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University of Derby Microfinance in Zimbabwe: social performance and coping strategies Item Type Thesis Authors Joseph Toindepi Rights An error occurred on the license name. Download date 27/09/2021 17:26:22 Item License An error occurred getting the license - uri. Link to Item http://hdl.handle.net/10545/592915 UNIVERSITY OF DERBY Microfinance in Zimbabwe: social performance and coping strategies Joseph Toindepi TABLE OF CONTENTS LIST OF FIGURES 2 | Microfinance in Zimbabwe: social performance and coping strategies LIST OF BOXES LIST OF TABLES 3 | Microfinance in Zimbabwe: social performance and coping strategies PREFACE This is the original work of Joseph Toindepi submitted to the University of Derby for consideration for the award of Doctor of Philosophy in 2015. The rules outlined in the Regulations for the New Route PhD (2014) guided the preparation and writing of this thesis. 4 | Microfinance in Zimbabwe: social performance and coping strategies ACKNOWLEDGEMENTS This thesis would never have been completed without the support, generosity, and sacrifices of many people. I want to begin by acknowledging God the Almighty who gave me the mental and emotional strength to accomplish this work and allowed his good people to support me in various ways. I would also like to thank my partner Angeline for shouldering the burden of looking after our four children while I juggle between writing this thesis and a full time job. In addition, I want to thank our children; Girlie, Julie, Tariro and Esther for allowing me to divert the much valued family time to my studies. Furthermore, I want to acknowledge my brother Mr Matsvimbo Dida (Senior Manager at FBC Bank – 5 | Microfinance in Zimbabwe: social performance and coping strategies Zimbabwe) for the inspiration and practical support particularly during my field visit to Zimbabwe for data collection. Also I am very grateful to my first supervisor, Professor Dina Abbott for the inspiration, support, mentoring and nurturing she gave me through this very long academic journey. Very special thanks to my second supervisor Dr Howard Fox for always providing tactful guidance and support especially on building my confidence and competencies in statistical research methods. I would also want to express my gratitude to Mr Oliver Tomlinson (Lecturer in Geo-Science at the University of Derby) who helped on several occasions with geographic information system (GIS) mapping. Data collection would have been extremely difficult without the help and support of Mr Munyaradzi Matsaira (Untu Finance Zimbabwe) who played a pivotal role in coordinating the logistics of interviews. I would like to give special thanks to Mr George Nhepera (Regional Microfinance Coordinator, Zimbabwe Association of Microfinance Institutions (ZAMFI)) for going out of his way in making personal introductions to a number of MFIs to facilitate data collection. A large number of top executives in the microfinance sector in Zimbabwe gave their time to support this work through in-depth interviews, which lasted several hours. I am very grateful particularly to Mr Patrick Mangwendeza (Executive director of Micro-Plan), Mr Lovemore Mango (FMC), Mrs Virginia Sibanda (Managing Director Virl Microfinance), Mr Gideon Charumbira (Reserve Bank of Zimbabwe), Mr Tamirira Rusheche (Managing Director of Micro King) and Mr Godfrey Chitambo (Executive Director of ZAMFI) just to mention a few. Finally, I would like to express my sincere gratitude to my former employer, Village Aid UK, a charity based in Bakewell Derbyshire for allowing me space to work on my thesis. Special 6 | Microfinance in Zimbabwe: social performance and coping strategies thanks go to my former line manager, Dr Kemal Shaheen for being supportive and insightfully challenging my intellectual development to engage more deeply with complex issues. I want to thank my current employer, World Vision UK for also allowing me space to finish my thesis and accommodating my study needs. Special thanks go to my line manager Ms Hilary Williams for being very understanding and supportive. Furthermore, I would like to thank Dr Daniel Stevens and all my fellow colleagues at World Vision UK for with enthusiasm they gave me the much-needed moral support. While all the above have contributed to the thesis, I am responsible for any errors contained herein. Joseph Toindepi 21 August 2015 ACRONYMS ACCION Americans for Community Co-operation in Other Nations ADRAI Association for the Development by Research and Integrated Action AFC Agricultural Finance Cooperation AGRIBANK Agricultural Bank of Zimbabwe APR Annual Percentage Rate AUSAID Australian Agency for International Development BLSS Bank Licensing, Supervision and Surveillance CERISE Committee for Research and Exchange of Information(French translated) CGAP Consultative Group to Assist the Poor CIDA Canadian International Development Agency CIT Cash in Transit CMD Capital Market Driven CRB Credit Reference Bureau DFID Department for International Development ESAP Economic Structural Adjustment Program FINCA Foundation for International Community Assistance FPD Food Poverty Datum FPL Food Poverty Line 7 | Microfinance in Zimbabwe: social performance and coping strategies FSP Financial Service Providers GDP Gross Domestic Product HPI Human Poverty Index IGAs Income Generating Activities KAF Konrad Adenaur Foundation KYC Know Your Customer M-CAP Credit Against Poverty-Masvingo MDC Movement for Democratic Change MDC-T Movement for Democratic Change -Tsvangirai MFI Microfinance Institution MF-PAIs Microfinance for Poverty Alleviation Institutions MII Microfinance Investment Intermediaries MIS Management Information Systems MIV Microfinance Investment Vehicles MNO Mobile Network Operators MPI Multidimensional Poverty Index MSE Micro and Small Enterprises NACSCUZ National Association of Cooperative Savings &Credit Unions of Zimbabwe NFC Near Field Communication NFS Non-Financial Services NGO Non-Governmental Organisation ORAP Organization of Rural Associations for Progress PDA Payroll Deduction Agreement PDA Personal Digital Assistants PDL Poverty Datum Line POSB People’s Own Savings Bank PRD Poverty Reduction Driven RBZ Reserve Bank of Zimbabwe RCT Randomised Controlled Trials REA Rapid Evidence Assessment ROSCAs Rotational Savings and Credit Associations SDM Savings Development Movement SEWA Self-Employed Women's Association SHDF Self-Help Development Foundation SPI Social Performance Indicator SSB Salaries Services Bureau TCPL Total Consumption Poverty Line UNDP United Nations Development Programme USSD Unstructured Supplementary Service Data ZAMFI Zimbabwe Association of Microfinance Institution ZANU-PF Zimbabwe African National Union-Patriotic Front ZAPU Zimbabwe African Peoples Union ZBZ Commercial Bank of Zimbabwe ZECLOF Zimbabwe Ecumenical Church Loan Fund 8 | Microfinance in Zimbabwe: social performance and coping strategies ZimStat Zimbabwe national Statistics Agency ZMWF Zimbabwe Microfinance Wholesale Facility ABSTRACT This study is an investigation into poverty coping strategies of microfinance and its social performance in crisis environments using empirical evidence from Zimbabwe. Microfinance has close association with informal microcredit, mainly self-help schemes and Government led rural agricultural credit, which was based on the idea of lending for the poor up to the 1960s through to the early 1970s. Whilst informal microcredit was viewed to be a success on many forms for some decades, it was clear that tailor-made changes were needed to respond specifically to the poor’s financial needs and help them fight poverty. Thus, it was seen as necessary to experiment on an institution based/formal financial service sector for the poor in the late 1970s through to the 1990s, which could perhaps tackle poverty reduction more systematically and effectively. In this, microcredit transformed into microfinance having incorporated more financial services on offer in addition to credit 9 | Microfinance in Zimbabwe: social performance and coping strategies and was regarded as the new step forward and backed by several development agencies including the United Nations. In fact, microfinance was hailed as the most innovative poverty alleviation tool, able to deal with poverty whilst at the same time generating sufficient extra income to cover operating costs. Over four decades on since its inception, the microfinance sector has grown tremendously but, as is commonly acknowledged, the shackles of global poverty are just as visible as ever and in some cases are even stronger. This study critically explores and analyses the state of the microfinance sector in Zimbabwe following a recent political, economic and social crisis characterised by hyperinflation reaching six figure digits, which led to a revamp of the microfinance sector in 2009. The findings this study reflect a systematic departure of the original hopes and ideals of microfinance as a poverty-reduction centred programming to that of a profit-led business approach and the emergence of a new breed of microfinance institutions (MFIs). In this new world of “microfinance”, very poor social performance causing distressful situations for borrowers where in certain instances have been known to take their own lives (as In India) due to debt pressures has been witnessed. Ironically, also visible are the microfinance millionaires and successful MFI banks floating on the stock. Not surprisingly, as a result, microfinance has attracted a lot of public scrutiny particularly among academics and policy makers with its
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