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Microfinance Sector Assessment in the Republic of Malawi

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Microfinance Sector Assessment in the Republic of Malawi MICROFINANCE C HEMONICS CONSORTIUM MICROFINANCE SECTOR ASSESSMENT IN THE REPUBLIC OF MALAWI January 2004 USAID Contracting Vehicle: AMAP Microfinance IQC USAID Contract No. GEG-I-00-02-00013-00 Field Assessment Team: Victor Luboyeski (Operations Analyst and Team Leader) Debjani Bagchi (Regulatory Analyst) Muwuso Chawinga (Cartographer) CONTENTS Acronyms I SECTION 1 Executive Summary 1 SECTION 2 Introduction 6 A. Assessment Rationale and Objectives 6 B. Assessment Framework, Methodology, and Organization 6 SECTION 3 The Environment for Microfinance 9 A. Key Socioeconomic Data 9 B. GoM Agricultural Policies 12 C. GoM Financial Policies 13 SECTION 4 Demand for Microfinance Services 28 A. Characteristics and Size of Demand 28 B. Characteristics of Smallholder Farms 30 C. Constraints to MSEs 31 SECTION 5 Supply of Microfinance Services 34 A. Introduction 34 B. Parastatals in Microfinance 35 C. Private Sector Microfinance Companies 45 D. Savings and Credit Cooperatives 51 E. Commercial Banks 54 F. NGO Microcredit Programs 58 G. Donor Programs 60 H. Support Structures for Microfinance 63 SECTION 6 Key Findings and Recommendations 66 A. Key Findings 66 B. MF Sector Investment Principles 67 C. The Way Forward 68 SECTION 7 Areas for Research 77 ANNEX A References A-1 ANNEX B List of Contacts B-1 ANNEX C MFI Questionnaire C-1 ANNEX D Completed MFI Questionnaires D-1 ANNEX E Geo-reference Data and Contact Information E-1 ANNEX F Microfinance Structures or Banks F-1 ACRONYMS ADMARC Agricultural Development and Marketing AIMS Malawi Agricultural Inputs Markets Development Project APIP Agricultural Productivity Investment Program CAMEL Capital adequacy, Asset quality, Management, Earnings, and Liquidity Management CPI Consumer Price Index CUMO Concern Universal Microfinance Organization DEMAT Development of Malawian Enterprises Trust DFID Department for International Development, UK Government ECLOF Ecumenical Church Loan Fund EU Economic Union FINCA Finance for International Community Assistance GDP Gross Domestic Product GoM Government of Malawi GTZ Gesellschaft fur Technische Zusammenarbeit (German Technical Cooperation Agency) HIPC Highly Indebted Poor Countries HIV Human Immuno-Deficiency Virus IFAD International Fund for Agriculture Development INGO International Non-Government Organization KfW Kreditanstalt fur Wiederaufbau (German Bank for Reconstruction and Development) ME Microenterprise MFI Micro Finance Institution MK MKarcha (Currency of Malawi) MoAI Ministry of Agriculture, Irrigation, and Food Security MoF Ministry of Finance MoIC Ministry of Industry and Commerce MPRS Malawi Poverty Reduction Strategy MRFC Malawi Rural Finance Company Ltd. MSB Malawi Savings Bank MSE Micro and Small Enterprises CHEMONICS INTERNATIONAL CONSORTIUM MUSCCO Malawi Union of Savings and Credit Co-Operatives Ltd. NABW National Association of Business Women NASFAM National Smallholders Farmers’ Association of Malawi NB National Bank of Malawi NBFI Non-Bank Financial Institution NGO Non-Government Organization OIBM Opportunity International Bank of Malawi RBM Reserve Bank of Malawi SACA Small Holder Agriculture Credit Administration SACCO Savings and Credit Cooperatives SEDOM Small Enterprise Development Organization of Malawi SME Small and Medium Enterprise SOW Scope of Work TIP Targeted Inputs Program UNCDF United Nations Capital Development Fund UNDP United Nations Development Program USAID United States Agency for International Development II MALAWI MICROFINANCE SECTOR ASSESSMENT CHEMONICS INTERNATIONAL CONSORTIUM SECTION 1 EXECUTIVE SUMMARY Introduction In November 2002, the Government of Malawi (GoM) approved a Microfinance Policy and Action Plan to assist in the development of the MF sector. USAID/Malawi commissioned this Microfinance Market Assessment to profile the sector, identify constraints to its development, and provide a way forward to lead to the advancement of microfinance as an integral part of Malawi’s financial system. Over the period December 5-19, 2004 an Assessment Team met with stakeholders in Malawi and conducted research on the legal and regulatory environment, performance of key microfinance service providers, market demand, donors active in MF, and support structures to the sector. The Team’s key findings are summarized below. Main Findings Socioeconomic Environment. Malawi is an agricultural-based economy with about 10.8 million people, 85% live in rural areas and 65% are under the national weighted average poverty line. Agriculture employs 85% of the labor force. Over the last three years, Malawi’s economy has been characterized by high interest rates, declining inflation, flat to negative GDP growth, exchange rate volatility, and increasing government debt. To bring down interest rates (Reserve Bank of Malawi Base Rate was 46.5% in September 2003) the GoM must find ways to retire a large part of its domestic debt and cut spending since the government’s debt financing is not sustainable. Unless action is taken, the cost of commercial credit will be driven up and important GoM initiatives such as the Poverty Reduction Strategy launched in April 2002 will not be funded as budgeted. AIDS is the leading cause of death in Malawi adults and an estimated 15% of the population is HIV positive. A national survey of enterprises in 2000 found HIV/AIDS has a broad negative effect on the economy with 28%-37% of all enterprises likely affected by the disease. Despite donor and government efforts to combat this illness, businesses including microfinance institutions (MFIs) need to do more to mitigate the threat HIV/AIDS poses to their long-term viability. Legal, Regulatory, and Supervisory Framework. The formal financial sector in Malawi is fairly small and limited in scope with few levels of intermediation in the financial system. Since the mid to late 1990s, the GoM embarked on a program of financial market liberalization. In the latest GoM Letter of Intent to the International Monetary Fund (IMF) reforms relevant to the MF sector planned for the short-term include: Lowering liquidity reserve requirement from 30% to 10% by the end of December 2004 Implementing a review of the financial sector regulatory framework MALAWI MICROFINANCE SECTOR ASSESSMENT 1 CHEMONICS INTERNATIONAL CONSORTIUM Expression by the GoM of the need to develop a specific regulatory framework for microfinance Further evidence of the GoM’s interest in the MF sector was the passage of the Microfinance Policy and Action Plan by the Cabinet that defines the broad framework for the development of microfinance in Malawi. While the existence of such a document is a positive indicator of the GoM’s recognition of the sector’s importance, the Assessment Team noted some omissions/contradictions in the document. Foremost of these was the confusing role proposed for the GoM. At one point, the Plan states that the MF industry will “consist of private and autonomous institutions” while in other places the government states its intention to “mainstream microfinance initiatives in all the ministries.” The GoM’s plan to develop a new MF regulatory framework before ensuring the capacity of MFIs is built, runs counter to generally accepted MF best practices to start with the latter when a country’s MF sector is nascent. Microfinance service providers in Malawi can either exist as commercial banks falling under the Banking Act and supervised by the Reserve Bank of Malawi (RBM), or as semi-formal MFIs under several legal forms and ownership structures ranging from non-governmental organizations to cooperatives, private and public companies, and parastatals. The Assessment Team found the formal financial sector regulatory framework does not pose insurmountable impediments to the entry of new players and GoM supervision is not onerous. For semi-formal MFIs, registration as legal entities is simple while supervision and enforcement mechanisms are unstructured and essentially non-existent. Nonetheless, the systemic risk is low as most semiformal MFIs in Malawi are microcredit institutions and few mobilize deposits from the public. While the GoM is investigating the creation of a specialized regulatory framework for microfinance, there is not a credible mass of MFIs operating at sustainable levels to warrant this and to do so at this time may hinder innovation and inadvertently restrain the sector’s development. Characteristics of Microenterprises and Microfinance Demand. The GEMINI MSE Baseline Survey of 2000 estimated that 747,000 micro and small enterprises (MSEs) exist in Malawi and employ 1.7 million persons. Consistent with population statistics, 83% of all MSEs are based in rural areas. The annual turnover at 71% of the 747,000 MSEs was less than MK 50,000 ($833 at the time of the survey) indicating they are potential clients for microfinance services. Commerce, trade and tourism accounted for 44% of all MSEs, manufacturing was 30%, crop production was 17% and services 5%. On average, any one MSE operates only about nine months per year as labor shifts to other activities corresponding to the season. This mirrors the seasonal shifts in an agriculture-based economy and is an attempt to diversify income streams. The GEMINI study listed three key constraints reported by MSEs: 1. Access to resource inputs (mentioned by 26% of interviewees) 2. Access to finance (28%) 3. Market problems (25%) 2 MALAWI MICROFINANCE SECTOR ASSESSMENT CHEMONICS INTERNATIONAL CONSORTIUM Regarding the level of satisfaction expressed by existing or former clients of Malawi MFIs, certain programs reported
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