{"id":30846,"date":"2018-09-10T17:56:22","date_gmt":"2018-09-10T17:56:22","guid":{"rendered":"http:\/\/cfi.accion.flywheelsites.com\/?p=30846"},"modified":"2018-09-11T00:43:44","modified_gmt":"2018-09-11T00:43:44","slug":"abf-graphic-harvest-time-lapse","status":"publish","type":"post","link":"https:\/\/content.centerforfinancialinclusion.org\/abf-graphic-harvest-time-lapse\/","title":{"rendered":"Africa Board Fellowship Graphic Harvest"},"content":{"rendered":"
The Africa Board Fellowship Program connects board members and CEOs through peer learning and exchange to strengthen the governance of financial institutions serving low-income clients. It’s not your average corporate training. One aspect of our peer learning and exchange model are these graphic harvests, which help fellows visualize the governance and risk concepts discussed during in-person seminars.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Africa Board Fellowship Program connects board members and CEOs through peer learning and exchange to strengthen the governance of financial institutions serving low-income clients. It’s not your average corporate training. One aspect of our peer learning and exchange model are these graphic harvests, which help fellows visualize the governance and risk concepts discussed during […]<\/p>\n","protected":false},"author":62,"featured_media":29997,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"regions":[59],"series":[],"types":[3125],"client":[],"topics":[47],"personas":[],"institutional_partnerships":[],"clients":[],"program_teams":[],"acf":{"types":{"term_id":3125,"name":"Video","slug":"video","term_group":0,"term_taxonomy_id":3125,"taxonomy":"types","description":"","parent":0,"count":8,"filter":"raw"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":"Rich graphic harvests help illustrate and demonstrate the governance and risk concepts fellows discuss during in-person seminars."},"post_default":{"description":""}},"authors":false,"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"blocks":[{"acf_fc_layout":"video","title":"ABF Graphic Harvest","subtitle":"","video_url":"https:\/\/player.vimeo.com\/external\/288618600.hd.mp4?s=1b4dfcfdf2911a95512e1c61f4375163fe03bc08&profile_id=175","cover_image":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2018\/09\/ABF-Graphic-Harvest-Cartoon.png","cover_image_url":""}],"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""},"related_content":{"cards":[{"ID":28935,"post_author":"66","post_date":"2018-09-02 02:08:12","post_date_gmt":"2018-09-02 02:08:12","post_content":"
In partnership with Mastercard Foundation and FMO Entrepreneurial Development Bank in 2015, CFI launched a unique governance and risk management executive education opportunity for African FSP leaders in the form of the Africa Board Fellowship Program.<\/p>\n
The Africa Board Fellowship is an unmatched peer exchange program specifically for CEOs and board members of African FSPs focused on a variety of topics in governance and risk. The six-month program offers in-person, peer-led seminars featuring real life case studies, role plays, interactive animation and networking, together with a virtual platform for structured learning, dialogue and collaboration. During the program, fellows establish individual and institutional goals and work with an advisor on achieving those goals. Fellows continue to have access to a virtual community forum even as alumni. In this way, our program is creating a network of leaders across the continent who can connect with each other about the similar challenges they face.<\/p>\n"},{"acf_fc_layout":"testimonial","quote":"\u201cABF has put together an outstanding program for directors of financial institutions with a focus on microfinance. The practical and real-time topics are presented by world class facilitators using a variety of methods that allow us to live the lessons. The superior ABF technology platform allows fellows to remain in touch and keep up to date on further learning.\u201d","attribution":"Phillip Karugaba, Opportunity International Uganda Board Chairman and ABF Fellow","image":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2018\/09\/Phillip-Karugaba_COLOR.jpg","size":"large"},{"acf_fc_layout":"text_block","heading":"Results","quick_links":false,"heading_label":"","subheader":"The Africa Board Fellowship Program helps African FSPs embrace good governance and risk management strategies to thrive and survive while maintaining their mission to serve underserved clients.","body":"
The Africa Board Fellowship is not only changing the way board members and CEOs lead their institutions, but also fortifying African financial services for underserved communities at an industry level. ABF Fellows are more effectively implementing good governance strategies, managing risks, and becoming more client-centric as a result of their experience in the ABF program.<\/p>\n
ABF Fellows are becoming more effective supervisors of their institutions, as evidenced by implementing a robust system of checks, balances and internal controls. These are especially crucial in competitive markets where pressure to grow can lead to relaxed business practices. As Vincent Kaheeru, ECLOF Board Chairman and ABF Fellow explains, \u201cWe\u2019ve put a strong emphasis on the quality of lending and invested in training our frontline people in credit appraisal and administration, and in the importance of following policies to the letter.\u201d<\/p>\n
ABF Fellows have used the program to hone their ability to manage risk. For example, following a period of political instability in 2016, the board and CEO of Microcred, based in Ivory Coast, took steps to manage and anticipate risks as a result of ABF. To reduce concentration risk, the board embarked on an expansion plan, successfully opening new branches and diversifying its client base. The Board also directed staff to pair experienced branch managers with newer ones to more effectively cope with the strain of higher portfolio at risk. Microcred also established a board-level committee that meets monthly to review and evaluate all areas where the FSP might be at risk.<\/p>\n
Because boards and management are often far removed from clients, the ABF Program emphasizes client centricity. During the program, ABF fellows conduct client visits to appreciate the triumphs and hardships of entrepreneurship as well as what it\u2019s like to be an FSP client. Client visits make a big difference. We see ABF Fellows not only taking the practice back to their FSPs, but also modifying their products and practices to better serve clients.<\/p>\n"},{"acf_fc_layout":"stats_card","title":"ABF At-A-Glance (2015-2018)","link_text":"","link_url":"","cards":[{"stat_value":"190","trend_direction":"none","trend_details":"Fellows participated ","stat_explanation":"In three years, we have trained six cohorts totaling 190 people."},{"stat_value":"20","trend_direction":"none","trend_details":"Countries represented","stat_explanation":"Nearly half of the countries on the continent are represented in ABF's network"},{"stat_value":"71","trend_direction":"none","trend_details":"Financial service providers participated","stat_explanation":"A variety of African FSPs\u2014MFIs, banks, fintechs\u2014from across the continent have sent Fellows to ABF"},{"stat_value":"7.2m","trend_direction":"none","trend_details":"Clients served","stat_explanation":"ABF Fellows are leading FSPs that cumulatively serve 7.2 million clients"}],"full_width":false,"colored_background":false},{"acf_fc_layout":"testimonial","quote":"Client visits were an idea we picked from the Africa Board Fellowship. [The Board] had done them occasionally, but we intensified the number of visits and changed the approach to make the visit more effective. When you visit customers, you understand the context of all that is going on. That helped me and my team.","attribution":"Vincent Kaheeru, ECLOF Board Chairman and ABF Fellow","image":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2018\/09\/37432698774_c1026a28cc_o.jpg","size":"small"},{"acf_fc_layout":"testimonial","quote":"We are visiting clients to ensure that we are not just reading performance reports, which do not usually include anything to do with meeting the needs of the client.","attribution":"Olive Kabatalya, UGAFODE Board Member and ABF Fellow","image":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2018\/09\/30784072184_579bca44fe_o.jpg","size":"large"},{"acf_fc_layout":"image","image":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2018\/09\/34533289752_7f2829e5bf_o.jpg","caption":"Rich graphic harvests help illustrate and demonstrate the governance and risk concepts fellows discuss during in-person seminars. ","full_width":false},{"acf_fc_layout":"testimonial","quote":"We were very impressed with the ABF, and in particular the way that you managed to keep a group of senior people so engaged for 3 days. The tendency with a lot of training or learning events is to have a clear taper and drop-off of interest just after the mid-point, and I didn\u2019t see that happening in Cape Town. I think that this speaks to how you have gotten the tone, the faculty, the curriculum and the material spot-on.","attribution":"Andrew Shaw, FMO","image":false,"size":"large"},{"acf_fc_layout":"image","image":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2018\/09\/41229731335_94d1b1aa3a_o.jpg","caption":"ABF cohort six closing ceremony in Cape Town, South Africa, 2017.","full_width":true}],"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"governance-peer-learning-and-exchange-program-strengthens-financial-institutions-in-africa"},{"ID":25775,"post_author":"4","post_date":"2018-08-09 09:00:12","post_date_gmt":"2018-08-09 13:00:12","post_content":"The following is part of a\u00a0blog series<\/a>\u00a0spotlighting the perspectives and experiences of CEOs and board members of financial institutions, as well as industry experts, who have participated in CFI\u2019s\u00a0Africa Board Fellowship<\/a>\u00a0program.<\/em>\r\n\r\nFar from being \u201cextraordinary and rare,\u201d challenging environments are a \u201cnormal\u201d part of business for financial service providers (FSPs) targeting low-income populations. We tend to think that external environment challenges are extraordinary events that cannot be predicted or are too varied and diverse to prepare for\u2014and therefore are best confronted as they arise. What do currency devaluations, deteriorating security, political interference or regulatory upheavals have in common? Can we can plan for them all and prepare effective responses in advance? Do responses need to be tailored to each circumstance?\r\n\r\nThrough the Africa Board Fellows program<\/a>, we have reviewed a wide sample of the external threats faced by the boards of FSPs in recent years in Africa and globally: economic fluctuations, currency devaluations, violence and instability, abruptly announced interest rate caps and capital requirements, natural disasters, terrorism\u2014it\u2019s a long and heterogeneous list.\r\n\r\n\r\n\r\nDespite this diversity, an engaged FSP \u2013 led by an active board \u2013 can often do quite a bit to shape and influence the operating environment or ready the institution to survive shocks. Preparing for and responding to crises, threats and opportunities is, in fact, a core responsibility of senior executives and board directors. Conversations with Africa Board Fellows demonstrate that boards can<\/em> prepare by:\r\n Talking frequently with FSP staff and clients is another way board directors can anticipate challenges. Frontline staff are in a position to report on competition, clients and local happenings. And it should go without saying \u2013 but always bears repeating \u2013 that clients can provide ground-level insight. Clients may reveal such things as their vulnerability to displacement in government raids on the informal sector or the inability to import goods. When ABF fellows from the Ivory Coast conducted client visits, these were some of the specific challenges about which they learned.<\/p>\r\n\r\n\r\n \t
Anticipating Challenges with an Ear to the Ground<\/h3>\r\nThe first step is to anticipate \u2013 and hence be prepared to mitigate \u2013 challenges. To do this, board directors must keep abreast of new entrants, potential disruptions, and promising opportunities in the marketplace. Directors cannot rely solely on management for this information. Instead, they should develop their own sources to supplement and confirm management\u2019s view, such as by networking with industry observers and analysts\u2013with management\u2019s knowledge, of course. Locally based board members have an advantage in developing and maintaining such networks, which is one reason it is important to recruit qualified local directors. For example, finding and retaining qualified local directors has been a priority for FSSL South Sudan, given the ongoing political disturbances in the country that make it difficult to maintain continuity of leadership.\r\n
Getting Ahead of Operating Challenges with Active Participation<\/h3>\r\nWhile they can never control the external environment, board members can help shape it to some degree through the following:\r\n
\r\n \t
\r\n \t
CFI is currently recruiting fellows for the next cohort of the <\/span>Africa Board Fellowship Program<\/a>. If you or someone you know is a board member or executive at an Africa-based MFI or financial service provider, we recommend considering this opportunity.<\/span><\/span><\/i><\/strong><\/h4>\r\n \r\n\r\n ","post_title":"Navigating Challenges Is What Boards Are All About \u2013 Part 1: Anticipating Challenges","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"navigating-challenges-is-what-boards-are-all-about-part-1-anticipating-challenges","to_ping":"","pinged":"","post_modified":"2018-09-17 03:39:29","post_modified_gmt":"2018-09-17 03:39:29","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi-blog.org\/?p=25775","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2018\/08\/31589334426_3111c44396_z.jpg","acf":{"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2202,"filter":"raw"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":"Strong FSP boards prepare for and respond to external shocks as a rule, not an exception."},"post_default":{"description":""}},"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"authors":[{"ID":26563,"post_author":"1","post_date":"2018-08-20 15:28:20","post_date_gmt":"2018-08-20 15:28:20","post_content":"","post_title":"Paul DiLeo","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"paul-dileo","to_ping":"","pinged":"","post_modified":"2023-02-03 11:50:55","post_modified_gmt":"2023-02-03 15:50:55","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/paul-dileo\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"navigating-challenges-is-what-boards-are-all-about-part-1-anticipating-challenges"},{"ID":31742,"post_author":"4","post_date":"2018-07-31 23:24:17","post_date_gmt":"2018-08-01 03:24:17","post_content":"The following is part of a blog series<\/a> spotlighting the perspectives and experiences of CEOs and board members of financial institutions, as well as industry experts, who have participated in CFI\u2019s Africa Board Fellowship<\/a> program.<\/em>\r\n\r\nIn recent years, some African countries have experienced slower economic growth and less stability in their currencies. This deterioration in macroeconomic conditions has presented challenges for financial service providers (FSPs) seeking to serve the base of the pyramid and improve financial inclusion. Some ways macroeconomic conditions impact FSPs include:\r\n
\r\n \t
Anticipate Where the Market Is Going<\/strong><\/h2>\r\n\u201cFor any strategic response to be meaningful, the conversation between board and management needs to happen early in the credit market cycle,\u201d warns Olive. \u201cKeep studying market trends in any way possible. Pay attention to the media, newspapers, central bank announcements and other sector players. Financial sector studies like Finscope<\/a> are very informative. Look for reports from and talk to microfinance associations.\u201d\r\n
Meet Your Customers<\/strong><\/h2>\r\n\u201cBring the customer closer to you and listen to him or her,\u201d said Vincent. \u201cYou can\u2019t serve them generally. It doesn\u2019t work. Client visits were an idea we picked from the Africa Board Fellowship<\/a>. We [the board] had done them occasionally, but we intensified the number of visits and changed the approach to make the visit more effective. When you visit customers, you understand the context of all that is going on. That helped me and my team.\u201d\r\n\r\nOlive added, \u201cWe are visiting clients to ensure that we are not just reading performance reports, which do not usually include anything to do with meeting the needs of the client.\u201d\r\n
Get Creative with Target Market and Product Differentiation<\/strong><\/h2>\r\n[caption id=\"attachment_25726\" align=\"alignleft\" width=\"300\"] ABF Fellows Vincent Kaheeru (right) With Robert Ongodia, Accion. Copyright Accion.[\/caption]\r\n\r\n\u201cWe have a situation of multiple borrowing,\u201d explained Vincent. \u201cMany people have three or four loans from different financial service providers. It burdens the clients. But I\u2019m also aware that the target clientele is narrow. There are still many people at the bottom of the ladder who want to borrow. Lenders need to be more creative and develop products to bring more of the unserved \u2018into the boat\u2019\u2026\r\n\r\nWe\u2019re doing studies to be more responsive to the needs of our market. Everyone offers the common products. If we don\u2019t differentiate, we\u2019re the same. We\u2019re looking at products that will appeal to the target market by helping the target market make money\u2026\r\n\r\nAbout half of our portfolio is urban and half is rural. Each carries different risks. In rural areas, we\u2019re looking at agricultural value chains, helping the farmer bridge the gap between harvesting and processing; and [we look at] the market side, so farmers are not stranded with a crop and can fetch a good price. We\u2019re also looking at microinsurance to protect our investment as well as [appeal to] the interest of the client in case of drought.\u201d\r\n
Pay Attention to Your Staff<\/strong><\/h2>\r\n\u201cWe\u2019ve had a challenge with our highest performing staff members being poached by bigger and better-paying microfinance organizations,\u201d said Olive. \u201cThis has caused us to review staff benefits.\u201d\r\n
Ensure Effective Operational Controls<\/strong><\/h2>\r\nIn competitive environments, FSPs face all the risks of rapid growth, including a deterioration of operational controls, without actually growing. As loan officers become more desperate to achieve targets in a competitive space, shortcuts are taken and credit assessment becomes lax. Boards must ensure effective supervision as well as a robust system of checks and balances. \u201cAlthough growth is what we really want, even as we thirst for growth, we need to be careful that we do not go down with the growth never to be seen again,\u201d said Vincent.\r\n
Improve Your Own Capacity to Manage Risk<\/strong><\/h2>\r\nOlive and Vincent also both emphasized, and have exemplified, the importance of board members continually sharpening their own ability to manage risk. Vincent explained, \u201cThings are changing. What worked yesterday won\u2019t work tomorrow. As a board member, you have to keep reading, keep sharing experiences to stay on the cutting edge.\u201d\r\n\r\nFor more details, read our complete interviews with Olive<\/a> and Vincent<\/a>.\r\n\r\nCFI is currently recruiting fellows for the next cohort of the Africa Board Fellowship program<\/a>. If you or someone you know is a board member or executive at an Africa-based MFI or financial service provider, we recommend considering this opportunity.<\/strong> <\/em>\r\n\r\n \r\n\r\n ","post_title":"The Board\u2019s Role When Competition Heats Up","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"the-boards-role-when-competition-heats-up","to_ping":"","pinged":"","post_modified":"2018-09-17 03:55:54","post_modified_gmt":"2018-09-17 03:55:54","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi-blog.org\/?p=25723","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2018\/07\/abf-competition-graphic-harvest.jpg","acf":{"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2202,"filter":"raw"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":""},"post_default":{"description":""}},"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"authors":[{"ID":28328,"post_author":"75","post_date":"2018-08-29 16:42:32","post_date_gmt":"2018-08-29 16:42:32","post_content":"","post_title":"Alexis Beggs Olsen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alexis-olsen","to_ping":"","pinged":"","post_modified":"2018-09-11 17:46:23","post_modified_gmt":"2018-09-11 17:46:23","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/?post_type=people&p=28328","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"the-boards-role-when-competition-heats-up"},{"ID":25572,"post_author":"4","post_date":"2018-05-21 14:44:16","post_date_gmt":"2018-05-21 18:44:16","post_content":"The following is part of a\u00a0blog series<\/a>\u00a0spotlighting views from participants in the\u00a0<\/em>Africa Board Fellowship<\/em><\/a>\u00a0(ABF).<\/em>\r\n\r\nTwo experiences with interest rate caps \u2013 in Kenya and Zambia \u2013 demonstrate the power of political forces to shape financial inclusion policies and may hold lessons for MSME lenders in other countries.\r\n\r\nIn a recent unpublished study, the Partnership for Responsible Financial Inclusion<\/a> (formerly the Microfinance CEO Working Group) examined commonalities in the origins of interest rate caps in these two countries. In both cases, signs were clear that the general public was upset about the current state of loans and interest rates. Approaching elections increased the will among political leaders to make regulatory changes that would appeal to the public.\r\n\r\nIn Zambia, a populist president, Michael Sata, was the surprise victor in 2011\u2019s elections. In his first days in office, Sata announced his priority of cutting the cost of credit for Zambians, a move in opposition to the country\u2019s dominant banks. His remarks sent the domestic currency into a spiral. Inflation soared, and interest rates rose. These events helped create a sense of urgency for both consumers and legislators, propelling the caps through the legislative process. In 2012, Sata led the government in successfully passing his proposed law, which capped commercial banks\u2019 loan interest rates at 18.25 percent.\r\n\r\nIn 2013, the interest rate caps were also imposed on microfinance lending. The maximum rate was set at 42 percent for a select group of microfinance institutions and 30 percent for other non-bank financial institutions. Following Sata\u2019s death in 2014 and the election of his replacement, the interest rate caps were removed in 2015. The government\u2019s approach in this area now focuses on pricing transparency.\r\n\r\nZambia\u2019s interest rate caps were not particularly effective. To compensate for lower interest income, the banks began to charge more fees, keeping effective prices more or less the same for consumers. The caps did not create an effective solution, and ultimately banks, microfinance institutions and regulators agreed on ending the caps. Instead, strong regulations on pricing transparency were put into law.\r\n\r\nA similar story has been unfolding in Kenya, which introduced an interest rate cap of 4 percent above the Central Bank of Kenya Policy Rate for regulated financial institutions in September 2016. The measure was viewed as a populist move. However, in the short time since the law\u2019s enactment, signs suggest<\/a> it is doing more harm than good to the overall economy, including the exclusion of \u201chigher risk\u201d borrowers like MSMEs, decreased levels of lending, and lower profits and stock values among banks. It seems the government is now looking to remove the caps given the impacts on the economy and financial services sector.\r\n\r\nHowever, there have been some positive outcomes for the Kenyan financial inclusion industry \u2013 such as more innovations, especially in digital lending, because the banks are restricted in lending, creating an opening for non-bank lenders. Some Kenyan banks have also started to buy MFIs in order to lend through them in smaller amounts. The caps have caused banks to diversify their product offerings more \u2013 to insurance and leasing.\r\n\r\nWe interviewed two alumni of the CFI\u2019s Africa Board Fellowship (ABF) to share their experiences about the politics and practice of interest rate caps.\r\n\r\nJacqueline Musiitwa is the Executive Director of FSD Uganda and a board member of Microcred Zimbabwe and the Central Bank of the Republic of Zambia.\u00a0<\/em>\r\n\r\nABF:<\/strong> Can you share your perspective on the decision to implement, and subsequently remove, the interest rate caps in Zambia?\r\n\r\nJacqueline Musiitwa<\/strong>: \"The Zambian experience seems to be similar to Kenya\u2019s case \u2013 a populist approach with the hopes of encouraging lending to the masses. Then, quickly learning that the opposite actually happens: interest rate caps cause banks to stop lending, and the people don\u2019t benefit. The first thing the current governor of the Central Bank did in office was reverse the caps. Increasing lending was a top priority. The Central Bank also had conversations with banks at that time about keeping interest rates low. The Central Bank learned that rate cap regulation hasn\u2019t worked well historically, so they wanted to figure out how to work together with banks to find a solution.\r\n\r\nStepping back, the question is: how do banks charge interest in a way that makes sense for the population being served? Some people are unbanked for fear of charges. The Central Bank in Zambia is looking at how to get banks outside their comfort zone to serve new clients. How can they create a system of mutual trust?\r\n\r\nUltimately, you take a few steps forward and then a few steps back. Public trust in banks has everything to do with the safety of savings. In Zambia, the numbers were going well in terms of signing clients up at non-banking financial institutions and then in December 2016, a bank closed for three months during which time shareholders injected money into it. Clients reacted with: \u2018You see, this is why we are going to put our money under the pillow\u2019. The bank is now back but now there is still a fear of depositing in banks, so it is hard to get people to increase savings.\r\n\r\nRegulators wrestle with how to communicate market stability when there is even just one weak link. You saw it with banks in Kenya. Dubai, Imperial, and Chase banks all went down in Kenya, and the reaction was the same. People either don\u2019t trust banks or move to the biggest banks. Zambia is pushing through a law for a deposit protection scheme.\"\r\n\r\nThe full interview with Musiitwa can be read here<\/strong><\/a>.<\/em>\r\n\r\nABF Alumni Ivan Mbowa, CEO of Umati Capital, offers a perspective on interest rate caps from his experience in Kenya.<\/em>\r\n\r\nABF:<\/strong> Kenya\u2019s government introduced an interest rate cap for banks, but not for non-bank financial institutions like Umati. How has Umati been affected?\r\n\r\nIvan Mbowa<\/strong>: \"At Umati we\u2019re seeing a lot more interest in our services. About half of our clients are new to formal finance. They could never get money from a bank in the first place. The other half are coming to us for additional financing, because they don\u2019t have the collateral to get more from banks.\r\n\r\nThe funny thing is that the clients don\u2019t always understand the nuances between a non-bank financial institution and a bank, so when they see our rates, the first impression is, \u2018You guys are just flouting the law\u2014it\u2019s supposed to be capped.\u2019 We have to explain that the cap doesn\u2019t apply to Umati. A good outcome has been that there seems to be a lot more awareness and questioning from clients on, 'What is the cost of your product?'\r\n\r\nIt\u2019s also been easier to make the argument that even if you can access bank credit, it\u2019s good to be multibanked, so that the next time there\u2019s a freeze or a crunch, you\u2019re not fully exposed. Savvy clients understand that working with Umati can be a hedging mechanism.\"\r\n\r\nThe full interview with Mbowa can be read here<\/strong><\/a>.<\/em>\r\n\r\nIn one more example, the West Africa Economic and Monetary Union (WAEMU) implemented more stringent caps in 2015, reducing the cap from 27 percent to 24 percent for MFIs and from 18 percent to 15 percent for banks. In the time before the new cap was implemented, the trend in bank interest rates had been downward, as a result of competition. According to reports from ABF Fellows on the ground, the lower caps did not have a very big impact on banks, especially considering all the fees they were generating. However, caps have inhibited lending to micro and small enterprises because, for the most part, banks were already limited in their lending to this customer segment. Private investors who are interested in serving micro and small enterprises have avoided the region, given that the caps lengthen the time to break even for a fledgling greenfield financial institution. Several studies indicated that many MFIs have been unable to achieve adequate scale and efficiency in their respective business environments to be profitable and sustainable.\r\n\r\nGiven the diverse outcomes interest rate caps can have, we\u2019d love to hear more from our readers about their experiences with interest rate caps.\r\n\r\nHave you read?<\/strong>\r\n\r\nAre Banks the Future of Banking? Africa Board Fellows Deliberate<\/a>\r\n\r\nThe Board Should Not Be the Last to Know: Why MFIs Need Independent Internal Auditors<\/a>\r\n\r\nHow Can Microfinance Institutions in the Middle East and North Africa Manage Risk and Meet Client Demand? Governance Is Key!<\/a>\r\n\r\n \r\n\r\n ","post_title":"The Politics (and Varied Experiences) of Interest Rate Caps","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"the-politics-and-varied-experiences-of-interest-rate-caps","to_ping":"","pinged":"","post_modified":"2018-09-12 19:12:39","post_modified_gmt":"2018-09-12 19:12:39","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi-blog.org\/?p=25572","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2018\/05\/ABF-logo518x640.jpg","acf":{"authors":[{"ID":26326,"post_author":"1","post_date":"2018-08-20 13:50:31","post_date_gmt":"2018-08-20 13:50:31","post_content":"","post_title":"Danielle Piskadlo","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"danielle-piskadlo","to_ping":"","pinged":"","post_modified":"2019-05-15 15:19:18","post_modified_gmt":"2019-05-15 15:19:18","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/danielle-piskadlo\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2202,"filter":"raw"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":"Two Africa Board Fellowship alumni--Jacqueline Musiitwa and Ivan Mbowa--sit down with CFI to impart their wisdom "},"post_default":{"description":""}},"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"the-politics-and-varied-experiences-of-interest-rate-caps"}]}},"featured_image_url":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2018\/09\/ABF-Graphic-Harvest.png","featured_image_caption":"","parent_slug":false,"parent_name":false,"taxonomy_terms":{"post_format":{"name":"post_format","label":"Formats","labels":{"name":"Formats","singular_name":"Format","search_items":"Search Tags","popular_items":"Popular Tags","all_items":"Formats","parent_item":null,"parent_item_colon":null,"name_field_description":"The name is how it appears on your site.","slug_field_description":"The “slug” is the URL-friendly version of the name. 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