APEC Access to Capital Workshop Challenges and Opportunities for Women-owned SMEs Access to Finance
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1 APEC Access to Capital Workshop Challenges and Opportunities for Women-owned SMEs Access to Finance By Rachel Freeman, IFC 1
2 Forget China, India and the Internet: Economic Growth is Powered by Women Source: The Economist, April
3 Why the focus on women entrepreneurs? Because it is good economics The growth and success of women owned businesses is one of the most profound changes taking place in the business world today. After a review of Coca Cola s value chain and recognizing the number of women-owned entities, Muhtar Kent Coca-Cola CEO said the following... The truth is that women already are the most dynamic and fastestgrowing economic force in the world today. Women now control over $20 trillion dollars in spending worldwide. To put that into context that s an economic impact larger than the U.S., China and India economies combined.
4 The Number of Wealthy Women Around the Globe is Growing Faster than Men 68% 36% FROM 1996 TO
5 Women and girls Are >50% of the population Are >50% of university students Produce >50% of the food Are 40% of the labor force Own 32-39% of registered businesses Occupy 14% of leadership positions in public and private sectors Own 1% of the wealth Own 1% of the land Earn 17% less than men 5
6 Women Continue to Face Challenges in Society Educational THE GLOBAL Attainment GENDER AGENDA Access to Resources Health and Survival Economic Opportunities Voice and Agency Political Empowerment Priorities identified by the World Bank, UN and World Economic Forum WOMEN & THE PRIVATE SECTOR Barriers To Entrepreneurship Lack of access to finance services Discriminatory land rights & pricing Discriminatory rules & regulations Gender-biased application of laws Limited access to skills training Constraining social norms Barriers To Employment Inflexible labor regulation Poor labor standards Wage gaps Limited access to skills training Constraining social norms Less access to land / credit /production inputs (40% of SMEs women) Low-pay jobs/ informal sector work (Only 40 % of formal workforce) Barriers To Influence Limited voice & representation Non-conducive corporate culture Limited access to networks Limited access to justice & institutions Low representation on boards (Only 10% of directors) 6
7 Millions Thousands IFC Study: Business Loans Outstanding to Men VS Women Proportion of # SME loans outstanding to women: 15.8% Proportion of US$ volume of outstanding loans to women: 0.7% Type # of outstan-ding loans Volume of outstanding loans Men VS Women by SME Type # of outstan-ding loans to Men # of outstanding loans to WOMEN US$ Volume of outstanding loans US$ Volume of outstanding loans to Men US$ Volume of outstanding loans to WOMEN Small 272, ,131 54,214 2,303,051, ,098,990, ,060, Medium 52,629 41,265 11,364 3,073,787, ,874,193, ,594, Up-Medium ,344, ,993, ,350, Total SME 415, ,736 65,871 60,088,860, ,670,226, ,634, Corporate 29,905 29, ,305,174, ,289,927, ,247, Other 477, , ,188 1,939,716, ,752,960, ,756, Loan Volume 3, , , , , , Outstanding loans Men vs. Women Small Medium Up-Medium Other Type of SME US$ Volume of outstanding loans to WOMEN US$ Volume of outstanding loans to Men # of outstan-ding loans 7
8 Opportunities for Banks targeting the Women s Market Factor* Description Information Market Services Share Growth Information Higher Services Cross-Sell and Loyalty Strong Savings Propensity Positive Risk Behavior Information Linkage Services to Family Wallet * - Source: IFC Analysis Provides source of market differentiation in competitive SME markets Establishes reputation as an innovator Entry and differentiation in specific sectors where concentration e.g. retail, mobile, youth, health Creates strong community-based advocacy and enhances corporate social responsibility Once main banker status achieved, higher cross-sell ratio s (between 1 and 2 times) Higher footings obtained per relationship and higher fee generation Respond well to relationship management-based models and willing to pay for it Demonstrate stronger retention rates in many clients Female customers have a higher propensity to save both as business and personal customers Deposits from female customers typically grow at higher rate and stay with the Bank longer Net funding surplus as a segment Female customers have lower risk tolerance as both business and personal customers Women-led businesses outperform those led by men, including start-ups Stronger business plans can create higher acceptance rates and reduced processing costs Default rates are either the same or better than male counterparts depending upon market Take the business relationship, high likelihood that will take majority of family wallet High advocacy creates strong conversion rates for husband business and personal FS Up to 85% of family financial decisions made by the women globally 8
9 IFC s global footprint with Advisory and Investment projects for women entrepreneurs Garanti Bank (Romania) Bank Muscat (Oman) Acleda (Cambodia) Abank (Turkey) BLC (Lebanon) Fibabanka (Turkey) Bank of Deyang (China) DFCU (Uganda) Access Bank (Nigeria) DTB (Burundi) OCB (Vietnam) BII (Indonesia) Rawbank (DRC) NSB (Malawi) Exim Bank (Tanzania) Ecobank (Nigeria, Niger, Cote D Ivoire, Benin, Cameroon) 9
10 The IFC approach leverages the SME Banking Platform based on the 6 main challenges FI s face providing finance to SMEs.These challenges also apply to women-owned SMEs. IFC s WIN PRINCIPLES Build a separate brand identity for the women segment Mine data base to understand patterns in behavior and establish insights Tailor product offers to meet the specific behaviors of women Clear segment ownership and embed in the network Include financial education and networking as a key part of the offering..banks to build capacity across 6 main areas to serve women as a sub segment Drive specific campaign and product offers based on market research. Establish specific insights for campaigns Visible Executive Mgt sponsorship. Strong service culture Clear link with distribution network Bank as an employer of choice for women Products / Campaign Management Organizational Alignment Distinct brand for women s segment. Targeted Above the line communication and advertising Strategic partnerships with key organizations Data mining & customer analytics Branding / Communication Define system based parameters to identify women entrepreneurs. Set and track overall business profitability on the segment Analyze buying patterns and product usage Track product usage and penetration Market insight Research Non-Financial Advisory Conduct regular and customized market research on women entrepreneurs Establish client panel to test insights. Delivering financial literacy education opportunities Tailored information dissemination High impact networking events. 10
11 Bank Internasional Indonesia (BII) IFC s Investment: US $75 million to support BII s growth in financing women-owned SMEs and its expansion into frontier regions. IFC advisory services in market research, development of credit product for womenowned SMEs and marketing plan. BII launched its new credit product for women-owned SMEs on Dec 22, 2011 that uses gold as collateral. Loans to women entrepreneurs of up to US$100,000 disbursed over $90m to 700 women-owned SMEs in last 24 months. Women One savings product (free insurance coverage for certain illnesses, interest rate incentive, cash back when using debit card with some merchants, no monthly admin fee)
12 Work Stream 2: SMEs / Women SMEs Banking AS Work Stream 1: Liquidity Risk Management AS BLC Bank, Lebanon IFC is assisting BLC, Lebanon through its Advisory Services to increase its reach to SME clients through disbursement of new SME loans, of which 20% will be women entrepreneurs. BLC is successfully recognizing women as a sub-segment across all banking products, including women-owned SMEs and across all other retail banking products. Deal Examples Women-in- Business training design support Women-in- Business training design support Customized Bank Staff training that encounters the market context 5-day Sales Training to front line staff, with focus on Women specific sales training Train-the-Trainer program Market Research IFC facilitated two waves of Focus Groups, one to assess the Banking needs of SMEs and Women SMEs. Based on the findings from the first wave, BLC produced Customer Value Propositions for SMEs and Women clients. The CVPs were tested in the second wave of Focus Groups. CVPs were then refined based on market feedback. Value Proposition developme nt for SMEs and with focus on Women Non- Financial Advisory Services Value Proposition design workshop Define target segments SMEs and Women sub-segment Support package/product Bundles for Women SMEs Launch WE Initiative, link IFC SME toolkit Financial Education forums Business growth and advisors network Networking opportunities Recognition Women Entrepreneur of the year award 12
13 Access Bank - Nigeria In Collaboration with IFC IFC Investment: $15 million to be lent to women entrepreneurs Advisory Service: $398,055 (IFC) and parallel contribution of $500,000 by the client By the end of the project, Access lent an additional $20.5 million from their own balance sheet to women entrepreneurs USD 35.5 million lent to 550 women entrepreneurs 22 training sessions for a total of 680 women entrepreneurs trained in 3 cities in Nigeria More than 40 staff trained on offering financial services to women entrepreneurs 9 Access Bank staff fully dedicated to WIN Alternative collateral options for women entrepreneurs i.e. asset debentures, bill of sales, jewelry Access bank received the Best Gender Responsive bank award in 2008 and was named FT/IFC Sustainable Bank for Africa and the Middle East in 2011 Inclusion of WIN in Access Bank s Regional Expansion and Marketing strategy Risk-share Facility with IFC and Coke targeting women distributors of Coke products 13
14 Rawbank - DRC IFC s Investment: US$7 million to support Rawbank s SME banking program in the DRC. US$2.1 million was to be onlent to women-owned SMEs by the end of project implementation. Rawbank launched Lady s First in 2010 and by the end of Dec 2012, it had lent US$8.5 million to 145 women entrepreneurs, growing its portfolio of women entrepreneurs by over 100% 1054 deposit accounts valued at US$ 11.2 million were opened by women customers over the same period. This is significant in a country with legacy mistrust of the banking sector. Trained 562 women entrepreneurs on improving their financial management and business skills. Trained 40 staff on offering financial services to women entrepreneurs. The bank created Rawconseil a legal desk which provides legal advice and coaching to women on navigating the business registration process in the DRC 14
15 Westpac, Australia Westpac has a holistic perspective towards women banking, addressing complete spectrum of services from personal & private, to SME & commercial banking. Business Model - Best Practices Organizational Alignment: Westpac s focus on women s market is embedded into all existing segments, delivery models, products, and organizational structure, therefore not treated as separate operational or strategic segment. Sales & Marketing: Sponsors market research on topics of interest. Research is always in progress, driving campaigns and product uptake. Streamlined offering through its distribution network in all its the business segments Customer Management: emphasized through a banking relationship management model and demonstrated through growth of Westpac s Women Markets line. Product Customization: No women specific products but tries to see everything through a woman lens Distinct Brand: Westpac is perceived by the market & its employees as a holistic strong advocate for women s leadership advancement through. Targeted Communications: Active use of social media to conduct outreach & advocacy, and promote networking &exchanges between women clients via RubyConnection Program. ( Non-Financial Services: Facilitates capacity building through the Davidson Institute
16 Westpac, Australia Gender disaggregated data has allowed Westpac to track patterns in customer behaviors and measure profitability & strengthen business case Y-o-Y growth in all measures is higher than for men, while actual customer growth is lower In particular, women customers are stronger savers from their 40s onwards and deposits for female customers are growing at a higher rate BUT, impact measurement started only recently April 2011 March 2012 Female Customers Male Customers Total Footings 6.28% 2.83% Deposit Footings 8.42% 5.07% Lending Footings 5.79% 2.60% # of Customers with Personal Superannuation 17.26% 15.20% # of Customers 4.27% 5.68%
17 Thank You 17
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