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Understanding the Challenges and Opportunities in Promoting Savings Among Low Income Individuals in Lesotho, Malawi and South Africa

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Understanding the Challenges and Opportunities in Promoting Savings Among Low Income Individuals in Lesotho, Malawi and South Africa Understanding the challenges and opportunities in promoting savings among low income individuals in Lesotho, Malawi and South Africa November 2013 Promoting Savings among Low Income individuals in Lesotho, Malawi and South Africa –Final Report Preface / Acknowledgement We are grateful to many people for making this report possible. FinMark Trust, who in partnership with SUFIL and UNCDF, commissioned and guided the study at its early stages. FinMark Trust together with Competitiveness and Job Creation Support Project (CJCSP) in Malawi, provided valuable introductions and background materials in Lesotho and Malawi respectively. The study steering committee also provided useful comments on the draft report which were taken into account in the finalisation of the report. The study team interacted with financial sector providers, government policymakers and regulators, development organisations and low income savers in each of the study countries - we would like thank individuals at each of these organisations who actively shared their reflections and insights, introduced us to other colleagues and some of their clients and also provided some key background material/data that guided the study team. We hope that this report will ultimately lead to a better understanding of the main challenges and opportunities in promoting savings among low income individuals in these three countries and provide some interesting comparative insights into this important field. This assessment was carried out by Oxford Policy Management Limited and Kadale Consultants Ltd on behalf of FinMark Trust. The team members are Jason Agar, Stephanie Brockerhoff, Jeremiah Grossman, Janet Hayes, Mike de Klerk, Steve Peachey, Esmeralda Sindou, Robert Stone, Vinayak Uppal and Richard Williams. The project was managed by Richard Williams. For further information contact Amy Davis, [email protected] Oxford Policy Management Limited 6 St Aldates Courtyard Tel +44 (0) 1865 207300 38 St Aldates Fax +44 (0) 1865 207301 Oxford OX1 1BN Email [email protected] Registered in England: 3122495 United Kingdom Website www.opml.co.uk ii Promoting Savings among Low Income individuals in Lesotho, Malawi and South Africa –Final Report Executive Summary The purpose of this study is to comprehensively document the savings landscape in Lesotho, Malawi and South Africa in order to understand the challenges and opportunities in promoting savings among low income individuals. Oxford Policy Management (OPM), in association with Kadale Consultants (Malawi) Ltd. (Kadale), were engaged by FinMark Trust, in partnership with UNCDF and UNDP in Malawi and Lesotho (through the Support to Financial Inclusion in Lesotho (SUFIL) project) to undertake this analysis. This report is divided into two Sections: Section A contains an introduction to the study, the methodology, a review of the global literature on low income savings, and a synthesis of the main cross-cutting findings from the three country studies. Section B contains in-depth analysis of the low income savings landscape in three countries (Lesotho, Malawi and South Africa), and provides a SWOT 1 analysis of the savings environment in each country and associated recommendations for policymakers and the private sector. SECTION A – An overview of low income savings, with reference to Lesotho, Malawi and South Africa Methodology For the purposes of this study, the ToR define savings products and services as “financial instruments that allow individuals to store/keep funds safe (current account, e-wallets, store voucher), to put monies in a non-cash form on a regular basis for the purposes of accumulation for future use (livestock, building materials and housing, burial societies, bank account, pension), to earn a return (deposit account, savings and credit groups, property appreciation, unit trusts/ETF).” As the definition notes, the study focuses on ‘financial instruments’ and how they are used for various objectives related to savings (e.g. store funds, accumulation, earn a return). Savings in non-financial instruments, such as livestock and property, are identified but are not comprehensively analysed. The study consisted of a combination of desk-based research and field work. A literature review was carried out at the start of the assignment. This included both an examination of global evidence on the role of savings for low income households and a more in-depth review of the savings landscape in each of the three focus countries. This literature review was combined with data analysis of the two main financial inclusion databases – FinScope and the World Bank’s Global Financial Inclusion Database (Findex). Field work was conducted during August 2013. Key informant interviews were held with country and sector stakeholders (e.g. policymakers, formal and informal saving providers and development organisations) using a standardised research instrument across the three countries. Twenty five focus group discussions (FGDs) were held with participants from low income households across the three countries. Reflecting the timing and budgetary constraints of the study, this primary research was aimed at providing additional demand side insights rather than attempting to provide nationally representative results. 1 Strengths, weaknesses, opportunities and threats iii Promoting Savings among Low Income individuals in Lesotho, Malawi and South Africa –Final Report The global savings context for low income individuals The report reviews a number of conceptual issues that have framed the approach taken to the country studies and their synthesis, beginning with developments since the turn of the century in the global consensus on financial sector development in general and on savings in particular. This body of research and practice has revealed the wide range of different roles that formal, semi-formal and informal savings mechanisms provide to the poor. In particular, it highlights the importance of recognising the different functions performed by different types of savings in the ‘Portfolios of the Poor’ , and not to assume that in some way informal financial services are bad and formal savings are good (or better). With that in mind, the study attempts to explore the spectrum of savings providers in each country. While the core focus of the study is at the micro-level (supply/demand), it also seeks to draw links between these findings and the broader enabling environment for savings at the macro-level (and where appropriate at the meso-level). This includes issues of culture and behaviour patterns, but also relates to more formal rules such as policies and regulations that impact upon savings. Cross country findings Comparative analysis was undertaken across the three country studies to identify areas of similarities and divergence between three countries at different levels of financial and economic development. These comparisons are categorised by demand, supply and macro (policy, legislative and macroeconomic) issues. The key cross-cutting conclusions include: Demand The variation in savings strands between the three countries and their relationships with the overall access strands in Figure A below offer insights into country-specific saving behaviour.2 For example: i. Lesotho has a significantly higher savings rate in formal products (bank and non- bank) than South Africa, but a lower overall formal access rate (particularly in banking services), in part driven by differences between the types of institutions offering savings in the two countries; and ii. It is notable that Malawi, the poorest of the three countries and with the highest rate of financial exclusion (55%), has a significantly higher overall savings rate than the other two countries. This is partly an indication that the poor can view even the short- term storing of money to be used for transactional purposes, such as savings at home, as a form of savings, which may not be the case in the more affluent countries. 2 Notwithstanding difficulties in comparing access strands. iv Promoting Savings among Low Income individuals in Lesotho, Malawi and South Africa –Final Report Figure A: Access and Saving Strands Access strand Saving strand Lesotho ('11) 38 23 20 19 Lesotho 34 16 7 43 Malawi ('08) 19 7 19 55 Malawi 15 17 41 26 South Africa ('12) 67 6 8 19 South Africa 22 6 5 67 0% 50% 100% 0 20 40 60 80 100 Formal Formal Other (non banked products) Informal Excluded Fomal savings (bank and non bank) Informal Mechanisms Save at Home Not served Source: FinScope: Lesotho (2011); Malawi (2008); South Africa (2012) A wide range of instruments (financial and non-financial) are being used by low income individuals to meet their needs. This is consistent with the findings of ‘Portfolios of the Poor’ (2009), which highlights the complex cash management strategies utilised by low income households; In contrast to the FinScope saving strands, the overall incidence of savings in each country, as measured by Findex, is similar in each country (Figure B).3 Figure B: Savings as per financial inclusion and income spectrum $100 000 HIGH-INCOME LOW-INCOME MIDDLE-INCOME 140% LEGEND Top income Old Urban 120% $10 000 Rural Young 100% Bottom Income 80% Year Last in Saving of Kind Any $1 000 (% of those aged 15+) aged those of (% (log scale) (log OECD 59% 60% PER-CAPITA CONSUMPTION PER-CAPITA ALL MIDDLE 31% $100 40% MWI 33% RSA 31% LSO 26% 20% ALL LOW 30% $10 0% $100 $1 000(log scale) $10 000 $100 000 PER-CAPITA GDP 3 Findex is not as in-depth as FinScope and needs to be treated with caution, not least
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