VSLA for financial education An effective tool for exit strategy from social protection to economic self reliance. Presented by: Glycerie Niyibizi

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1 VSLA for financial education An effective tool for exit strategy from social protection to economic self reliance Presented by: Glycerie Niyibizi International Conference: Graduation and Social Protection Serena Hotel, Kigali, Rwanda 6-8 May 2014

2 Graduating and Social Protection- How can it be made more sustainable? VSLA for financial education An effective tool for exit strategy from social protection to economic self reliance. I. Background In recent years Rwanda has managed to achieve good levels of economic growth. EICV 3 shows that levels of extreme poverty fell from 40% in 2000/01; to 36% in 2005/06; and to 24% in 2010/11. However there is still much to be done as poverty is still existent, and levels of inequality are on the rise. In response to the problem, the government of Rwanda is implementing social protection program aiming to build a social protection system that tackles poverty and inequality, enables the poor to move out of poverty; reduce vulnerability and protect them from shocks, and have them contribute to economic growth. However much positive the trend towards multiplication of social protection schemes might be, in order for social protection programs to be effective, the ability of beneficiaries to sustain wealthier living conditions is of essence. The social protection strategy is built around a comprehensive system of cash transfers that includes direct support, grants for other vulnerable groups and public works program. Rwanda has social protection programs in health, education, agriculture and disaster management sectors. The strategy for social protection programming therefore, encompasses programs from different sectors as well as complementary services such as community mobilization, skills development and vocational training activities carried out by other ministries and institutions (eg hangumurimo, Kuremera, etc) Problem statement The cash transfer program as social protection initiative responds to the target groups problem of not having liquid cash, by either providing cash grants to them directly or caregivers (for older people, children and people with disabilities) or cash for work (Ubudehe). Unfortunately, results from the FinCap Survey administered in 2012 identify some important capabilities challenges that Rwandans face in terms of numeracy, cash flow management, future planning, and financial service use. It reveals a disconnect between Rwandans knowledge or awareness of cash management practices and their behavior to effectively benefit from social protection program and definitely get out of the poverty cycle. This is reinforced by the fact that social protection schemes often lack the financial management capacity building for beneficiaries. The second set of social protection program, through sectors like health, Education, agriculture and disasters management includes health insurance, free basic education, and one cow one family. Whilst this multi-sector approach is helping poor and vulnerable people to have access to health and education services, it does not offer long term and sustainable social support for beneficiaries, especially because the beneficiaries for the cash-program may not necessarily be the same as those foe the multi-sectoral social protection programs. Sustained access and subsequent graduation from social protection becomes a challenge in the latter situation. II. Financial access and management a stepping stone to implement sustainable social protection initiatives a) Social protection target group context - The vicious cycle of poverty begins with spending without any kind of saving The social protection beneficiaries do not find the total amount from cash transfer enough for want and needs satisfaction. The total amount gained is spent without saving and even in cases where some little household asset was gained; it is likely to be sold while waiting for next installment of cash transfer. 4. Lower income/more needs for spending 1. Spending High economic insecurity 3. Decapitalization 2. Low/unstable income

3 b) The way out the vicious cycle of poverty begins with micro-saving and Loans activities The cash transfer should help the target to plan for exit from social protection, starting with small savings and lending for investment. This learning by doing process is an effective and sustainable way of low income people financial education for economic self reliance. VSL methodology reveals itself to be an effective tool for financial education that social protection schemes might consider integrating into their discourse. 4. Formal saving and credit 5. Higher &stable investment Economic security/sustainable livelihood 3. Regular small income 1. Micro savings and loans 2. Small investment/igas c) Why the VSLA methodology? A VSLA is a self-managed group which provides its members a place to save money, to access loans and to invest in income generating activities (IGAs). Using the VSLA model, social protection target group is given the power to break the vicious cycle of poverty themselves starting by micro savings and loans. The strength of the VSLA model in terms of enabling the poor to save from selling labor is easly applicable for people benefiting from cash transfer as well as cash for work/ Ubudehe program. The main challenges for the social protection target group to effectively benefit from the cash transfer and cash for work, is its or caregivers low level of numeracy, cash flow management, future planning, and financial service use. Therefore, financial education is a key preliquisitefor them to graduate from social protection services. VSLA model promotes financial literacy by enabling participants to gain experience and confidence in managing relatively small sums of money which nonetheless generate relatively high returns, at very low operational costs. Applying the methodology, social protection target group can learn about concepts of money and how to manage it wisely. It offers them the opportunity to learn basic skills related to earning, spending, budgeting, saving, and borrowing and prepares them to anticipate lifecycle needs and deal with unexpected emergencies without assuming unnecessary debt.

4 By focusing on financial education the VSLA model enables financially excluded people to make the right choice and use of financial services. The model is proving that it is possible for financial institutions to reach the poorest people including social protection beneficiaries with formal financial services through financial education and linkage/orientation. Financial education and linkage of social protection beneficiaries to formal financial services could help them begin to contribute to the country economic growth and continuing acceptable levels of livelihood condition. However poor people living in remote rural areas with low and irregular income streams have difficulty gaining access to appropriate microfinance products, and formal financial institutions find it hard to reach those people. The FinScope Rwanda 2012 survey showed that, despite high demand for financial services, more than half of the adult population of Rwanda (52%) manages their lives without using any kind of financial products (formal or informal). Figure 12: SAFI project impact assessment report Figure 21: Finscope Rwanda 2012 The challenge is also that financial institutions, governments, regulators and all stakeholders in general are yet to take formal notice of the potential financial services market offered by low income population. To bridge the gap; Government, the Private sector, NGOs and Donors need to work together to break down some barriers, and open the door to both formal and informal financial services that low income people like social protection beneficiaries to access suitable products.

5 III. Health-Education and disasters management a priority for social protection beneficiaries The second set of social protection program in health, Education, agriculture sectors and disasters management includes health insurance, free basic education and one cow one family. Whilst the initiative is helping poor and vulnerable people to have access to health and education services, it does not offer long term and sustainable social support for beneficiaries, especially because the beneficiaries for the cash-program may not necessarily be the same as those foe the multi-sectoral social protection programs. It is critical for this category of people to create new sources of regular income, in order to ensure long-term and self-driven satisfaction of basic needs like health and education. Such capacity building is offered during the intensive training period of VSLA methodology and could be useful for social protection beneficiaries and caregivers alike. a) How the VSLA methodology can help for continuous satisfaction of basic needs The training package provided through VSLA group during the intensive period of mobilization and group formation includes a module on the Selection, Planning and Management (SPM) of income generating activities. These training sessions aim to build VSLA group members basic skills in the identification and selection of economic activities and their management. After starting the small economic activities, emerging entrepreneurs benefit from technical assistance to build skills in entrepreneurship and market-oriented business development. SP beneficiaries micro savings and loans Social Protection (SP) program/initiatives start up SP beneficiaries small business IV. Key message Social protection initiatives should be short term and from the start, be combined with initiatives building capacity for sustainable livelihoods and stimulating sustainability such us VSLA, vocational training and entrepreneurship. Therefore, graduation from social protection program is feasible and effective for beneficiaries or caregivers equipped with a complementary package of services focusing on financial education, technical and business skills. Access to financial capital and markets is critical for them to run viable and sustainable businesses. As above per the graphic; below are the main implementation framework steps through graduation from social protection: Step 1: Social Protection program/initiatives start up and social protection beneficiaries or caregivers organization in VSLA Step 2: SP beneficiaries VSLA groups members micro saving &lending operation ; learning by doing process for financial literacy Step 3: SP beneficiaries VSLA groups members micro investment in income generating activities Step 4: Formal financial services appropriate products accessibility and entrepreneurship technical skills promotion Step 5: Entreprises and market linkage backstopping and graduation to economic self reliance Conclusion The social protection initiatives should help the target group to plan for exit, through learning by doing process. A combined effort and the resulting synergy becomes essential to all stakeholders, if this low income population segment is to be graduated from social protection. For more information please contact: Glycerie Niyibizi Senior Economic Empowerment Manager CARE International in Rwanda glycerien.rw@co.care.org

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