nanofinance, redefinition of microfinance for the very micro society through philanthropy linkage...

8/18/2019 NANOFINANCE, REDEFINITION OF MICROFINANCE FOR THE VERY MICRO SOCIETY THROUGH PHILANTHROPY LINKA…

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AARJSH VOLUME 3 ISSUE 4 (APRIL 2016) ISSN : 2278 – 859X

Asian Academic Research Journal of Social Sciences & Humanities

www.asianacademicresearch.org

456

1. INTRODUCTION

Microfinance has been one of the crucial components for poverty alleviation.Microfinance has proven to be an effective and powerful tool for poverty reduction.Microfinance is the provision of tiny loans to the poor to help them establish or expand anincome-generating activity, and thereby escape from poverty. It also implies provision offinancial services to low-income people whose low economic standing excludes them fromformal financial systems. These people are traditionally considered non bankable, mainly

because they lack the guarantees that can protect a financial institution against a loss risk. Inabsence of banking facility, the poor and low-income people often resorts money lendingfrom relatives and acquaintances but when such sources are not available they approach localmoneylenders. Moneylenders can and do provide very flexible and fast service tailor-made tothe needs of the borrowers but they are often charged exorbitant interest rates. Microfinancecomes to help the poor and low-income people. The true revolution of microfinance is thatthis tool gives a chance to people who were denied the access to the financial market, opensnew perspectives and empowers people who can finally carry out their own projects and ideas

with their own resources, and escape assistance, subsidies and dependence (Morduch &Haley, 2002; Segrado, 2005; Obaidullah & Khan, 2008; Chowdhury, 2009; Mitra, 2009;Bateman, 2011).

Pioneered by the Grameen Bank in Bangladesh, microfinance institutions (MFIs)today have developed as specialized financial institutions that cater to the needs of the poor(Ahmed, 2002). Thousands of microfinance institutions sprang up around the globe, themajority modeled closely on Classical Grameen Model and has been replicated in manycountries in a wide variety of settings (Leikem, 2012). The model requires careful targetingof the poor and done by mostly of women group. The model requires intensive fieldwork bystaff to motivate and supervise the borrower groups. Groups normally consist of fivemembers, who guarantee each other‟s loans. A number of variants of the model exist; but the

key feature of the model is group-based and graduated financing that substitutes collateral asa tool to mitigate default and delinquency risk. The main point of departure of microfinancefrom mainstream finance systems is its alternative approach to collateral that comes from theconcept of joint liability (Obaidullah & Khan, 2008).

Further, in Indonesia, Musari & Simanjuntak (2015) argue that there are „very poor‟

which actually being a target of microfinance, but Indonesian banks do not yet accommodatethem. Type of financing in Indonesian banks is just grouping into micro small mediumenterprises (MSMEs), but the microfinance in the fact does not cover the very micro societywhich consist the very poor and very micro enterprises. Even though, according to The MicroCredit Summit that microfinance is programs extend small loans to very poor for self-

employment projects that generate income, allowing them to care for themselves and theirfamilies. This situation is also happening in some countries, particular in developingcountries. This is evident in some years, microfinance become concern to the very microsociety and they introduce a new term „nanofinance‟ to provide opportunities for the very

poor and the very micro enterprises to access financial services.

Unfortunately, most of the financing for the very micro society uses interest. Interest

rates charged by MFIs have attracted criticism (Mitra, 2009). The findings in the field

indicate that the nanofinance activity is difficult when faced with an interest loans. So, this

paper attempts to: (1) Describe the nanofinance activity in Indonesia, Cambodia, Thailand,

and India. (2) Redefine the nanofinance as the microfinance for the very micro society. (3)

Reconstruct the scheme of nanofinance through philanthropic linkage program between philanthropy institution and microfinance institutions.


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2. NANOFINANCE IN INDONESIA, CAMBODIA, INDIA & THAILAND

Microfinance supported the informal microenterprises through microcredit approachto poverty reduction as the provision of small loans to individuals, usually within groups, ascapital investment to enable income generation through self-employment (Weber, 2006). In Indonesia

3, there is Bank for Poor Family4 which has mission against moneylenders then

targeting the low income community with super micro loan. In Jember Regency, East JavaProvince, study of Musari & Simanjuntak (2015) show each Bank Gakin consist a maximumof 200 poor people with predominantly 90 percent women become administrators and 46

percent of them are graduation of elementary school and 5 percent never undergone a formalschool education. Their financial performance is growing positive from period to period.Bank Gakin also has gained positive response from the very micro society because makethem easier to obtain loan for venture capital. The members feel better because their incomesincreased.

As Grameen Bank, Musari & Simanjuntak (2015) see Bank Gakin in Jember also usesthe principle of joint responsibility among its members. Business group consisting of 5-10

people can apply for unsecured business loans between Rp50,000 to Rp1 million. People whoapply for credit does not have to submit business proposals, especially through a convolutionsurvey. Proposals can be submitted orally. Funds can be directly liquid after a surveyconducted at a glance toward the business. With credit disbursement period of 10 weeks paidin installments every week with a rate 0.5 percent. This mechanism is very helpful the groupof microenterprises.

In Cambodia5, the microfinance sector has played a leading role in expanding thereach of the financial sector to the rural poor. IFC (2009) notes the sector has experiencedrapid growth over the last five years, reaching over a million borrowers and more than520,000 savers in 24 provinces. By the end of 2008, the total loan portfolio in Cambodia was

almost US$440 million while deposits were more than US$490 million. From 2006 – 2008,the number of borrowers grew at a very rapid rate at 23 percent, 29 percent and 31 percent,respectively, while total MFI lending increased at a rate of more than 55 percent a year.

In the field study, when a visit to Floating Village by name Kampung Pluk at TonleSap Lake6, the result of observation and interview indicates the people prefer to use finance

3 MSMEs have played a significant role in the economy of Indonesia. Of more than 40 millionenterprises, 99.99 percent is micro, small and medium enterprises and only 0.01 percent is corporation. Based ondata from the Ministry of Cooperatives and Small Medium Enterprises (SMEs) (2014), micro-enterprises during2011-2012 had a 99.99 percent share of the total 56.54 million business units and absorbed up to 90.12 percent of the total 110.81 million labor forces. Whilst, the large enterprises had only a share 0.01 percent of all business

units and absorbed 2.84 percent of the labor force.4 This bank actually is a microfinance institution that initiated by the Department of Cooperatives and

MSMEs (Dinkop & UMKM) since 2005. Its main target is productive women. In the beginning, this institutionwould be implemented at the village level. However, the working area of Bank Gakin narrowed down to

backwoods because the village level is still too broad. The more narrow working area is predicted to be moreeffective. In Jember Regency, East Java Province, Dinkop & UMKM grants Rp 25,000,000 for each BankGakin.

5 In Cambodia, economic activities are dominated by micro, small and medium enterprises (MSMEs)

which are largely based in rural areas. These MSMEs are beyond the reach of the banking sector, which tends toconcentrate on serving businesses in urban areas. Thus, MFIs are principally the main providers of financialservices to the rural economy. Services provided by MFIs could help the rural population, especially the poor, toincrease their incomes and build up their assets.

6 The Tonle Sap is the largest freshwater lake in Southeast Asia and defines Cambodia‟s national identity.

It provides 40-70 percent of the total protein intake of Cambodia. Currently, about 15 percent of Cambodia‟s


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from institution similar to the cooperative. As a fishing village, ecotourism is a fundamentallivelihoods for them. They avoid bank because interest rate of local bank to the fishermen is1.8 percent per month and it is too high for them. Overall, this village needs the strengtheningof cooperative concept among the fishermen to finance their working (boat, engine, fuel, etc)as their local wisdom. They need other side jobs for man to get more income. They need

leadership to connect the link of subsystem/stakeholders to do community development. Theyneed a capacity building to create the leadership. ADB (2005) notes the poor and pooresthouseholds are in need of credit for their livelihood activities. At present, there is hardly anymicrofinance organization working among the floating fishing communities.

In India, some nonbanking financial company has established to the very microsociety with the term „nanofinance'. Mahanti (2008) mentions nanofinance as a small interestfree loans could be given to women for their emergency needs. Nano finance institution isestablished truly help the poorest of the poor women of the society. She argues the conditionof the poorest of the poor in India has not changed in spite of all the progress. Women whofall into this category constantly struggle for their daily livelihood. One of the root causes of

their helpless situation is the emergency need of small amounts of money. They cannot go tothe government, commercial banks, or to microfinance institutions for their emergency needs.The process in those institutions is impractical and unhelpful to the poorest of the poor, whohave always emergency needs of small loans and when they do not have any savings. Theonly option they have is to go to the moneylenders who loan them money with a minimuminterest rate of 120 percent per year. Most of the time, they cannot pay back the entire

principal in a lump sum which is required by the moneylenders, and therefore, continue to pay interest for the rest of their lives. Sometimes, the situation forces them to take anotherloan to pay back their previous loan or take another emergency loan.

Mitra (2009) claims the cost of microfinance loan to poor borrowers in India variesanything between 12 percent p.a. to more than 120 percent p.a. depending on nature of MFIs

that provide service to the poor. MFI should disclose effective interest rate to the borrowers.Hiding effective interest rate to poor and illiterate borrowers by using “creative” accounting

practices is highly unethical. Many MFIs simply state that they charge only 15 percent flatrate of interest. But the effective interest rate including processing fee, compulsory savings,etc goes well over 100 percent per annum. As a result some of these micro lending outfits

breakeven within 6-9 months operations and thereafter their motive are only to earn profits!Microfinance must not deviate from its original objective of extending a helping hand to the

poor and must not be viewed as an opportunity to make money from poor borrowers.

In Thailand, the government believes nanofinance will also help prevent those whohave already been in the formal loan system to additionally seek informal finances, especially

during the time financing institutions have tightened the release of loans. Nanofinance alsocould provide added protection and fairness for consumers along with better management ofinformal loans outside the financial institution system through the increase of clarity andtransparency, as nanofinance would encourage people to offer and get loans from within theformal system. Nanofinance is also the loans to small entrepreneurs or people at the grass-

populations depend directly on the lake for their livelihood and many more draw indirect benefits.Approximately 2 million people live on and around the Tonle Sap and draw their livelihood from it. Despite itsrich natural endowments, the Tonle Sap basin is characterized by high levels of poverty, in some areas up to80%. Fishing communities living in floating villages on the lake and in the flood zone of the lake include someof the poorest groups, characterized by their dependence on subsistence fisheries, high levels of indebtedness,low levels of literacy and education, and poor health on account of the absence of basic social infrastructure and

services. Fisheries on the Tonle Sap are characterized by high levels of conflict, emerging from competition between different interest groups, to extract the maximum from the resources of the lake.


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roots or those who do not have access to institutional financing. To remedy many smallentrepreneurs who do not have access to capital and requiring them to use out of system debtservice known as „loan sharks‟, the Thai Government has recently implemented NanoFinance Project which provides the opportunity for nonbank companies to issue nanofinance.To provide the private sector the incentive to participate in the project, half of the income

generated from the interests received from these nano loans may apply for tax incentive. Onthe other hand, lower interest rates than loan sharks as incentive to small entrepreneurs toseek loans from the project. Parpart (2014) mentions the smallest form of loan currently thatfinancial institutions can offer is „microfinance‟, which has a maximum loan amount of

Bt200,000, at an interest rate of 28 percent, while the nano-finance idea would offerBt100,000-120,000 and the interest rate would be higher at 30-36 percent.

3. WHY SHOULD DO REDEFINITION?

Worldwide, microfinance plays a key role in providing financial services to the poor.Microfinance helps mitigate vulnerability to shocks such as sickness and natural disasters,and develops microenterprises. Microfinance plays an important role in the development ofthe country and alleviating poverty. According to The Micro Credit Summit7 thatmicrofinance is „programs extend small loans to very poor for self -employment projects thatgenerate income, allowing them to care for themselves and their families‟. So, there are „very

poor‟ not just „poor‟ which should be a target of microfinance too.

In Indonesia, Musari & Simanjuntak (2015) argue that most of banks do not yetaccommodate these very poor. Type of financing in Indonesian banks is just classifying intoMSMEs, but the microfinance in the fact does not cover the very micro society which consistthe very poor, very low income, and very micro enterprises. This situation is also happeningin some countries, particular in emerging countries. This is evident in some years, MFIs

become concern to the very micro society and they introduce a new term „nanofinance‟ to

provide opportunities for the very poor and the very micro enterprises to access financialservices. Ascarya & Sanrego (2007) also mention that MSMEs classification should beredefined to be able to reach the poor and low income society, to assist and guide them tomove their businesses up until graduated and self reliant. The super micro enterprises arethose personal businesses with asset less than Rp10 million and credit limit of less than Rp5million. Meanwhile, micro enterprises are businesses with asset Rp10-100 million and creditlimit Rp5 – 50 million.

So, referring to World Bank (1978) that microenterprises can be defined differently,depending on country‟s stage of development, policy objectives, and administration, then

microfinance also should can be defined differently, depending on country‟s stage of

development, policy objectives, and administration. But, we can see that financial institutionwhich do a real microfinance for the real micro society is MFIs through nanofinance.Microfinance in the term of bank actually does not service the real micro society, particularthe very micro society. So, we need redefine the term of microfinance and introduce thenanofinance as the financial services of MFIs for the very micro society. The AsiaFoundation (2003) mentions that non-bank MFIs are an alternative for the micro enterprisesand/or the poor to obtain financial services. Banks are considered too bureaucratic by amajority of the micro enterprises and/or the poor. Banks are also unable to provide services tothe poorest strata because the cost of servicing small loans was prohibitive. This

7 The Microcredit Summit was held on February 2-4, 1997 in Washington DC. The Summit was

participated by 2,900 people from 137 countries. A 9 year campaign was launched to provide credit to 100million poor by year 2005. For more information on Microcredit Summit, see www.microcreditsummit.org.


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consider ation of profitability is believed to influence banks‟ unwillingness to channelmicrofinance.

4. PHILANTHROPY LINKAGE PROGRAM FOR NANOFINANCE

Bateman (2011) sees that MFIs charge lower interest rates than local loan sharks, they

are still seen as imposing high rates on poor clients. In the early days, many MFIs said thiswas necessary to cover the high operational costs of providing tiny loans to the poor, but thatinterest rates would fall through competition. This argument had some validity initially. Butinterest rates have not fallen as much as predicted, and in some countries have remained veryhigh. Duvall (2004) asserts interest rate ceilings are found in many countries throughout theworld. With the expansion of microfinance in developing countries, many legislators and thegeneral public have found it difficult to accept that small loans to poor people generally costmore than normal commercial bank rates. Though meant to protect consumers, interest rateceilings almost always hurt the poor by making it hard for new MFIs to emerge and existingones to stay in business. In countries with interest rate caps, MFIs often withdraw from themarket, grow more slowly, become less transparent about total loan costs, and/or reduce theirwork in rural and other costly markets. By forcing pro-poor financial institutions out of

business, interest rate caps often drive clients back to the expensive informal market wherethey have no or little protection.8

A lesson learned from MFIs in Indonesia, at 2009, Department of Cooperatives andMSMEs tried to change the nanofinance scheme of Bank Gakin. The fund source was notgrant, but as loan from the local government to Bank Gakin. Then, Bank Gakin must returnthe fund via bank agent of local government. Based on the result of evaluation, the seedcapital of Bank Gakin cannot be sourced from loans, but it should be a grant.

So, in order to make economic sustainability for nanofinance, it is necessary to get

low cost fund to finance the very micro society without interest rate. We need do linkage program to bridge philanthropy institutions and MFIs to do nanofinance. Despite rate ofinterest for nanofinance relatively low and regarded not burden to the borrower, but in thename of humanity, they cannot be equated with the medium or large enterprises that haveassets and businesses are feasible and bankable. Nanofinance actually is a humanitarianmission. One of the rational attempts to get low cost funds is cooperating with philanthropyinstitutions such as charity organization, human foundation, zakat, waqf and sadaqahinstitutions, etc to create philanthropy linkage program.

This paper proposes model to develop the philanthropy linkage program for MFIs todo nanofinance without interest rate. Through philanthropy linkage program, theseinstitutions may have low cost funds and do not pay the interest rate. Figure 1 show the

proposed model for philanthropy linkage program.

8 Groen (2002) mentions microfinance interest rates are set with the aim of providing viable, long-term

financial services on a large scale. MFIs must set interest rates that cover all administrative costs, plus the cost

of capital (including inflation), loan losses, and a provision for increasing equity. Unless MFIs do so, they may

only operate for a limited time; reach a limited number of clients; and will tend to be driven by donor or

government goals, not client needs. Only sustainable MFIs can provide permanent access to financial services to

the hundreds of millions who need them. Although microcredit interest rates can be legitimately high, inefficient

operations can make them higher than necessary. As the microcredit market matures in a given country or

region, donors and others should pay more attention to reducing operating costs to ensure the most efficient,competitive interest rates possible.


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Nanofinance for the very micro society is the area of MFIs. Through philanthropylinkage program, MFIs may have low cost funds from philanthropy institutions or bank thatholds philanthropy institutions‟ funds to nanofinance. The very micro society will havefinancing without interest rate. MFIs may apply profit loss sharing (PLS) as the scheme fornanofinance and bank may apply the PLS as the scheme. Forth, nano insurance or nanotakaful should be hand to hand with nano consultant to do mentoring to the very microsociety and do coordination with philanthropy institutions and MFIs or Nanofinanceinstitutions. Nano insurance is actually also nanofinance products that provides important

benefits to the institutions‟s clients, especially to protect the borrower‟s business. In thiscontext, the very micro society is vulnerable communities that need nano consultant and nanoinsurance/nano takaful for supporting.

5. CONCLUSION

MFIs in Indonesia, Cambodia, Thailand, and India show that they do nanofinance forthe very micro society. MFIs in those countries play a key role in providing financial servicesto the very poor, very low income, and very micro enterprises. Unfortunately, most of MFIscharge such high interest rates to the very micro society despite it looks relatively low andregarded not burden to the borrowers. But, if we compare to the bank interest rates per

annum, the microfinance or nanofinance interest rates is higher because the costs of makinga small loan are higher in percentage terms than the costs of making a larger loan.

So, we need redefine the term of microfinance in banks and introduce the nanofinanceas the financial services of MFIs for the very micro society because the hundreds of millionswho need them. In order to make economic sustainability for nanofinance, it is necessary toget low cost fund to finance the very micro society without interest rate. We need do linkage

program to bridge philanthropy institutions and MFIs to do nanofinance. Nanofinance as ahumanitarian mission, should cooperate to philanthropy institutions such as charityorganization, human foundation, zakat, waqf and sadaqah institutions, etc to create

philanthropy linkage program. Through it, MFIs may distribute the fund to the very microsociety by leaving interest rates because its funding is not a loan, but a grant from

philanthropy institutions. Wallahua’lam bish showab.

Figure 1.Philanthropy Linkage Program


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