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MicroFinanceFocus.com: An account of the Microfinance and New Technology Summit in Marrakech
Submitted on Mar 23, 2010.
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After the first Microfinance and New Technology summit in New Delhi, PlaNet Finance organized the second Microfinance and New Technology Summit in Marrakech, Morocco on March 11th and 12th, 2010.

Morocco is one of the countries with a great surge in Microfinance and includes organizations in the top 20 of the world. Morocco has more than 1 million borrowers and 13 MFIs, according to Mohammad Benchaaboun, President of Groupe Banque Populaire, PlaNet Finance’s partner to the conference along with SOGETI. Once again well over a hundred people from all over the world attended the conference.

The main theme of the first session moderated by Jean Pouit was “What are the ICT business opportunities in Microfinance? Key success stories, major outstanding obstacles and remaining challenges”. The discussion of this first session focused primarily on credit bureaus and credit scoring.

Oscar Madeddu, Credit Bureau and Risk Management Advisor at IFC-Morocco, indicated that from 8% of countries surveyed in 2006 to almost 60% of countries are having some kind of credit bureaus. When the banking system of Ecuador collapsed, the authorities decided to set up private credit bureau in 2003. The central bank gave 6 licenses. FIs owned shares in the capital. Today 4 CBs have records for 5 million clients. Now, non-regulated commercial entities can use the CBs only with the consent of borrower. Initially, the 800 non regulated MFIs did not want to share their data with each other. Once they started, portfolios increased 10 fold, risk halved! In fact, MFIs were not able to understand that their borrowers were borrowing from others. Oscar Madeddu feels that separate CB should not be limited to MFIs alone. They should be linked to banks. Also, no monopoly should be allowed. Need to have about four CBs.

Alan Goodrich presented Experian Micro Analytics (EMA), a new division of Experian focused totally on the microfinance and emerging markets. EMA are part of the Experian Group who have a 30 year history of providing credit scoring and credit bureau services, particularly in the UK and US. EMA have partnered with Planet Finance in order to adapt these offerings and address them to meet the demands of the microfinance sector. Microfinance is experiencing the same fundamental pressures as other financial services sectors from the regulators, clients and competition to improve transparency, consistency, advice, performance, etc.

In a manual processing system, loan application processing is high cost, especially for small transactions. Therefore automation of risk scoring to speed up the decision process is vital to reducing costs and experience shows that clients will also appreciate faster consistent treatment. It is possible that initially loan officers may try to input false information in order to try to get their client approved, but the system will soon show which loan officers are giving false information.

EMA’s offering is hosted in a cloud so that it can be easily deployed at low cost to the MFIs. Branches and field officers can use the system to originate loans with a near real time or daily feed into their MIS and upload their data on a monthly basis in order to keep the models tuned. They expect that these tools should eventually permit additional growth of over 50% per annum and reduce costs by about 40% and their business model is based on achieving a target 100% ROI in the first year.

Badr Benaissa, EVP Business Development of HPS Morocco indicated that HPS which provides solutions and services at the highest international standards covering its customers’ needs on multi channel electronic payment has references in more than 60 countries. Using ICT tools and technologies opens new window of opportunities for MFIs to increase outreach, reduce risk, cost bring down operation’s cost, build knowledge database, fight fraud, retain clients, and grow in a sustainable way.

Any ICT solution required by a MFI should ensure security, availability, confidentiality, audit capabilities, real time reporting and openness for future technologies. Today, in an ecosystem where “m” is replacing “e” thanks to the mobile inclusion worldwide, we are offering mobile based solutions. integrating cards and accounts management, interacting with all existing acquiring channels (ATMs, POSs, Web), and giving all kinds of services. Such branchless banking solutions would reduce transaction costs. New challenges related to organizational (business processes re-engineering), social (Convenience and customer acceptance), political and economic impacts are induced by the roll-out of new ICT tools.

Stakeholders like Central Banks and policy makers, Banks, Telecom Operators, Solutions Providers and MFIs can contribute in creating business and technological environment which will enable in a short term microfinance offering a good, sound banking option.

The second session focused on the Critical Foundation for Growth. The vast majority of MFIs are still struggling with MIS-related challenges and hopes. Why? Who bears the responsibility, the MFIs or the MIS providers? Which MIS to choose for future growth? What are the main criteria of selection? What are the appropriate pricing and technical support options offered?

Jean Pouit, Executive Director of MyTransfer, who started the system of technical reviews of software for CGAP, outlined the importance of the level of computerization for growth. The first round of reviews was done by someone else in Washington for 6-7 in depth reviews. The 2nd round, 2005-06 he wrote the 25 reviews. The level of computerization can vary from manual, to Excel base, to auxiliary accounts at group levels, service bureau (monthly consolidation), consolidate database (daily, weekly) and finally to a centralized database with real time connectivity.

He explained the key features of a microfinance software (donor funding tracking, regulatory reporting), the loan features (collateral, blacklists, interest, fees etc), the software features (online/offline) and optional features (multilingual, multicurrency). With scaling, there is a constant debate on whether one continues with a legacy system or to buy a new MIS. So some kind of gap analysis is required periodically, with a survey of alternative software. For this; the selection is usually based on criteria matrix with weighting. Licenses can be only 15% of the total cost. Have to see the total cost of ownership.

Pierre Pezziardi, the Deputy Director of OCTO Technology and co-founder of Octopus Microfinance explains how productivity gains with IT can only be achieved through a change in organizations and processes. Economists have shown that companies investing in IT, while not changing in-depth the way they operate, actually decrease their performance. In the micro finance sector, it is the case for about 40% of MFIs (CGAP 2008). However, it’s difficult to change, both the people, and the complex computer systems we build.

Hence, for IT to be a business enabler, we need to introduce change management and coaching techniques in our IT projects. It is important to buy Info systems that give guarantees of changing/evolving/upgrading easily (agile methods, automated tests …) and that also guarantees the continuous improvement of your operations, accompanying your key users in regular workshops. Pierre summarizes this vision explaining that an MIS is not a car or a building you can buy, it is an ever-evolving creature that mimics your organization and its needs: the beginning of the story, not the end.

Hans Verkoijen, CEO of Crystal Clear Software in Uganda, developers of Loan Performer Microfinance software, indicated that Technology is not an end in itself; it cannot create good institutions, it can only make good institutions better. He outlined the problems of downtime and data loss because of software bugs (18%), hardware (38%), and networks (23%). He advised to look for Long term partners who invest in Research and development and whose software grows with your needs.

Kamal Budhabhatti, CEO Craft Silicon, Kenya, The main problem for MFIs is to hire and keep key software people. The MIS implementation cost runs over budget. Sales service from OSP is also expensive. MFI core business is not IS. So MFIs should use the Software as a Service model. This reduces the risks, especially for small MFIs. Lower costs, etc. Other advantages are shorter time to implement lower cost of ownership. Disadvantages include security over the lines, security at data center, downtime, access issues, connectivity and bandwidth issues.

The next question posed was whether ICT solutions were responding to MFIs’ needs? It offered a debate between IT providers and MFIs on IT’s impact on microfinance operational challenges.

Dr. Arvind Ashta, Chairholder of Microfinance at the Burgundy School of Business, introduced the importance of MIS for scaling an MFI and the advantages a good MIS offers an MFI. He then offered the peculiarities of the microfinance sector and the complications raised by banks downscaling into Microfinance, MFIs up scaling into banking, infrastructural issues like electricity, network connections, human resource issues such as literacy of the operators, multilingual requirements and other problems.

The first decision is to choose among making it internally, outsourcing a custom made MIS or buying an off-the shelf package. In this presentation, the focus was on off-the-shelf packages. It indicated the diversity of software which existed in the off the shelf market and included the total cost range which could extent to almost a million dollars for large MFIs. The research was largely based on CGAP technical reviews. One emerging hope for smaller MFIs is Software as a Service and in fact Mostfit, new software permits of reducing costs to a few thousand dollars.

Dr. Alfred Mesguich of the Aga Khan Agency for Microfinance, then looked at the other end of the spectrum: in view of the diversity of packages available, how does a multi-country, multi-lingual, multi-currency fund manage to integrate the data emanating from diverse software. He explained that in view of the specific problems of gathering information, their fund had to start its own Information System.

Jean-Marc Lagache of Sopra Group explained that they were specialists in banking software technology. Now, they are using that technology to answer the needs of Microfinance market, starting in 2006 for Zakoura Foundation & Al Amana Association and more recently with FBPMC. Their Evolon software is suitable for branches, ATMs, mobiles, Internets and POS. He recommended using it for MFIs with 50000 to 200,000 contracts per year.

Jiten Patel, CEO of MicroPlanet Technologies, provided a more detailed technical explanation of how software as a service would work in a poor country environment. His GAP analysis indicate that MFIs need high software support but loc prices, while software manufacturers would like to charge high prices and offer low support. The SaaS model takes away the initial development costs and only user fees are charged, making it affordable to small/medium MFIs. At the same time, the software manager only has to provide support to once SaaS operator. For security, he uses a hybrid SaaS where there would be an international SaaS hosted in an international hub, backed by a local country hub for back-up data in case the international hub connection is lost.

The afternoon session discussed how technologies can help to enhance the efficiency of MFIs? Three interesting parallel sessions investigated different aspects of these questions. Although I couldn’t attend all three since I haven’t attained ubiquity, the questions posed could be interesting for researchers. I will develop only the last session where I was present.

One session was on credit bureaus. The use of Credit Bureau is essential for a maturing industry in order to support the credit decision-making process and to manage risks tied to over-indebtedness. What are the challenges involved in the generalization of its implementation and use?

A second stream was on rural banking. Often due to cost considerations, growth in microfinance has largely by-passed rural areas, where the unmet demand is highest and most urgent. How can technologies help to boost outreach by reducing costs? Which technologies are most appropriate?

The third session was on Branchless Banking. Branchless banking has been increasingly used as a solution to increase outreach. Looking at Brazil and other emerging countries using correspondent banking, the question is: has this model achieved a significant impact? What are the constraints for the MFIs and Banks as well as for the POS operator? What are the client’s perceptions?

Antonio Neto, Analyst, Dept of Financial Systems at the Central bank of Brazil outlined the human geography of Brazil and explained that lending to the poor in remote areas was not sustainable for banks. Banking, through retail outlets or through correspondents, started in 2002. The client hands his or her bank debit card and inputs the PIN number. The correspondent receives a commission of reach transaction. There are daily limits for each correspondent set by its bank.

All institutions are able to have correspondents if licensed by banks. Correspondent function cannot be the only business of the correspondent. This is so that employees of correspondents do not ask for banking salaries. Since 2002, 5564 municipalities (all) have at least one BSC. Over 15000 BSC outlets in 2009 over 2.6 billion transactions were carried out through BSCs. In Brazil, the class A spends more than class D.

Carlos Bourges, Caixa Economica Federal- Brasil presented 81300 employed, 49.4 million clients, 2086 branches, 1226 off-site ATMs, 489 Advanced banking outposts, 94 other points. They also have other partners, lottery units and non-lottery units, about 25000 units in total. Caixa is present in all 5000 districts of Brazil. The services provided include payment of bills, payment of social benefits and pensions, withdrawals and deposits in checking and saving accounts, receiving of account openings, receiving credit application operations and credit card application and a hundred other services.

All people are potential customers of CAIXA. BSCs are allowed to undertake lottery, unions, groceries, drug stores, bakers, accounting offices, etc. The total was $ 25 billion, of which ù4.2 billion through BSCs. 30,500 POS devices in retail outlets. Number of transactions is 345 million in 2009. There were 141 million social benefit payments and 800 million water, energy and utility payments made in 2009. 40% of the money gathered through lotteries goes to the State Department’s social fund. Non-lottery units use thin client solutions where the equipment and connection are provided by CAIXA.

Kamal Budhabhatti of Craft Silicon, Kenya presented software solution for branchless banking. Craft Silicon has end to end solutions for branchless banking. Branchless banking allows reducing costs of agents. Craft is providing it on hand-held devices which have either biometric authentication or PIN, on option. Software is also available on Mobile phone with external PIN pad or biometrics devices. The connection is online or offline with smart card. The software can operate either through the credit officers or through agents (BSC). One MIF had 50000 customers with 15 branches. It wanted to upscale to 1 million customers. To scale up it opened agents. Neither the MFI nor agent wanted to buy the device.

Therefore, the agent was given a loan to take the device (this ensures he looks after the device). The agent is a graduated microfinance client who now gets his own downstream. Agent is paid a fee for opening accounts. Device costs 235 $. The agent has to pay 23.5$ per month. In addition, he has other costs and total is $31. Break-even is 7 installments a month. Smaller agents were making an average of $150 per month. These agents are shopkeepers. So, agent also gets other sales because customer enters and buys other things. Plus agent gets more visibility by saying he is a microfinance agent. Agent also has to authenticate by putting his biometric or PIN signature. Agent float is debited. Commission goes to agent and to MFIs. Branch officer devices work offsite. They can operate on solar energy and battery life is not a problem.

Norman Frankel of Mi-Pay made his presentation of a top-up telephone card service.

                              Banked             Unbanked
Own a Phone              1.9                          2.1
Do not wn a Phone    0.1                          2.0

He first surveyed mobile banking. During, 2005-2008, different models emerged in Philippines, Smart/ Gcash, Kenya , m-Pesa and South Africa Wizzit banks. Then in 2009, there was a take off with more banks coming in. A number of new operators came in. In Cambodia: Wing is a bank led proposal. In Africa: a number of central banks start to re-write regulatory legislation encouraging open collaborative models between banks/telcos. In Kenya/ Uganda: many smaller players launched niche plays enabling a more competitive playing field (not just mobile operators, but also some niche banks). In Latin America: some markets re-wrote legislation. India took a “backward” (I would have said conservative) step with Central bank insisting banks only play. They may have to reconsider in view of faster growth of more permissive Pakistan.

Air-time top up: most people don’t trust people with money but they are willing to trust for small amounts for payment of services. So, start with top up for telephone services and then allow payments with the telephone account. The constraints are that it is expensive especially to understand the regulatory employment (18 months) and building your agent network ($ 10 million). How do you provide incentives to agents? There are multi-party solutions required, which means going slow.

The Central bank regulations usually insist now on such collaborative solutions. As a result, Norman set out the argument for a hosted mobile money enabling solution as being appropriate for MFI’s interested in driving or leading this capability as it lowers significantly the upfront capital investment costs. Alternatively MFI’s can join as agent networks to other schemes, as the need to have well managed financially aware agent networks is key.

The second day was devoted to Mobile Banking And Microfinance.

It started with Meeno van Doorn, Director of the Research Institute for the Analysis of New Technology and author of Media and Me. He addressed the theme of how new media, social media can finance MFIs. What would be a good internet strategy for a MFI? Twitter has a “Microfinance Monday”. The tipping point was June 7, 2008. It was the end of the first internet battle: Obama, Clinton and McCain. It was a battle between microfinance and macrofinance. Obama won because he chose the microfinance strategy.

He is the first microfunded President of the USA. In June, Obama raised more than Clinton and McCain together. Internet is about hyper ego (ME) and allows people to show what I have, notably social capital. Questions are how do you want to help? Making a difference is important. First question is how much money you want to raise? How many events do you want to organize? Send this information. All my friends help me and then I help Obama. I can take expert questions on the Mobile and advertise on U-tube. Kiva is doing the same. It is making your help visible. Need to ask digital natives (your children/ young people) to do design your internet society.

Can mobile technologies help the microfinance industry make the technological leap? Can ICT help MFIs double their client outreach to 300 million? What are the most promising and cost-effective technologies?

Mohamed El Mandjra, CEO of Meditel Morocco started with the human geography of Morocco. Notably, a population of 30 million, low income àf $25810 per annum, 57% urban population, poor infrastructure, 31% are banked. A principal axis of reaching poor people is the distribution mechanism. Key Success Factor of distribution is economic accessibility with recharge at 5 Dirham, simplicity of usability (no need for codes), ancillaries (16000 points fo sales all over Morocco organized as a pyramid), logistics (of insuring an information system) and out sourcing (20 wholesalers managing 1000 PoS and 16000 Points of Sales and Recharges). Their model is based on the predecessor system of prepaid card with a code, which they have dematerialized to include only the telephone without a card. So, once cash goes on, the telephone has the credit. The Trust of the consumer is the KSF.

In 2001, 386 Million of Dirhams, 2009, 2305 Million of Dirhams of transactions. 84% of transactions are between 5 and 20 Dirhams and 16% are more than 30 Dirhams. Less than 1% are for more than 100 Dirhams (about 9 Euros). There is no more physical manipulation of cash. There is a reduction in cost of operations and transport. It takes 2 seconds for time of operation. Each client can choose the value he wants to put in. The information becomes immediately available. It follows the MPesa model. MPesa contributes significantly to Kenyan economy. In mobile money, there is going to be further transformations. Today, for transferring money we go to a PoS. Tomorrow, can link it to bank account and no need to travel.

In the first of the parallel sessions, the key Business Models (Bank Led/MNO-Led Initiatives) and the Key Successes were discussed, with the latest updates and developments of mobile banking projects across Africa, and the key business models developed by banks and mobile network operator.

Session 2 discussed Mobile Banking Regulations & Best Practices. New ways of delivering banking services can be challenging to long-established policies and regulations. What are the different legal and regulatory challenges created by new technologies? What policy reform measures may be answers to these challenges? I decided to attend this one since I was moderating.

Eric Holst-Roness, CEO of SNAP, explained that transacting in cash involves costs and it is specifically these cash related costs that mean that money transfer fees and micro-finance interest rates are so high. These costs include cost of distributing, losses, insurance and administration. With cash there is no possibility of data, audit or control for regulators. It involves a risk of theft. Also, to be useful, you have to carry it physically. On the other hand the advantage is that everyone understands how it works and therefore any replacement electronic money would have to be simple to use. Electronic money has only minimal transaction costs: the other problems are solved. The advantages of using an Electronic Money Platform like SNAP are: Money transfer costs could come down to zero from about 10% with providers today; Considerable time saved in travelling and queuing; Increased security. SNAP provides multiple channel access to their payment platform (Mobile, Web, POS, TV, ATM, etc), providing institutions with total control on card issuing. It also allows MFIs to capture data and make reports in real time at no extra cost.

Claire Alexandre of the Bill and Melinda Gates Foundation talked about regulation as an enabler. She started off by distinguishing mobile banking as an additional channel for existing customers from a channel for new unbanked customers. Her foundation is interested in focusing on the latter to reduce distribution costs in transfer services to this segment and leading to access to savings and other financial services. Creating an enabling environment, for her, means moving away from an institution based framework and promoting competition between business models to lower costs. This competition would also permit a focus on needed services. The regulation should address different levels of risks in different ways using appropriate limits, for example. Finally, it should align all the stakeholders’ incentives. Most regulations being developed address Agents, KYC, the role of Non-Bank players, consumer protection, security and interoperability.

DavySerge Azakpame of AFMIN then discussed the issue or proportionate regulation to enable Moblie Banking Services to emerge in Africa, which has a banked rate of about 20% on average, with many countries at 5%. As a result, mobile telephones could add considerable value to this sector. The usual models are Bank-Led, Telco led, Joint initiatives and mobile led by other Non financial institutions. But in all this there is also a role of many other service providers. In addition to the subjects of banking regulation indicated by Claire Alexandre, he indicated the Regulatory framework for electronic money and the control of inflation which the central banks worried about. He then provided examples of each of the regulation and discussed how South Africa discusses Proportionate Regulation.

Jacques Attali, the founder President of PlaNet Finance addressed the issue of Technological step change: IT application to financial access. He reminded us that money is just a store of information. So are all the information systems, including accounting are recording systems for finance. All these were new in their time and transformed finance. Today’s new Techniques also manipulate information and finance. Now loyalty and trust become important questions. It should have the same value to buyer and sender and should not lose value. The control of the information is more important than the technology itself. In New Delhi, the entire debate was on Banking software and nobody talked much about mobile banking. Today all are talking about mobile banking and banking software has lost its importance. However, things in finance proceed slowly. First, it is that regulation in finance has to keep the trust. So prudence and prudential norms are important. One technique for keeping the confidence is Credit Bureau. The costs are high and the value of information is high and people don’t want to share the info, but it is important for the system as a whole. New crimes are coming in and have to protect the system. Tomorrow, there will be mergers and alliances between telecoms and banks. Therefore many of today’s debates will be meaningless. But no matter who runs the system, the confidence in the monetary system has to be preserved.

The newt topic was Mobile Money Transfer. Pyramid Research estimated that by 2013 about 11% of the mobile subscriber base of 64 million people will use mobile money transfers in Africa alone, up from 1% today. As Norman Frankel pointed out the percentages are already significantly higher in Kenya today. The potential is enormous and the competition is fierce. What will the future look like?

Philippe Torres of BNP Paribas talked about how remittances go mobile. This solution is about 10 years old (Smart Money). Today, Smart money has 2.5 million clients. In 2007 onwards, a second movement started with MPesa and G-Cash . Thereafter came Hal-Cash and Regalo –Card (2009). The main hopes are lower fees, user economies and a more formal economy. The min brakes are fraud, financial terrorism of foreign exchange speculators and money-laundering. Payment cards took 20 years to become mainstream. In 10 years, mobile payments has not really come in. Many players are coming in: Telecoms, banks, Money transfer agencies, payment networks, start ups and other networks (such as agents). Virtual Networks on internet will also come join in. International money transfers on mobile are not yet measurable.

Norman Frankel, CEO of Mi-Pay indicates that regulation and AML do not permit international money transfers. The question is how to make mobile transactions international? The future mobile money will be largely domestic money transactions and international air time transactions. Early adopters will be the affluent, with access to phone and micro-entrepreneurial in outlook. International transfers will become increasingly important. Consumers will focus more on paying for services (utilities, credit, insurance) instead of P2P payments such as what MPESA does. Direct payment for these services will come from abroad. Agent distribution and cash float management will remain a problem for pay-outs. There is also a time lag for training. Mobile money transfer is for unbanked. Front-end would need to be on phone. Poor people typically top up for $5. But if a rich cousin from abroad tops up, he will send $20. In the SMS, can send a message along with the money. So, there’s a social side to the finance.

Ireti Samuel-Ogbu of Citigroup of South Africa presented a case of why mobile money transfers is the best route for financial inclusion given the number of people who have mobile phones compared to bank accounts. In Africa, the unbanked is a very high proportion. In Kenya, 90% is unbanked and 70% have telephones. Africa has 40% mobile penetration and bank penetration is about 10%. The mobile money model is simple. Mobile money transfers have grown exponentially in last three years. Citi is playing its part in promoting mobile money transfers by 1) acting as a cash custodian/ settlement agent and 2) using mobile as a channel for its customers(financial institutions including MFI’s /corporates/public sector) to pay or collect from unbanked consumers. Examples are disbursement of loans by MFI’s or social grant payments by the government and collections of utility bills. Irrespective of regulation, we need to work with mobile networks to talk to regulators. We have to assure that the telecom will not create money. Enabling regulation is very key as we see in Kenya with Safaricom as the key to financial inclusion. In Tanzania, mobile banking can place money in the banking system. The question is whether banks are pushing ahead, competing or collaborating with mobile net work operators.

Osam Moatasem from Masary Egypt indicated that MNO led initiatives and bank led initiatives had their own challenges. This is not the core business either of the bank or of the MNO. Both need an independent entity to make this work. So have to start with the customer and his needs. How can you take cash in and give it out of the mobile. Masary helps the FIs to service customers. They launched an e&m wallet to distribute electronic services. They are agents for 3 major telecom operators in Egypt (Mobilnil, Vodafone, Estislat). They have 600+ merchants in rural areas. They started 3 initiatives with 8 MFIs in 8 governorates in Egypt including their loan tracking mobile and Young entrepreneurship program and branchless banking and MPayment pilot. Egypt has 279 MFIs under the regulation of Ministry of Social Solidarity. The potential market is 21 million and the actual is 1.5 million and growing at 40% per year. The user enters pin code to secure a service. He receives a menu to choose service. If it’s a case of collection, user enters customer’s data and amount paid sent via SMS. Customer receives an SMS transaction code. MFI manages all transactions via web. Challenges are numerous. Target customers are price conscious. The value chain has lots of stakeholders which affects margins and is time consuming for negotiation. Commercial programs need long term development and awareness efforts.

Rene Speelman of SOGETI summed up with 7 lessons.

Sharing information is important.
Technology can reduce your operational costs by 5%
Licensing fees are only 15% of total cost of ICT
How new is new technology? Mobile banking is new.
Every company/individual needs a social media strategy.
The real value of technology is how it is used. Some of it will take more than 10 years to create value.
There should be more videos in presentations.
 
Source: http://www.microfinancefocus.com/news/2010/03/17/an-account-of-the-microfinance-and-new-technology-summit-in-marrakech/
Categories: M-banking, M-trade, M-finance
Country: Morocco
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