Category Archives: bank service

SME Lending in Kenya

The Central Bank of Kenya, Financial Sector Deepening Trust Kenya and the World Bank, have published a study on bank financing of Small and Medium Enterprises (SMEs) in Kenya ($1=Kshs 100). Excerpts

  • The total SME lending portfolio in December 2013 was estimated at Kshs. 332 billion, representing 23.4% of all banks’ total loan portfolio
  • Donor Support: Nearly all of the banks interviewed received some form of donor support or were in discussions with donors for support directly related to financing of SMEs. In several cases there were banks with support from as many as four donors at a time.
  • Limited Government Intervention: In 2010 The Government (though the Treasury) established a special SME scheme, called the MSE Fund, but since 2012 no new loans have been approved by the fund. According to Treasury, the scheme was discontinued because “the intention was not for the Government to lend, but to create an incentive for banks to engage with SMEs”. After only a year of the fund’s operation, banks started to lend more to SMEs from their own books, especially Equity Bank, and therefore Treasury did not see any reason for the continued operation of the fund. In addition to the MSE fund, the Government set up a Youth Fund and a Women Entrepreneur Fund, in which a number of banks are participating. The Government is also contemplating a partial credit guarantee for agricultural loans.
  • Courts Not Good at Dispute Resolution:  Enforcement of secured claims appears to be slow and costly, affecting the cost of credit. It takes 4.5 years, costs 22% of the value of the debtor’s estate, and only yields 30% of what is owed
  • PE & VC’s: The majority of around 15–20 active private equity funds focused primarily on SMEs with a perceived financing gap of typically between US$50,000 and $5 million. The funds target deal sizes of around $1–3 million, which is still at the high-end of the SME segment and is therefore out of reach for most SMEs in Kenya. The venture capital industry is still nascent with about 10 venture capital type funds, but interest from international firms, as well as local ones, especially in the emerging ICT industry, has recently been on the increase. There are several incubators which have been set up to help build the pipeline for such deals, but the sector is still at an early stage of development
  • 3 Kinds of Banks: Banks target the market segments they are most effectively able to service. There are 1. Corporate oriented (Barclays, CfC Stanbic, Standard Chartered)  2. Supply-chain oriented (BoA, Chase, DTB, Ecobank, FINA, I&M, NIC) 3. Micro-oriented (Co-op, Equity, Family, KCB, KREP, Jamii Bora)
  • Overdrafts are Bad: The most interesting finding from this analysis is arguably the central role played by overdrafts in SME lending in Kenya. While overdrafts can be useful to meet immediate liquidity needs and to avoid firms having to turn to informal lenders or shadow banking, a problem arises when firms use overdrafts to fund specific working capital or investment financing needs. Overdrafts tend to be very expensive and inefficient in addressing specific business funding needs. Banks, on the other hand, may have limited incentives to reduce firms’ reliance on overdrafts, as the overdrafts usually provide high profit margins. Nonetheless, during the interviews some bank managers confirmed that over-reliance on overdrafts can be a major hindrance to the development of SME finance in Kenya: overdrafts are a financial ‘black box’ because they do not reveal why firms are borrowing nor how the loans are used.
  • Interest Rates: The average annual interest rate is 20.6%  for microenterprises, 18.5% for small enterprises, 17.4% for medium enterprises and 15.3% for large enterprises.
  • Potential 20 Million Credit Reports: As of 31 December 2014, a total of 5.2 million credit reports were requested by banks, compared with 2.3 million as of December 2012. Adding the information from the over 20 million registered mobile money/mobile financial services users would lead to a significant expansion of the underlying information base.

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Points to Consider before Switching Bank Accounts

This was inspired by a query from ‏@KaranjaJ on if there Is there a .Ke bank that delivers on its promise or is their verbal communication a load of B.S

1. Find a bank you’re comfortable with. You should not be unhappy with your bank.

2. If you outgrow the bank you’re with, move on. You may have been a customer for years, but your needs have changed, and these days it may not be as smooth as it once was. Maybe the bank ownership changed or the relationship managers you had moved on leaving you with without the friendly familiar service you enjoyed.

3. Don’t believe all promises advertised by a new bank product in a brochure. They are only telling you the good side.

4. Keep your old bank account for a while and only close it when you’re happy with the new one. Some customers find that the new bank is charging them for services they were getting for free at their previous one.

5. Negotiate with your current bank. They may waive some charges or make some changes, if you ask.

6 No one and no bank is perfect. Each bank has some positive’s, and also some negative’s.

7. The people who sell the product, are not the ones who will service it. When shopping for a new bank or product be wary if the person selling it is an agent on commission, not an employee of the bank. What they promise may not be delivered as you understand it.

8. Ask about all charges for the new service – Joining fees, admin/maintenance fees e.g. there may be an upfront 5% on your investment which is taken out before you account is event credited, and if that happened every year, you will not grow your investment much.

9. This is the era of mobile & internet. You should be able to view and query your accounts online – and this should be at no cost (it’s always cheaper for the bank to give you some account access, than you having to go to the branch to ask for a statement)

10. Read the fine print before you sign. You may be desperate, but take a few minutes to query some clauses, and it it’s a loan or investor agreement, ask to read it overnight, and get some legal advice.

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Huduma: The Bank Branch of the Future?

A visit to a Huduma centre showed that a shared building or hall where different banks serve their customers  may be the future of the bank branch. 

Despite new mobile, ATM, and internet channels, customers still need to come into bank halls quite a bit, as seen by the queues at beginning and end of each month. A lot of this is because customers need to bring and and remit payments that end up going to other banks either via direct deposit, cheques, or RTGS. Does the money need to physically move? No But the customers do, going from building to building to do single transactions at many banks. 

It helps if you have a place like Sarit centre which is an banking attractive destination because it has so many bank branches under one roof, with many more in adjacent buildings.
 
Can banks share a hall like a Huduma one, and second some staff there to serve their customers in such a centre?. This way they can share the cost of security, which can be handled by armed guards outside, and leave a friendly customer interface inside that is devoid of bullet-proof glass (like some Uganda bank halls)
Every bank that has a branch network incurs a repeat of the same costs of staff, security, cash handling, advertising signs, stationery  etc. They also have building leases, insurance, and fees per branch or outlet  – such Kshs 65,000 or $765 per year for an ATM license in Nairobi County.
Big banks have invested in big branch networks, but can smaller banks share halls in new neighborhoods or towns like Eastleigh and Kiserian that experience rapid growth, and the banks have to catch up. Shall we see a bank hall or post office hall in such a place with 20 desks, and 20 sets of staff for 20 different banks?

There are some signs of this coming:

  •  One is the precedent that Kenswitch set, in which about two dozen small banks and financial institutions got together to share an ATM network that their customers can all use. 
  • Another example is large hardware, pharmacy, and agro-vet stores in rural Kenya that  simultaneously act as agents for several banks (which they can do as bank agents, but not mobile money agents). 
  • Another is the trend of Nairobi malls grouping as many bank ATM’s in one area e.g. at Galleria and Junction malls. There is no true saving yet as each bank still has an idle security guard to ‘look after’ their machine.

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NIC Bank Move to Now

Ten years after NIC pioneered a revolutionary flat fee banking model, they have now launched Move To Now a banking model that makes time-consuming banking experiences more convenient for any customer who can use a computer or smart device. This is represented in faster decision making, likes asset finance loan approval decisions which NIC delivers within 12 hours of application that can also be placed at various local vehicle dealers.

At an event this week, the Group Managing Director and his team highlighted four of the features of MovetoNow including online account opening, online banking, a mobile app and online cheque deposits  – all of which can be done without having to visit a bank branch, whether for existing or new customers. 

Notably, the accounts are in two types;  one being a transactional (pay as you go) model that charges Kshs 30/= per activity done by a customer, or a flat fee of Kshs 800 ($9.41) per month for a bouquet of products. The NIC app has all the features of the online platform as well as others like traffic cameras, movie listings, and the ability to make KRA enquiries and payments.

At the launch of M-Shwari in 2012, the then Immigration Minister spoke of an online platform that banks could access to immediately confirm identities of citizen identity/registration documents and this seems to be what has enabled banks to offer account opening verification by phone.

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Safaricom & CBA Launch M-Shwari

This week saw the launch of what is likely to be a revolutionary mobile phone product called M-Shwari. It comes from two long-term partners; Kenyan mobile company Safaricom, well known for its world-famous  mobile money product – M-Pesa, and a local bank, the Commercial Bank of Africa (CBA) who have been custodians of M-Pesa funds for years.

In its current evolution, with a maximum loan limit of Kshs 20,000 (~$235), this is not a banking product that will threaten the banking fraternity – for now.  What it will impact are the savings and credit societies (SACCO’s) and shylocks who people turn to for payday (month-end in Kenya) and emergency loans. With M-Shwari, they can apply for loans on their phones, repay by phone, get a statement by phone and won’t have to get 2 or 3 guarantors (SACCO) or exchange an electronic item or vital document like a logbook (Shylock) to get it. But like with SACCO emergency loans, the terms are strict and not cheap. You can only take one M-Shwari loan at a time, and one has to be paid before another one can be taken up.

In the five years since M-Pesa was introduced in Kenya, banks have gone from fighting mobile phones intruding on their financial turf to fully embracing the convenience. About a dozen banks, now integrate their bank platforms with M-Pesa, a partnership between Equity Bank and Safaricom got over 700,000 accounts in its first year, and two months ago, Nation Hela was launched by the Nation Media Group and Diamond Trust Bank to bridge remittances in the Diaspora to debit cards and mobile phones.

But, when (then) Safaricom CEO, Michael Joseph spoke at a  Fireside Chat at the iHub in 2010, he had a warning to banks, saying that retail banking will disappear in 10 years time. Customers will not go there (to brick & mortar branches) except for loans, as ordinary banking will be on (the) mobile phone whose convenience is unprecedented.

Other M-Shwari Notes
  • The 7.5% charge per loan looks simple but can be astronomical for a repeat M-Shwari borrower. However, such a person is probably already serial borrower elsewhere without accumulating any savings.
  • In terms of default protection, the loans are self-securing in that for each loan, an equivalent amount of a person’s savings in the phone are frozen until the loan is repaid. Also, with five years of M-Pesa data, it’s unlikely that people will default on an easy product.
  • The M-Shwari brochure states that borrowing will be based on these savings and past usage. The M-Shwari T&C go quite a way to exclude CBA from dealing with the customers whose savings and loans they are handling by stating that no M-Shwari services will be performed at any CBA branches.
  • A side story to this is the amazing ability of the two institutions and the several government regulators to keep a secret going for several years.

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