance schemes Compulsory savings- e.g. NSSF, PPF, ATM Card Post bank account Current account Savings Account Debit card Fixed Deposit Money transfer through Western Union or Mobile telephones 10

11 What is Microfinance Providing financial services to households which have no access to credit Micro implies small transactions-demand for microfinance comes from micro entrepreneurs Microfinance means providing loan without the use of conventional collateral 11

12 What is the purpose of Microfinance Help poor people create their own income Help poor people accumulate assets which reduce their vulnerability to external shock Microfinance is a development intervention if emphasis are on broader range of financial services Provide credit to people with debt capacity Provide the means for poor people to take advantage of economic opportunity 12

13 Microfinance as vehicle for achieving financial inclusion Topology of MF industry SACCOS have been active in the industry since in the 1960s 1 st MFI (Presidential Trust Fund-PTF) was established in 1985 by the Government In the mid-1990s more MFIs emerged-pride, FINCA, Poverty Africa, YOSEFO In the mid 1990s also specialized banks emerged KCB, KFCB, Mufindi Community Bank, Akiba Commercial Bank Microfinance policy approved by Government in 2001 Microfinance regulations 2005 allowed the establishment of Microfinance Companies (MFC) and Financial Cooperative FICOS 13

14 What is the market of MFIs in Tanzania-identity of customers Women working in the informal sector Youth owning and running micro enterprises Retired civil servants owning and running micro enterprises or small businesses Re-trenched running and running micro enterprises/small businesses Widows owning and running micro enterprises Educated and uneducated, exposed and unexposed People with jobs in public or private sectors 14

15 Who is involved in Microfinance Industry NGOs-PRIDE, PTF, YOSEFO, ETC- Informal Microfinance Providers-ROSCAs, Money lenders Formal Financial Sector: Commercial banks, Postal banks, Credit Unions and Cooperatives, non bank financial intermediaries Government or donor projects- Districts and Municipal councils Churches 15

16 BANKS AS VEHICLES OF ACCESS TO FINANCE The banking and Financial Institutions Act 1991 opened door for liberalization of the banking industry- Private banks, local and foreign were allowed to operate In 1998 BFIA, 1991 was amended to provide creation of Community Banks or regional bank units. The banking industry currently operate under Banking and Financial Institution Act,

17 Types of banks operating in TZ Commercial banks: A bank authorized to receive money on current account subject to withdrawal by cheque. There are 31 such banks A regional Unit Bank: A bank authorized to receive money on current account subject to withdrawal by cheque. There are eight such banks Financial Institution: It is an institution licensed by Bank of Tanzania and authorized to engage in banking business not involving the receipt of money on current account subject to withdrawal by cheque. There are five such institutions A regional unit financial institution: It is an institution licensed by Bank of Tanzania to operate as a regional unit financial institution and authorized to engage in banking business not involving the receipt of money on current account subject to withdrawal by cheque. There are two such institutions 17

18 BANKING OUTREACH AND MARKET ISSUES Only 8.7% % of Tanzanians use bank services Three banks control 48% of the market deposits and loans 8 banks control 76% of the banking market Banks are operate in few areas mainly DSM, Mwanza, Arusha, Morogoro, Mbeya and Moshi Rural Outreach is limited 18

19 What should be done for Microfinance Industry Ensure understanding of the local financial market, the actors and the clients before acting, also think about wider impact on poor clients Supporting permanent, local financial institutions rather than direct engagement Support technologies, systems that help to provide range of products through relevant delivery systems Make sure that rules and regulations are relevant, take more than microfinance in consideration, and test the impact to see whether you get the envisaged results Ensure emphasis and implementation of consumer financial literacy, as it is the foundation of a healthy informed market Support information flow improvement, financial institution registration and reporting, credit registries and any market improvement effort 19

20 Why access to finance continue to be challenge to Tanzanians Restrictive regulatory environment (e.g. high provisioning for unsecured loans which as accessible by majority) High operating costs especially for rural markets Sticky no your customer requirement exclude majority particularly in the absence of national ID Weak supervisory system for SACCOS-leading to loss of savings In appropriate policy and regulatory framework for Community Banks which could be appropriate institutions for rural outreach 20

21 WHAT SHOULD BE DONE TO THE MICROFINANCE INDUSTRY Have a microfinance law which will be the foundation for the orderly growth and attracting more people to invest in the industry They should be a tiered approach to regulating MFIs Microfinance regulations which are currently very unfriendly to MFIs should be reviewed Special attention/resources should be allocated to support rural MFIs 21

22 What should be done to SACCOS SACCOS Currently operate under a Cooperative Act 2003 and various regulations but there is a need to establish a SACCOS ACT. The SACCOS Act should provide an opportunity for establishment of SACCOS regulatory authority in order to strengthen supervision which in turn will create confidence among SACCOS members. 22

23 What should be done to Community banks Community banks have the potential to increase access to finance in rural and remote areas hence the need for government to provide financial support Bank of Tanzania should has a separate department for supervising community banks and should set up separate regulations appropriate to their size, location of business and nature of business 23

24 Overall recommendations Encourage the formation of different types of financial institutions especially those which could serve the rural areas Let all available land be surveyed so that title deeds as collateral for loans Roll out financial literacy program in the country to enable people understand financial instruments and use them to further development Establish credit reference bureaus The regulator should give banks freedom to set their collateral requirements for Micro and small enterprises. 24

25 Thanks and there is always an alternative mean 25

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