2015년 9월 21일 월요일

[발췌: D. Collins et al's Portfolios of the Poor] 7. Better Portfolios

출처: Daryl Collins, Jonathan Morduch, Stuart Rutherford & Orlanda Ruthven, ^Portfolios of the Poor: How the World’s Poor Live on Two Dollars a Day^, Princeton University Press, 2009.
자료: http://www.portfoliosofthepoor.com/book.asp; 구글도서; ...


※ 발췌 (excerpts): pdf p. 203/212 ~

* * *

Chapter 7

Better Portfolios

( ... ... ) Measures of well-being such as the UN’s Human Development Index track health and literacy as well as income, broadening the domain of poverty reduction. 

   Yet the financial diaries made us think afresh about poverty in terms of money─and, more specifically, money management. We saw that without access to basic forms of financial intermediation, poor households found their health emergencies triggered broader economic crises; ( ... ... )

   When incomes are small, tools to manage income well become vitally important. ( ... ... ) This is the fundamental tragedy of poverty as seen through a financial lens: the triple whammy of incomes that are both low and uncertain, within contexts where the financial opportunities to leverage and smooth income to fit expenditure are extremely limited.

   A focus on money management does not shut out more ambitious aspirations such as improving health, education, and farming practices. On the contrary, it can help to realize them. By getting the fundamentals right─by making it easier for poor people to get a grip on time and money so that income earned in the past and income anticipated in the future can be tapped in the amounts required at the time most needed─basic money management tools are the very foundation for aspirations of a broader nature. ( ... ... )

Striving for Universal Service  (p. 204/214)

   Financial services for poor people─that is, microfinance, as provision of these services has become known─is enjoying unprecedented growth. ( ... ... ) More and more providers are setting up shop in more and more countries around the world, some of them fired up by the vision of improving the lives of the poor, others lured by the prospects of profits, and many─the so-called double bottom line institutions─attracted by both. ( ... ... ) 

   The poor-owned portfolios that are revealed by the financial diaries suggest that the surge of interest in supplying financial services to poor people is likely to be matched by real, ongoing, and substantial demand. The diaries have shown that it is because of, not in spite of, their low and uncertain incomes that poor people are extremely active in financial intermediation, through whatever means are available to them.

   As providers get better at responding to this demand over the next decade or so, financial services will enter a race that was unimaginable before now─the race to become the first high-quality basic service available to the poor on a near-universal basis. ( ... ... ) Microfinance’s advantage in this race is that it can pursue the task of delivering reliable and affordable services to the poor independently of public resources. It can also operate with less dependence on political will once there is a suitable legal framework in place for microbanking, something that many governments are already offering.[n.6]
[n.6] [about microbanking] It is especially important that regulation enables the mobilization of savings. Where reliable microfinance institutions are not allowed to take savings, poor people are driven to riskier places to store their money. Governments must balance the risk of giving free reign to fraudulent savings collectors with the risk of depriving the poor of opportunities to save in an organized way. See Wright and Mutesasira 2001.

   ( ... ... ) In the previous chapter, we saw how Kapila Barua and Ramna used savings and loans offered by a microfinance provider to manage medical expenses as well as school costs; they were able to do so because the provider’s financial tools were reliable and convenient. As poor people are enabled, through better money-management, to back their demands for health, educational, and other services with more resources, they will exert more pressure for improvement.

Opportunities and Principles  (p. 206/215)

   ( ... ... ) We have traced out the thousands of small transactions made by poor households and delved into intimate questions about why they occurred. Example after example revealed that poor people do indeed manage their money. But they also showed that the portfolios which result from their efforts are often fragile and incomplete.

   What, then, are the most promising ways of improving the portfolios? By distilling the detail from our diaries we have identified three big opportunities that providers can seize, and we offer a set of principles that should help guide them as they do so.

Opportunities  (p. 207/216)

   ( ... ... )

   ( ... ... ) Taking he broadest view of their[poor-owned] portfolios, we distinguish three ke services that are greatly in demand but often inadequately provided. Offering solutions to these key services give microfinance providers three big opportunities:
  1. Helping poor households manage money on a day-to-day basis
  2. Helping poor households build savings over the long term
  3. Helping poor households borrow for all uses

In some places, providing insurance will also provide a big opportunity, but the diaries
remind us that from a household’s perspective what matters is being able to manage risk,
not being insured per se. As chapter 3 described, having a chunk of savings to fall back
on and being able to borrow when needed are often the most critical ways to manage risk.

Cash-Flow Management  (p. 208/217)

   ( ... ... ) The first of our three big opportunities, then, is to offer poor households access to a cash-flow management facility that combines convenience with capacity. It would provide the chance to make small-scale savings of any value at any time with the right to withdraw on demand; and at the same time it would offer loans of a modest value that can be taken quickly, on demand, at any time, and repaid in small (and, if necessary, irregular) installments.

Building Savings  (p. 209/218)

   ( ... ... ) Our second big opportunity, therefore, is to offer long-term contractual savings products. These mimic savings clubs by making it possible to save small sums on a regular basis, but add the opportunity of doing so safely over the long term. As chapter 6 has shown, an account of this kind that is already common in the villages of Bangladesh has met with resounding demand, ( ... ). But this revolution in long-term “microsaving” is only just starting, and is yet to begin in countries where legislation to allow reliable microbankers to mobilize savings is not yet in place. ( ... )

Loans for All Uses  (p. 209/218)

   ( ... ... ) Our third big opportunity, then, is lending for a wide range of uses. The basic mechanisms are already available, because the development of uncollateralized lending has been the single biggest and most widespread achievement of the microfinance movement.
  • But many microfinance providers still prefer their borrowers to use their loans for just one purpose─microenterprise. Where this is enforced, clients cannot borrow for other vital uses even when they have the cash flow to service the loans. 
  • ( ... ) many loans ostensibly taken for microenterprises are used for other purposes. It is time for microfinance not merely to face up to this reality, but to embrace the opportunity that it presents. 
  • By offering general-purpose loans, matched in value and structure to the cash flows of poor households, microfinance would open up to the biggest single market it is likely to find among the poor (especially the urban poor who tend to be waged rather than self-employed), and one that would be greatly appreciated by most of our diary households.

   Many of these loans will be used to deal with emergencies. ( ... ... ) If there were such a thing as “general purpose insurance”─an insurance policy that paid out for a wide range of events─poor households would be more likely to embrace it. In its absence, the next best way of dealing with risk is through savings, backed up by access to loans, as the stories in chapter 3 vividly show.

Principles  (p. 211/220)

   reliability, convenience, flexibility, and structure.

   ( ... ... ) Regularities─such as scheduled visits by bank workers, or planned savings or loan repayment schedules─that promote self-discipline are what we mean by structure.

The Supply-Side Challenge  (p. 214/223)

   ( ... ... ) Chapter 6: microfinance providers in Bangladesh that have brought convenient money-management accounts, structured savings, and more flexible loans to most of the nation’s poor households. ( ... ) Also in Bangladesh, SafeSave, offers its clients exceptionally high levels of convenience. Clients are visited every day at their home or workplace, and may take loans without fixed terms that can be paid down day-by-day as the client likes. Yet this service too is delivered profitably.

   ( ... ... )

Maximizing Money  (p. 215/224)

Appendix 1: The Story behind the Portfolios  (p. 217/226)

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