Developing products for rural markets

Annie Duflo
Centre for Micro Finance at IFMR
February 14, 2007

1
Appropriate products for rural markets…

• Need to be delivered through appropriate

channels
• Need to answer the demand of rural clients
• Need to be appropriately priced
– To allow sustainability
– To be affordable

2
Outline

• Products for the rural market: The microfinance

innovation in India
• Microfinance in India: delivery models
• Product innovations for rural markets: status and
challenges
– Credit products
– Non credit financial products
– Non financial services

• Pricing and transaction costs

• The role of the Centre for Micro Finance
3
Constraints to scaling access for the poor
Clients’ profile
Information Asymmetry
• Difficult geographical access
• Higher for the poor
• Poor require low value transactions
• No credit history
• Informal activities: need flexible access
• Difficulty to evaluate
• Illiteracy: difficult to deal with traditional
enterprises potential
services
success
• Lack of financial literacy: need close
• Inability of the poor to
supervision
offer collateral
High transaction costs

Provision of financial
Low level of Technology
services to the poor is
constrained by…
Regulatory Issues

Staff Incentives within traditional organisations not

aligned to maximise access to financial services for poor

4
…Hence the need for local intermediaries

• Local organizations have:

– Local knowledge, therefore can help reduce
information asymmetries
– Have less expensive operations, can therefore
help reduce transaction costs.
• But local organizations don’t have capital
• Banks have capital, but done have this
local knowledge
• Both should join hands!

5
Microfinance in India: apparition

• Until the 90’s despite various efforts and achievements by

the government, the banking sector was unable to
internalise banking to the poor as a profitable activity
• Financial sector reforms: motivated policy planners to search
for strategies for delivering financial services to the poor in a
sustainable manner with high repayment rates.
• NABARD: empirical observation catalysed by NGOs that poor
gather in informal groups
 SHG-Bank Linkage Programme (92)
• Recent emergence of MFIs: professionally run institutions
specialized in delivering credit with low cost staff and local
knowledge
• Key innovation in both models was to make use of local
knowledge, which traditional banking system does not have.

6
The microfinance promise

New
New contracts Management
structures
Innovations

New attitudes

7
Microfinance: what is it?

Often perceived as… …whereas objectives are

• Micro-credit • Suite of financial services

– Thrift / savings
– Credit
– Insurance and Investments
– Transfer Payments and
Remittances

• Group lending • Group and individual lending

• Social/charitable activity • Sustainable activity

8
Outline

• Products for the rural market: The microfinance

innovation in India
• Microfinance in India: delivery models
• Product innovations for rural markets: status and
challenges
– Credit products
– Non credit financial products
– Non financial services

• Pricing and transaction costs

• The role of the Centre for Micro Finance
9
Predominant model of microfinance in
India: SHG-Bank linkage model
Efficient use of capital Y
Incentive alignment N

Branches assess
credibility of SHGs
and monitor 6 months savings
repayment process
Loan to group
Bank SHG
Repayment

commission

No liability NGO
Grants based
Group formation
and linkage
10
 Recently emerging model: financial
Intermediation by MFIs
Efficient use of capital N
Incentive alignment Y

MFI on lends

Loan Loan
SHG, JLG
Bank MFI
or ind.

Bank lends to MFIs

based on their capital

MFI’s capital sets risk On-lending of same fund at Bank

absorption capacity interest rate+MFI trans. costs
hence limits for TL
⇒ Double counting of capital by bank and MFI
⇒ Organization-based lending: Higher pricing than
warranted by riskiness of portfolio
11
These models have limited growth

• With SHGs, relatively low rates of growth resulting from

– NGO reliance on grant funds to meet costs
– Banks wary of large portfolios in the absence of risk sharing
structures

• With MFI intermediation, although underlying portfolio

exhibits very low loss rates, sub-optimal lending
structures have resulted in
– Lower flow of resources
 Capitalization of intermediary is the constraining factor
– Higher pricing than warranted by riskiness of portfolio
 Charge on capital reckoned twice
 Bank/FI take into account riskiness of the intermediary

12
These models could not resolve the
paradox of limited supply
• A burgeoning segment with very large demand for
finance
• Grass-root agencies capable of providing origination
and supervision support in a cost-effective manner
• Banking system capable of providing large quantum
of wholesale finance (owing to priority sector
targets)
• However, there are no ‘natural providers’ of risk
capital for microfinance and this has constrained the
growth of several MFIs
• As a result, supply is still a small fraction of the
demand for finance

13
Needed a model which:

• Addresses inability of MFIs to provide risk

capital in large quantum, which limited
advances from banks
• Allowed rapid scale-up
• Separates risk of MFI from risk inherent in
the mf portfolio
• But still provides a mechanism to
continuously incentivise partners

14
 The Partnership Model
Efficient use of capital Y
Incentive alignment Y

Loan at 9%-11% to end customer

Repayment collection

Service fee
MFI Service fee SHG, JLG or
Bank (servicer) Ind.
Risk Sharing FLDG Origination,
monitoring, collection

OD Reduces capital needs

•Intermediary assumes fraction of the credit risk, leading to reduction in

capital required
•Bank prices on basis of underlying asset rather than rating of
intermediary ( ‘asset-based lending’)
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 …leverages each entity’s advantage
which are complementary
MFI Bank

• Social Capital • Financial volume /

• Local knowledge expertise
Strength
• Low cost delivery • Product innovation
channel • Technology

• Access to financial • Low outreach in remote

markets areas
Weakness • Financial product • Poor local knowledge
expertise • Inadequate cost of
• Technology delivery to serve the low
income population

16
The Partnership Model structure
combines debt and mezzanine equity
• MFI estimates individual and overall loan requirement

• Bank assesses historical loss rates to

– Arrive at a pricing for the loan
– Estimate the quantum of FLDG required from the NGO/MFI

• Objective
– Keep the pricing on the loan portfolio close to AAA rates
– Reflect riskiness in the quantum of the FLDG, assuming the
character of mezzanine equity

• MFI accesses an OD limit - equivalent to the amount

of the FLDG – which is drawn in the event of default
up to the specified limit
17
Portfolio diversification through the partnership model

MFIs Banks Partnership

•Single product •Multiple products •Multiple products
•Single customer •Large customer variety •Multiple segments
segment •Large risk apetite •Large risk appetite
•Knowledge of local area •Poor / Vulnerable combined with knowledge of
•Poor included excluded local area
•Poor / Vulnerable included
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Limitation of the partnership model for
MFIs
Advantages
• Facilitate growth by reducing
MFIs’ challenge to provide
risk capital in large quantum
– Off-balance sheet
– FLDG as OD (quasi equity)
• Improves RoE by equity
freed up (leverage from 3-4
to 10-12)
• Separates institution and
underlying portfolio risks
• Continuously incentivise
partners on portfolio quality
Limitations
• Most banks still using TL,
hence reducing MFIs
diversification of lenders
• Level of FLDG dependent on
one single lender’s risk
evaluation (vs. public market)
– Level of FLDG based on
processes and PAR*
• No secondary markets for
lenders reduces their own
liquidity (microfinance not an
asset class)
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Difference between SHG-Bank linkage
and MFI model
• better savings habit
SHG • stronger group cohesion
• lower interest rates

• MFIs have to cover all intermediation costs

– Interest rates are higher
– However interest rates charged by SHGs to clients are
similar
Grameen • tighter control and monitoring
• clients can borrow immediately without savings
• loans disbursed are higher and individual
• loan tenure shorter, allowing to increase loan size faster
•Choosing a model depends on the clientele the organization wants to cater to
• Grameen model is likely to be suitable to serve tiny enterprise owners and
SHG model might be used to serve the wage labourers and farmers or group
enterprises
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MFIs in India

• Currently, roughly 66% of the micro finance supply

is via the Self Help Group (SHG)-bank linkage route
• However, MFIs grow faster now, in terms of number
of clients and credit flow
• The share of MFIs is rapidly growing
• There are about 800 MFIs in India (NABARD)
• However the top 15 MFIs account for about 70% of
the credit through MFIs

21
 Comparison between SHG-Bank Linkage &
MFI model

India annual Microfinance Share in microfinance

Disbursement disbursement by model

50 90%

% share in Annual Disbursement

45 1 80%
40 70%
35 0.8 60%

billion $
Rs billion

30 50%
0.6
25 40%
20
0.4 30%
15
20% MFIs
10 0.2
10% SHG
5
0%
0 0
2001 2002 2003 2004 2005
1996 1999 2002 2005
Year Year

Sources : Rough estimate derived from a presentation at a Microfinance Stakeholder Consultation Meeting in Delhi in January organized by
the World Bank. Major sources are NABARD Annual Report & Data collected by ICICI Bank.
Assumption : MFI disburse 1.5 time of Yr-end O/s loans – Ratio from M-CRIL data 22
Outline

• Products for the rural market: The microfinance

innovation in India
• Microfinance in India: delivery models
• Product innovations for rural markets: supply and
challenges
– Credit products
– Non credit financial products
– Non financial services

• Pricing and transaction costs

• The role of the Centre for Micro Finance
23
MFIs Models and products (credit)
• 50 weeks tenure
• Weekly meetings and repayment
“Grameen” • Joint liability in groups of 5 to 10 members
• Often given for productive purposes only, often with close
product monitoring of loan usage
• Loan size range from Rs. 3000 to Rs. 15,000 – increases
with loan cycle

• For new borrowers or “star” borrowers (most of the time)

Individual • With or without collateral or guarantors/guarantees
• Generally, not beyond Rs. 1 lakh
lending
• Different repayment schedules (for ex, daily or monthly)

Emergency •Existing clients

•1000 to 2000 Rs
loans •For emergency purposes such as health etc.

•“Grameen” product is the most widespread

•So far products have been very standardized (which has advantages
but also limits customization for clients) 24
Repayment schedules: vary schedules

• Weekly schedules may be more or less appropriate

depending on nature of businesses
• CMF-VWS study: Most businesses can be
categorized in two types: piece based or
independent businesses.
– For the first type, weekly payments make more sense.
Market based clients seem to prefer monthly payments as
they sell on credit and can not always recover their
payments every week.
• Need longer term loans with moratorium
– Existing product implies clients already have a business or
an income source, is not suited for financing start-ups

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Repayment schedules: allow flexibility

• Fixed debt contracts have a rationale

– avoiding operational headaches, cash management
problems, risk of loan officer fraud and weakened
repayment discipline of borrowers
• But benefits of flexibility could be huge
– With fixed schedules, repayment capacity based on
incomes of worse weeks/months, limiting loan size
– The rigidity of contracts may be keeping some borrowers
from borrowing or clients with rigid contracts may take
actions which reduce the return on their investments.
• CMF Case study in ASA and Cashpor: some forms
of production (sari and carpet weaving) experience
significant variance throughout the year
– low availability of labor in harvest and festival seasons,
humidity and moisture from the rainy season etc.

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Loan size: often seems too small

• In some Hyderabad slums, before microfinance introduction,

businesses were very prevalent (31% of households) – often low-
skilled, very small
• It seems possible for most household to expand the business, and
yet they have not expanded, so there was a clear role for an MFI
• Average monthly sales proceeds were Rs.13000 while average profit
was Rs.3040 per month.
• A Rs 7,000 loan is probably not sufficient to greatly expand the
business.
• Small loans have a rationale when there is no competition (teach
clients financial discipline etc.)
• However when there is competition, MFIs may want to give larger
loans directly..
• But too large loans would require evaluating the client, which is too
costly to do for everybody.

27
Therefore.. need for individual lending

• Group lending is constraining the most

entrepreneurial clients
• After all, not everybody can be a successful
entrepreneur. For example, in the OECD only 12% of
households run a business
• Some clients need larger loans, and customized to
the business
• Already exists, but preliminary stages
• Makes more sense for MFIs to provide it for existing
clients

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Group Lending vs. Individual

• Individual lending model bears some additional risks:

– Difficulty in evaluating individual credit risk in the absence of sound
credit-scoring mechanisms
– Higher risk of default if the borrowers are unwilling to repay
• Group model, on the other hand, has the risks of
– Higher default due to problems in group dynamics
– Increase in drop-out rates due to differences in credit absorption
capacity of clients and changing client needs
– The individual model is suitable to serve the not-so-poor population
who can afford to provide some guarantee
• The group-lending is best suited to serve the poorer
segments but does is not optimal for graduated customers

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Example of individual lending: SKS

• Loan given to borrowers which are in business for more then

1 year, and only old SKS clients
• Guarantee of a govt. employee/of a farmer with land of
more than Rs. 1.5 lakh market value/ of a businessman
having a business asset of Rs. 2-3 lakhs
• SKS should have min. of 8 months of operational experience
in that area
• Loan amt: Rs. 20,000-100,000
• Term period:1-2years
• Interest rate: 11% yearly flat
• Repayment schedule: Monthly
• Purpose: Income generation and asset development purpose

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Individual lending: WWB Methodology

Key activities in the lending process:

• Analysis of
1. Balance Sheet of the business
2. Income Statement of the business
3. Family cash flow
4. Investment Plan
5. Character Assessment

• Operating Model
1. Staff profile & training
2. Branch location & infrastructure
3. Efficient information system

31
Outline

• Products for the rural market: The microfinance

innovation in India
• Microfinance in India: delivery models
• Product innovations for rural markets: status and
challenges
– Credit products
– Non credit financial products
– Non financial services

• Pricing and transaction costs

• The role of the Centre for Micro Finance
32
The needs of poor people are varied..

Protection
Lifecycle needs against Health
shocks

Protect against What low Protection against

sudden death loss of assets
income
clients
need?

Need to build or Protection against

improve homes weather shocks
Send money to
their families
when migrate

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MFIs Models and products (non credit)
• Most often as agent of insurance company
• Most common product is life insurance
Insurance
• Bundled with credit
• Health insurance emerging

• MFIs not allowed to collect deposits

Savings • Banking correspondent model (few MFIs
have adopted it yet)

• Rare product
Remittances • One MFI in Orissa: Adhikar
• One MFI in Udaipur: Ajewika Bureau

• Rare product
Housing loans • Focus on individual loans
• A few MFIs provide housing loans: IASC,
ESAF
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Insurance products

• Protect against loss of assets, damage of property etc.

Example of Sewa Bank comprehensive insurance
• Protect against illness
– often, failure of business is due to illness that led to low
availability of labor
– Defaults or drop out often due to health shocks
• The delivery of insurance through MFIs is attractive:
– Can keep costs relatively low (channels, compulsory product)
– It protects the MFI as well
• Health insurance companies products start being sold by
MFIs, where MFI is the agent
• Experience so far suggests that insurance literacy is low and
proper awareness campaigns are necessary

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Remittances

• Substantial seasonal migration with large inter-regional

financial flows. NSS surveys (’93) indicate 89% of permanent
migrants send remittances back home. Likely to be higher
among seasonal migrants.
• But high transfer costs associated with remittances limit
propensity, distance and duration of migration. Cheap and
reliable channels are rarely available in rural areas
• Program run by Adhikar, Orissa: 1600 members remitted
almost Rs. 6,00,00,000 in 2 years of launching program
• Apart from being a viable program, MFIs can leverage existing
client networks; provide cheap and safe transfer; add on
services.
• Legal Issues in MFIs collecting savings–BC is a possible
solution. Scope for MFI to act as money transfer agents also?
• Stiff competition from informal agents which are quicker and
often cheaper

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Housing Finance

• Challenge worldwide to provide low cost shelter for urban

and rural poor – a basic need for poor households.
Constraints: for Big Banks/financiers – recovery is a problem
and for Small organizations – Lack of capital
• MFIs are a great solution as they can act as agents for larger
financiers and have expertise in dealing with small amounts
and their recovery
• So far, unsophisticated product – usually just a larger loan.
Otherwise, mostly NGOs who have implemented government
subsidized programs
• Few MFIs currently providing housing finance but there is a
lot of interest in the sector
• Challenges include: innovative product design for
upgradation and ownership; issues of legal title to land;
competitive interest rates etc.

37
Product development: what about the
poorest of the poor?
• So far, MFIs and SHGs do not reach the poorest
– In AP, the 2 income quintiles above the poorest HH are more
likely to receive microfinance through SHG-Bank model,
while the poorest and those in the top 2 quintiles are less
likely to be in SHGs (Priya Basu, WB)
• Poorest are not micro entrepreneurs yet – could they
become one?
• Poorest have no ability to repay – at least not with
standard product
• May need more flexible products
• Or need to be pushed up to a level where they can
repay
• BRAC Target the Ultra Poor (TUP) programme: asset
transfer, skill training, handholding, health grant
• Bandhan in India

38
Outline

• Products for the rural market: The microfinance

innovation in India
• Microfinance in India: delivery models
• Product innovations for rural markets: status and
challenges
– Credit products
– Non credit financial products
– Non financial services

• Pricing and transaction costs

• The role of the Centre for Micro Finance
39
Non financial constraints: Skills and
Innovation
• Often, low skilled businesses and little innovation
– Study in ASA and Cashpor: Of all clients interviewed, only
5 out of 105 demonstrated some entrepreneurial spirit
(have begun businesses that are different than traditional
activities chosen by most other members).
• When little specialized skills involved in the
businesses, the more businesses start, the more
they will crowd each other out.
– CASHPOR clients weaving saris: returns per sari had
often decreased by as much as 60% in the past 5 years.
• Few businesses grow beyond the size of household
business.

40
Non financial constraints: Skills and
Innovation
• Why is this happening and what should be the role
of MFIs in this?
• Might be dangerous to advise people on what to
do
– but can create information sharing
• Some businesses fail due to poor management
skills  Need for financial training and basic
business skills
– Sewa Bank business and financial literacy training
– Can partner with other agencies to provide business
development training or mentoring services (BYST)
• Credit is only one side of the story: need to link to
a higher value chain, create links between the
borrowers and potential buyers
41
Outline

• Products for the rural market: The microfinance

innovation in India
• Microfinance in India: delivery models
• Product innovations for rural markets: status and
challenges
– Credit products
– Non credit financial products
– Non financial services

• Pricing and transaction costs

• The role of the Centre for Micro Finance
42
MFIs’ strategies to provide affordable products
while being sustainable

• Serve the poor, including the poorest of the poor

– Interest rates as percentage of loan higher for small loans
• Offer affordable products for the poor
– Need to find strategies to reduce transactions costs and
access cheap funds
• Be sustainable
– Cover costs
– Need good repayment rates, therefore requiring expensive
operations
• Serve as many poor as possible
– Need profits to expand access

43
How to calculate a sustainable interest
rate?
The annualized effective interest rate (R) charged on loans will be a
function of five elements, each expressed as a percentage of average
outstanding loan Portfolio
• Administrative expenses (AE)
– Administrative expenses of efficient, mature institutions tend to range
between 10%–25% of average loan portfolio (in india can be lower).
• Loan losses (LL)
– Many good institutions run at about 1–2%.
• The cost of funds (CF), India 10%
• The desired capitalization rate (K)
• Investment income (II) income expected from the MFI’s financial
assets other than the loan portfolio (e.g., cash, checking deposits,
legal reserves)
• Example (India context): 10+2+10+2+2-2=24%

Source: CGAP

44
MFIs’ interest rates in the world

Indian MFIs are the most efficient in the world (M-Cril)

45
Why are transaction costs of MFIs high?

• Door step services

• Intense monitoring
• Repeated interaction
– If one customer interaction may costs only US $0.25 due
to the high number of interactions, this translates into 25
percent of operating costs relative to the average loan
portfolio

46
What are the drivers of costs?

• Group formation (17-23% of total direct transaction

cost) and collection (28-36% of total transaction cost)
are the main components of transaction costs
• The main driver of direct transaction cost is the level of
compensation of the field worker
• This would vary according to geography: An MFI in a
difficult geography has to pay a higher compensation
level for its employees
• Location, degree of competition, maturity of branches,
seem to have an impact on transaction costs.

47
Possible strategies to reduce MFI
transaction costs
• Increase field worker productivity
– saturate a place before entering another place
– Sell more products
• Experiment with staff Incentives Schemes
– Focus not only on volume but also on retention as costs higher for
first time members
• Simplify Systems and operations as much as possible
Staff costs – ASA, Bangladesh: simplified operations so that they could be
performed by less-educated staff
• Can supervision levels be relaxed/modified for mature
customer groups?

• Increase branch activity: sell more products

• Less “layers” of operations: models without
Operations branches (for ex, only area offices and mobile
levels branches)

48
Possible strategies to reduce MFI
transaction costs
• Repayment schedules: experiment with less
frequent schedules! If no more defaults, could
lead in less transaction costs
Products and
pricing • Take into account the lifecycle cost also when
pricing the loans. Merely looking at first year
costs may result in overpricing of loans
– may drive away some good borrowers

• Maintenance & centralization of customer's

record (bio-metric identification, credit bureau)
to avoid many legal documents (eg. KYC) - So
that credit worthiness of clients can be access
quickly
Technology
• Role of technology: Innovative delivery channel
(rural kiosks, mobile telephony, smart cards
etc.) - This helps in serving large client base
with less resources but one time investment is
high
49
What can banks do?

• Provide funds to MFIs, either through term loans or partnership

model
Delivery • Lend to Self Help Groups
• Provide grants or long-term loans for infrastructure development
channels

• Help MFIs with expertise in product

development
Product
• Link MFIs with other companies that have
development expertise in product development, for ex.
Insurance companies

• Help MFIs with back-end technology

Products pricing • Through risk sharing with MFI, help reduce
and costs costs of funds

50
Outline

• Products for the rural market: The microfinance

innovation in India
• Microfinance in India: delivery models
• Product innovations for rural markets: status and
challenges
– Credit products
– Non credit financial products
– Non financial services

• Pricing and transaction costs

• The role of the Centre for Micro Finance
51
CMF’s objectives and mission

• Established in Feb 2005 at IFMR

• CMF’s objectives
– To address knowledge and practice gaps in micro finance sector
– Experiment on ground solutions

• CMF’s mission: help the poor by

– Systematically researching the links between access to financial
services and participation of poor in larger economy
– Participate in maximizing access to financial services

Research on micro finance and livelihood financing (RU)

Strategy building for MFIs (MSU)
52
MSU and RU

MFIs Strategy for growth

Strategy (MSU) • Definition and implementation of
innovative business models
–Market research, creation of linkages
• MFIS best practices sharing
• Design/test of new financial products
• Capacity building
–capital structure, HR, MIS, processes,
customer segmentation, governance…

Impact of microfinance
• Impact Evaluation Studies
• Economics of micro enterprise
• Insights on HH "financial behavior"
• Constraints on HH productivity Research (RU)
• Experimentation on product design
• Micro finance transaction costs

53
4 Research areas to maximize micro
finance impact
1 2

Impact and Micro finance

product design plus

Maximize impact
4 On client 3

Policy Finance and

Organizational
issues

54
The role of research

• Evaluate impact, and find out what works and what

does not
– Impact evaluation of Spandana’s micro credit programme
– Impact evaluation of health and weather insurance (SKS,
Sewa)
• Improve existing products
– In theory flexibility or less frequent repayment schedules
could have some benefits, but could also create some
complications.. What is better?
– Repayment schedule research with VWS
– Flexible repayment schedules with KAS foundation
• Diversify financial products
– Remittances product project with Adhikar
– Sectoral study on Housing finance

55
The role of research

• Find out what can maximize the impact of loans

– Impact evaluation of Sewa Bank’s business training: is it
cost effective: how can it be improved?
• How can organizations be more cost effective while
achieving their goals?
– Study on effect of staff incentives
• Understand what is going on
– Find out the risk that small business face that financial
services can help with
– Understand non financial constraints
– Why are businesses not expanding: what are labor markets
constraints?

56
The role of MFI Strategy Unit

• Help MFIs with their business and expansion

strategies

• Provide help to MFIs in the following areas:

– Human Resources
– Access to capital (securitization etc.)
– Individual lending

• Create market linkages for clients

– Provide them with lower costs and high quality inputs
(Godrej Agrovet-Spandana)
– Provide clients with production/selling opportunities

57
 The role of MSU: encourage vertical growth
=> deepen share of wallet of existing customers
=> capture new customer segments

s profiles

Customer
Channel Product
segment

Backward Core Forward

integration activity integration

Capability Technology
Geography
adjacencies adjacencies

=> replicate similar model in new geographies

s profiles 58
IFMR Trust

• Credit is only one side of the story

• Example: Wavers may organize themselves in cooperatives
but they need to sell the saris, and for a good price
• Need to link to a higher value chain, create links between the
borrowers and potential buyers
• Sandhi provide market linkages to garments confectioners –
one of the entity of the
• Trust for Networked entities: to fill this missing market
– Will act like a holding company having a part of equity in each entity
formed– to promote outside investment
– Will mobilize fund from social investors in form of grant or soft loans for
the incubation period
– Will retain a part of profit for itself as revenue
– Will be based at IFMR - different centers under it will provide specialized
services to entities – link to MFIs etc.

59
 Thank you
• For any question: annie@ifmr.ac.in

60