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Boosting Rural Economy Through Village Banks — P2 Insurance Industry Casts the Net Wide — P4 2 SPECIAL PULLOUT the NATION 21 NOVEMBER 2013

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Boosting Rural Economy Through Village Banks — P2 Insurance Industry Casts the Net Wide — P4 2 SPECIAL PULLOUT the NATION 21 NOVEMBER 2013 People’s views on insurance policies— p4 Boosting rural economy through village banks — P2 Insurance industry casts the net wide — P4 2 SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013 SCALING THE HEIGHTS by Bernard Kambeja, Save the Children village savings and loans coordinator The following are organisations and institutions that are raising the bar in promoting the financial sector in Malawi: 1. Airtel 2. Business Finance 3. Continuing Education Centre PHOTOGRAPH: NATION LIBRARY NATION PHOTOGRAPH: 4. Indebank One of VSLs meetings in Ntchisi 5. MSC 6. MSB Boosting rural economy 7. Masm 8. Nedbank 9. Nico Holdings through village banks Limited t is not uncommon these But for the purpose of this days to see a group of essay, such groups will be 10. Nico General Iwomen in a village setting referred to as VSLs. sitting in a circle. VSLs are self-selected ARCHIVE FAST Insurance For sure, some might have groups of people (usually asked what the women were unregistered) who put their 11. Rennies doing and they were told that money in basket funds from the women were members of which they borrow each other. Travel ‘banki ya kumudzi,’ meaning The borrower pays back the FACTS the members of a village bank. money at an agreed period 12. Saile The terms banki m’khonde, with interest, causing the fund banki ya kumudzi or village to grow. The history of banking begins with the first Financial bank are now household Most, if not all, VSLs have prototype banks of merchants of the ancient names in most parts of the a cut-off point when their Services country. regular savings and interests world which made grain loans to farmers and Both local and non- would be shared out among traders who carried goods between cities. 13. Standard governmental organisations the members using a formula (NGOs) implementing these that links payouts to the This began around 2000 BC in Assyria and Bank interventions also call them amount saved. Usually the with different names. cut-off point is between nine Babylonia. While some NGOs call to 12 months. 14. TNM them village savings and VSL members use the loans (VSLs), others call them money that has been shared Malawi’s insurance penetration is currently 15. Victoria savings groups or savings and out as they wish, without any pegged at three percent whereas 71 percent internal lending communities restrictions whatsoever. Forex Bureau (Silcs). All these terms refer to VSLs seem to attractive of its population is unbanked. what most communities call PAGE 3 village banks. SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013 3 SPECIAL ESSAY SCALING THE HEIGHTS Improving livelihoods through village banks PAGE 2 to most people they offer interests on savings and provide micro-finance insurance and loans, usually in excess of the borrower’s savings. That aside, a loan is processed fast and provided at a convenient time to the borrower. What is more pleasing is that the members discuss and agree on the borrowing period. In this way, the funds are constantly working and accumulating interest in the process. These savings, insurance and loan facilities allow members to meet small and short-term financial needs for income generating activities, social obligations and emergencies without having to borrow from formal financial institutions, taking expensive supplier advances or relying on relations. This is a big boost to social security. PHOTOGRAPHS: NATION LIBRARY NATION PHOTOGRAPHS: VSLs require a written or Village banks provide start-up capital for small-scale businesses oral system of record-keeping. As such, NGOs implementing VSLs play an important role in of the VSL has been ensuring that this is instilled stopped. in the groups. It is a fact that at certain The basic principle of VSLs times of the year, it is not easy system is to help communities for rural communities to raise save money which is in turn a weekly contributions. source of capital from which There are also times when they can borrow. the demand for members to VSLs provide savings and work in their gardens is so simple insurance facilities in high that it also becomes a communities without access challenge for them to attend to formal financial services. weekly meetings. Members of VSLs meet Since rules governing regularly. It can be weekly, the operations of savings fortnightly or monthly. groups are formulated by They are, however, advised members themselves, there that a month should not go is nothing an NGO can do if without a meeting because it the members decide to call it is during such meetings that quits. all transactions take place (in VSLs members are free to suspend the savings to the presence of all members) accommodate pressing to ensure transparency and demands for labour in their accountability. fields. All members see who has Regardless of the saved and who has not; who suspension, it is advised has borrowed and who has not that members must continue and what that means in terms servicing their loans. So, of net worth. members may still agree To ensure that transactions to meet at certain times to do not take place outside such allow for repayment and meetings, a lockable cash A woman stands in front of a house being built with money from a village bank disbursement of loans, but box or a heavy-duty lockable there will be no savings. canvas pouch is used. This The challenges helps to prevent unauthorised The constitution provides meeting, each member recites challenges facing VSLs, but notwithstanding, VSLs cash movements and risks of a framework for governance, rules and regulations that chief among them all is have proved to be a good tampering with records. helps in dispute resolutions, govern that particular VSLs. unstable incomes. intervention to turn around socioeconomic fortunes of VSLs membership is open taking certain disciplinary This is repeated several While it is important to to both men and women. It rural communities and a actions and in specifying times until the rules are ensure financial discipline and viable option for them to is, however, advisable that how the social fund will instilled in each member of regular savings, the reality three of the five committee access small loans to meet open, with clear terms and the group. is that rural incomes are some social obligations or members be women in a case conditions of saving and Thereafter, the recitation unstable and variable. start small-scale enterprises, of a mixed group. borrowing. can be reduced in frequency It is under such challenge especially where opportunities For smooth operations of Each member of the or eliminated altogether economic circumstances to access such loans from a group, members agree on a executive committee is because each member is that most VSLs suspend formal financial institutions set of rules or come up with assigned to remember one or now aware of the group’s their savings by mutual are nonexistent or limited a constitution to guide their more rules. regulations. agreement. In principle, to people with recognised activities. During the group’s There are a number of this means the operations collateral security. 4 SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013 SCALING THE HEIGHTS FEATURES People’s views on insurance policies FDH Bank Joseph Kazembe Lusubilo soaring from Blantyre says Nkhonjera from he does not have a Blantyre says he Since our incorporation in 2008, policy because he has two policies FDH Bank Limited has grown TNM Moyo Cover extraordinarily fast over the past does not have enough five years, all thanks to our valued information on and Masm. Masm customers. insurance cover and come handy when I FDH Bank’s vision has been, how he can get one. am sick and do not and remains, for the bank to be I wished employers have money to pay the leading provider of first class medical bills. With banking solutions in Malawi and had keen interest in the Southern African Region, and encouraging their Moyo Cover, I know achieving such a vision requires employees to get I would not leave my the need to offer exceptional insurance cover. family in trouble if I customer service. were to die today. The bank emphasises on the need to deliver services with speed and excellence. Being the only “home grown bank”, we strive to remain relevant to all residents of Limbani Manda from Tinna Chikoko from Malawi because we believe that Blantyre says he does Blantyre says she we understand this market and not have a policy because is a beneficiary of your banking requirements better. Superior customer service insurance policies are her mother’s Masm for big people. They do In our continuous efforts to scheme. She covered improving our service offering not target nonentities me so that I am to our clients, the bank now has like myself. I doubt if able to get quality dedicated Account Relationship they have packages for medical care when I managers and officers within both our corporate banking, and our low income people. am sick. After all, they only focus personal and business banking divisions. These managers and on making profits not officers will now be the key points helping people. of contact with the bank, ensuring that our customers banking and financial needs are understood and satisfied appropriately. The bank also plans to continue with the extension of its branch network to complement the existing 12 branches and agencies. In addition, we are also currently installing additional ATMs across the country to ensure that customers can access essential banking services without requiring one to physically go inside the branches, this is in addition to the rolling out of our Point of Sale (POS) machines which shall be made available in Agnes Mziya from Blantyre all major shops across the country.
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