Friday, June 24, 2016

Re: [MFP] Controversial blogs on Opportunity and MyBucks partnership

 

All,


Vicki Escarra, CEO of Opportunity, posted a rebuttal of my article yesterday.  This morning I posted a detailed response to her article.  It may be a lot to read through, but it's important stuff… One way to save a bit of time is to start with my comment at the bottom.  I created a document that has her entire text on the left side of the page, and my responses on the right side.

I see Daniel just posted some comments there, and it would be very good if many of you do the same, to keep this discussion going.


Chuck Waterfield

On Jun 23, 2016, at 8:38 PM, Sean Kline seankline@alumni.lse.ac.uk [MicrofinancePractice] <MicrofinancePractice@yahoogroups.com> wrote:


Dan,

Thanks for responding to the group. I have two reactions.

First, I think we need to be clear about the ends and means here. Fintech may represent a growing phenomenon, but it is still the means. Fintech or not, the central question remains: 'is this deal good for clients?' 

Second, among those who have the influence to shape the industry, who is asking the question 'is this deal good for clients?' Your statement, "how we as a sector react to these changes will affect what kind of sector we're likely to have in the years to come" seems an unrealistic framing. When voices called out Compartamos' IPO, which enriched managers and Accion without trickling down to borrowers, did it reshape the evolving microfinance industry? My read is that it did not. Financial interests have proven larger than the moral suasion of a handful of vocal practitioners. On its face, the Opportunity International deal seems to remind us of that. 

Sean



Sent via phone-pls excuse brevity and misspellings
On Jun 23, 2016, at 17:22, Sean Kline seankline@alumni.lse.ac.uk [MicrofinancePractice] <MicrofinancePractice@yahoogroups.com> wrote:

 

Dan,

Thanks for responding to the group. I have two reactions.

First, I think we need to be clear about the ends and means here. Fintech may represent a growing phenomenon, but it is still the means. Fintech or not, the central question remains: 'is this deal good for clients?'

Second, among those who have the influence to shape the industry, who is asking the question 'is this deal good for clients?' Your statement, "how we as a sector react to these changes will affect what kind of sector we're likely to have in the years to come" seems an unrealistic framing. When voices called out Compartamos' IPO, which enriched managers and Accion without trickling down to borrowers, did it reshape the evolving microfinance industry? My read is that it did not. Financial interests have proven larger than the moral suasion of a handful of vocal practitioners. On its face, the Opportunity International deal seems to remind us of that. If you and others believe otherwise, how will 

Sean

On Thu, Jun 23, 2016 at 9:18 AM, danrozas@yahoo.com [MicrofinancePractice] <MicrofinancePractice@yahoogroups.com> wrote:
 

I wholeheartedly second Chuck's call for a wider discussion. 


The article authored by Gabriela Erice and myself takes quite a different perspective from Chuck, but it is also packed with data -- so that you can make up your own mind. We may draw different conclusions, but one area where we agree is in recognizing that this deal could well prove to be a major milestone in the sector. 

The joint publication of the two articles by Next Billion is a coincidence, but it's also a meeting of the minds. We were both surprised at how little this issue has been discussed, and believed that what was missing was more information. It was through Next Billion that we learned that we were working on this independently, but we agreed not to share information until publication, so as to come to wholly independent conclusions. You can see the results for yourself. 

Our goal is not debate for its own sake, but we also don't have the luxury of ignoring the potential impact that will come from fintech, as it makes inroads into the sector. How we as a sector react to these changes will affect what kind of sector we're likely to have in the years to come.

What do you think? What is YOUR vision for the fintech? Make your voice heard -- on the blog, on linked in, on twitter. 

Daniel Rozas







-- 
Sent via phone-pls excuse brevity and misspellings


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Thursday, June 23, 2016

[MFP] Controversial blogs on Opportunity and MyBucks partnership

 

Dan,


Thanks for responding to the group. I have two reactions.

First, I think we need to be clear about the ends and means here. Fintech may represent a growing phenomenon, but it is still the means. Fintech or not, the central question remains: 'is this deal good for clients?' 

Second, among those who have the influence to shape the industry, who is asking the question 'is this deal good for clients?' Your statement, "how we as a sector react to these changes will affect what kind of sector we're likely to have in the years to come" seems an unrealistic framing. When voices called out Compartamos' IPO, which enriched managers and Accion without trickling down to borrowers, did it reshape the evolving microfinance industry? My read is that it did not. Financial interests have proven larger than the moral suasion of a handful of vocal practitioners. On its face, the Opportunity International deal seems to remind us of that. 


Sean




Sent via phone-pls excuse brevity and misspellings
On Jun 23, 2016, at 17:22, Sean Kline seankline@alumni.lse.ac.uk [MicrofinancePractice] <MicrofinancePractice@yahoogroups.com> wrote:

 

Dan,


Thanks for responding to the group. I have two reactions.

First, I think we need to be clear about the ends and means here. Fintech may represent a growing phenomenon, but it is still the means. Fintech or not, the central question remains: 'is this deal good for clients?'

Second, among those who have the influence to shape the industry, who is asking the question 'is this deal good for clients?' Your statement, "how we as a sector react to these changes will affect what kind of sector we're likely to have in the years to come" seems an unrealistic framing. When voices called out Compartamos' IPO, which enriched managers and Accion without trickling down to borrowers, did it reshape the evolving microfinance industry? My read is that it did not. Financial interests have proven larger than the moral suasion of a handful of vocal practitioners. On its face, the Opportunity International deal seems to remind us of that. If you and others believe otherwise, how will


Sean


On Thu, Jun 23, 2016 at 9:18 AM, danrozas@yahoo.com [MicrofinancePractice] <MicrofinancePractice@yahoogroups.com> wrote:
 

I wholeheartedly second Chuck's call for a wider discussion. 


The article authored by Gabriela Erice and myself takes quite a different perspective from Chuck, but it is also packed with data -- so that you can make up your own mind. We may draw different conclusions, but one area where we agree is in recognizing that this deal could well prove to be a major milestone in the sector. 

The joint publication of the two articles by Next Billion is a coincidence, but it's also a meeting of the minds. We were both surprised at how little this issue has been discussed, and believed that what was missing was more information. It was through Next Billion that we learned that we were working on this independently, but we agreed not to share information until publication, so as to come to wholly independent conclusions. You can see the results for yourself. 

Our goal is not debate for its own sake, but we also don't have the luxury of ignoring the potential impact that will come from fintech, as it makes inroads into the sector. How we as a sector react to these changes will affect what kind of sector we're likely to have in the years to come.

What do you think? What is YOUR vision for the fintech? Make your voice heard -- on the blog, on linked in, on twitter. 

Daniel Rozas




--
Sent via phone-pls excuse brevity and misspellings

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Re: [MFP] Controversial blogs on Opportunity and MyBucks partnership

 

Dan,


Thanks for responding to the group. I have two reactions.

First, I think we need to be clear about the ends and means here. Fintech may represent a growing phenomenon, but it is still the means. Fintech or not, the central question remains: 'is this deal good for clients?'

Second, among those who have the influence to shape the industry, who is asking the question 'is this deal good for clients?' Your statement, "how we as a sector react to these changes will affect what kind of sector we're likely to have in the years to come" seems an unrealistic framing. When voices called out Compartamos' IPO, which enriched managers and Accion without trickling down to borrowers, did it reshape the evolving microfinance industry? My read is that it did not. Financial interests have proven larger than the moral suasion of a handful of vocal practitioners. On its face, the Opportunity International deal seems to remind us of that. If you and others believe otherwise, how will


Sean


On Thu, Jun 23, 2016 at 9:18 AM, danrozas@yahoo.com [MicrofinancePractice] <MicrofinancePractice@yahoogroups.com> wrote:
 

I wholeheartedly second Chuck's call for a wider discussion. 


The article authored by Gabriela Erice and myself takes quite a different perspective from Chuck, but it is also packed with data -- so that you can make up your own mind. We may draw different conclusions, but one area where we agree is in recognizing that this deal could well prove to be a major milestone in the sector. 

The joint publication of the two articles by Next Billion is a coincidence, but it's also a meeting of the minds. We were both surprised at how little this issue has been discussed, and believed that what was missing was more information. It was through Next Billion that we learned that we were working on this independently, but we agreed not to share information until publication, so as to come to wholly independent conclusions. You can see the results for yourself. 

Our goal is not debate for its own sake, but we also don't have the luxury of ignoring the potential impact that will come from fintech, as it makes inroads into the sector. How we as a sector react to these changes will affect what kind of sector we're likely to have in the years to come.

What do you think? What is YOUR vision for the fintech? Make your voice heard -- on the blog, on linked in, on twitter. 

Daniel Rozas


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Posted by: Sean Kline <seankline@alumni.lse.ac.uk>
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Re: [MFP] Controversial blogs on Opportunity and MyBucks partnership

 

Dear Chuck, Daniel

This sale and the the business model adopted by the buyer company seem worrisome.  I am reminded of the Compartamos public issue of equity and the discussion that followed. Chuck's observations are very relevant and need answers.  Such happenings once every few years undoes the good work done by several other institutions across the world.
 The questions that arise in this case are
1. At the time of sale whether the existing business model of Mybucks was not examined by Opportunity?
2. How many businesses that deal with poor have ROA in excess of 12% and can an international NGO view such businesses with favour?
3. Are interest rates not an issue when vulnerable livelihoods are being supported (the mybucks website talks about empowering poor and building up small enterprises!!).  At 200%+ APR, only very short duration loans to meet emergencies, totally inappropriate for livelihood activities can be extended - the borrowings will be out of desperation.
4. Whether opportunity international did not have a duty to ensure that the legacy institution emerging from the sale also had adequate concern for the customers?  
5. In its Microfinance engagement, Opportunity has always been a very sensitive and responsible investor.  Having closely seen its operations in India, I wonder as to what went wrong in Africa and what were the motivations to handover over a million savers and 0.15 million borrowers to a company that seemed to specialise in payday lending and profiteering.

Best regards
Srinivasan


On 23-Jun-2016, at 9:48 PM, danrozas@yahoo.com [MicrofinancePractice] wrote:

 

I wholeheartedly second Chuck's call for a wider discussion. 


The article authored by Gabriela Erice and myself takes quite a different perspective from Chuck, but it is also packed with data -- so that you can make up your own mind. We may draw different conclusions, but one area where we agree is in recognizing that this deal could well prove to be a major milestone in the sector. 

The joint publication of the two articles by Next Billion is a coincidence, but it's also a meeting of the minds. We were both surprised at how little this issue has been discussed, and believed that what was missing was more information. It was through Next Billion that we learned that we were working on this independently, but we agreed not to share information until publication, so as to come to wholly independent conclusions. You can see the results for yourself. 

Our goal is not debate for its own sake, but we also don't have the luxury of ignoring the potential impact that will come from fintech, as it makes inroads into the sector. How we as a sector react to these changes will affect what kind of sector we're likely to have in the years to come.

What do you think? What is YOUR vision for the fintech? Make your voice heard -- on the blog, on linked in, on twitter. 

Daniel Rozas



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Re: [MFP] Controversial blogs on Opportunity and MyBucks partnership

 

I wholeheartedly second Chuck's call for a wider discussion. 


The article authored by Gabriela Erice and myself takes quite a different perspective from Chuck, but it is also packed with data -- so that you can make up your own mind. We may draw different conclusions, but one area where we agree is in recognizing that this deal could well prove to be a major milestone in the sector. 

The joint publication of the two articles by Next Billion is a coincidence, but it's also a meeting of the minds. We were both surprised at how little this issue has been discussed, and believed that what was missing was more information. It was through Next Billion that we learned that we were working on this independently, but we agreed not to share information until publication, so as to come to wholly independent conclusions. You can see the results for yourself. 

Our goal is not debate for its own sake, but we also don't have the luxury of ignoring the potential impact that will come from fintech, as it makes inroads into the sector. How we as a sector react to these changes will affect what kind of sector we're likely to have in the years to come.

What do you think? What is YOUR vision for the fintech? Make your voice heard -- on the blog, on linked in, on twitter. 

Daniel Rozas

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Posted by: danrozas@yahoo.com
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Wednesday, June 22, 2016

Re: [MFP] Controversial blogs on Opportunity and MyBucks partnership

 

Chuck,

Thank you for making us aware of the purchase of six Opportunity International banks to My Bucks On reading the memos these are my conclusion. My Bucks has three years to hide under the Opportunity brand and promises to meet Smart Campaign standards within five years. Opportunity International is a Christian based organization committed to improving the lot of the poor; My Bucks according to your piece has its roots in payday lending and maximizing profits for investors. Then there is the issue of the lack of transparency of My Bucks operations. Will they meet the Smart Campaign standards in five years? Let's hold our breath but miracles do happen. The promise of all this is that My Bucks will reach borrowers by the many millions not the 700,000 the Opportunity Banks by doing micro lending profitably. This may or may not happen, but at what cost to the borrowers? I remember that Catholic Relief Services got out of the micro lending business in 2005 concluding that putting people in debt and charging them for the privilege was inconsistent with their Catholic principles. CRS has since become a major player in the Savings Group movement. Of course Compartamos started as a Catholic non-profit in Mexico and according to what I heard recently in Baja California Compartamos is using the same strong armed collection strategy as PayDay lending in the USA with interest compounded each time the loan is rolled over. Like you, Chuck, I got into the microcredit business in its infancy when our commitment was to the poor - although we were charging a flat 24% or 36% on the loans which, although high, seems paltry compared to PayDay loans.

Of course there is an alternative to this distressing trend, distressing especially for those of us who were there from the start.  Let's take the statistics form Opportunity's Kenya Bank with its 410,285 savers and 73,337 borrowers and compare it with the Oxfam America/Freedom from Hunger Saving for Change program in Mali with its 450,000 Savings Group members with around 300,000 of these current borrowers. All are women with three quarters living at the $1.25 a day level. These groups manage and largely distribute $10,000,000 every year with a return on savings of about 40% distributed to the members by each group according to how much each saved. All this was accomplished with a team of 20 trainers between 2005 and 2006, 85 trainers between 2007 and 2008 and 207 trainers between 2008 and 2011 with half that number in 2012 and about 20 thereafter. The total cost - around $8,000,000. According to reports (this needs to be confirmed) most all of these groups are still saving and lending and groups are self-replicating on their own. An MFI would require a full time permanent staff of 1,000 to 1,500 or more to reach this same number.

Makes you think about what is the most viable path to serving the poor - through extracting profits off the backs of the poor or returning substantial savings to the poor. Are Savings Groups the perfect solution - of course not. Do Savings Groups catapult the poor out of poverty no but neither does micro-finance with those benefiting most those who were furthest ahead when they took out their first loan. Savings Groups do, however, mitigate the uncertainty of living on the edge of survival for some 12 million worldwide while reaching a population more rural and far poorer than microfinance.
It boggles my mind how much effort and treasure we put into contorting financial institutions to serve the poor when with so little effort and money the poor could build on what they are already doing with us getting out the way as quickly as possible. Any investors up to this challenge?

For more on Savings Groups see www.intheirownhands.com

Jeff

Jeffrey Ashe
jaashe@aol.com


-----Original Message-----
From: Chuck Waterfield chuck.waterfield@gmail.com [MicrofinancePractice] <MicrofinancePractice@yahoogroups.com>
To: MFP <microfinancepractice@yahoogroups.com>
Sent: Tue, Jun 21, 2016 9:36 am
Subject: [MFP] Controversial blogs on Opportunity and MyBucks partnership

 
Dear colleagues,

Back in November 2015, there was a rather quiet announcement about how Opportunity had sold six of its African banks to MyBucks.com, a fintech lender coming out of the South African payday lender environment.  In several African countries, MyBucks lends at 30% and 40% a month to those who can prove employment.  It seemed a problematic partnership to many of us, but there was virtually no public discussion.

That silence has been broken.

Three weeks ago, the CEO of Opportunity, Vicki Escarra, did an interview with NextBillion to discuss the sale:


That has been followed up today by two blogs.  One of them, written by me, expresses concerns about the financial status of the banks and the practice of MyBucks:


A second, written by Daniel Rozas and Gabriela Erice Garcia, reviews the positive and negative and ends with an optimistic note:


I'd strongly encourage you to read through all of this material and enter into the discussion.  It is one of the most significant microfinance news events of recent years, it potentially foreshadows directions the industry is moving in, and it has been completely ignored by all of us.  That needs to change.

Chuck Waterfield

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Re: [MFP] Controversial blogs on Opportunity and MyBucks partnership

 

Helo Frans,


The dilemma is that the industry wants to do everything possible to avoid discussion of these issues.  Lots of people know this is going on, lots of people discuss it quietly, but there is a consensus not to raise these issues opening or publicly.  That's the reason for my blog…. to get this information out there and promote discussion.

Opportunity has the right to respond to my blog, as well as Daniel and Gabriela's blog.  Will they?  I expect they will not, unless there is a large volume of discussion about this in the social media and a large number of comments on the Next Billion website.  If this looks like it is blowing over, Opportunity will almost certainly stay silent.

* So if you're on LinkedIIn, post a link to the blog. 

* Tweet something about the blog, and include  in the tweet

* Write some comments on the two blogs:



* Put something on FaceBook about this

My conclusions are very different from those of Daniel and Gabriela.  So who's right?

Read carefully the blogs that are there… click the links and read the data.  Everything is very carefully documented due to the importance of the issues .  Look around and see what other information you can find on the Opportunity sale or on MyBucks.  Everything I put in the blog I very carefully checked.  There is much more information I collected that didn't make it into the blog.

If a few days pass and we move on to other topics, we're almost certain to see this slip back into obscurity.

Chuck Waterfield


On Jun 21, 2016, at 12:32 PM, Frans Purnama franspurnama@yahoo.com [MicrofinancePractice] <MicrofinancePractice@yahoogroups.com> wrote:


Hi Chuck,

‎Thank you to point the potential in microfinance Chuck. 

What can we do  ? , just discus the issues? , let discuss as a start..

Best,
Frans

Sent from my BlackBerry 10 smartphone on the Telkomsel network.
From: Jami Solli jamisolli@gmail.com [MicrofinancePractice]
Sent: Tuesday, 21 June 2016 23:10
Subject: Re: [MFP] Controversial blogs on Opportunity and MyBucks partnership

 

Thanks Chuck for flagging this.  I would have missed this otherwise.  
best,
Jami

On Tue, Jun 21, 2016 at 9:36 AM, Chuck Waterfield chuck.waterfield@gmail.com [MicrofinancePractice] <MicrofinancePractice@yahoogroups.com> wrote:
 

Dear colleagues,

Back in November 2015, there was a rather quiet announcement about how Opportunity had sold six of its African banks to MyBucks.com, a fintech lender coming out of the South African payday lender environment.  In several African countries, MyBucks lends at 30% and 40% a month to those who can prove employment.  It seemed a problematic partnership to many of us, but there was virtually no public discussion.

That silence has been broken.

Three weeks ago, the CEO of Opportunity, Vicki Escarra, did an interview with NextBillion to discuss the sale:


That has been followed up today by two blogs.  One of them, written by me, expresses concerns about the financial status of the banks and the practice of MyBucks:


A second, written by Daniel Rozas and Gabriela Erice Garcia, reviews the positive and negative and ends with an optimistic note:


I'd strongly encourage you to read through all of this material and enter into the discussion.  It is one of the most significant microfinance news events of recent years, it potentially foreshadows directions the industry is moving in, and it has been completely ignored by all of us.  That needs to change.

Chuck Waterfield







__._,_.___
Posted by: Chuck Waterfield <chuck.waterfield@gmail.com>
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Tuesday, June 21, 2016

Re: [MFP] Controversial blogs on Opportunity and MyBucks partnership

 

Hi Chuck,

‎Thank you to point the potential in microfinance Chuck. 

What can we do  ? , just discus the issues? , let discuss as a start..

Best,
Frans

Sent from my BlackBerry 10 smartphone on the Telkomsel network.
From: Jami Solli jamisolli@gmail.com [MicrofinancePractice]
Sent: Tuesday, 21 June 2016 23:10
To: MicrofinancePractice@yahoogroups.com
Reply To: MicrofinancePractice@yahoogroups.com
Subject: Re: [MFP] Controversial blogs on Opportunity and MyBucks partnership

 

Thanks Chuck for flagging this.  I would have missed this otherwise.  
best,
Jami

On Tue, Jun 21, 2016 at 9:36 AM, Chuck Waterfield chuck.waterfield@gmail.com [MicrofinancePractice] <MicrofinancePractice@yahoogroups.com> wrote:
 

Dear colleagues,

Back in November 2015, there was a rather quiet announcement about how Opportunity had sold six of its African banks to MyBucks.com, a fintech lender coming out of the South African payday lender environment.  In several African countries, MyBucks lends at 30% and 40% a month to those who can prove employment.  It seemed a problematic partnership to many of us, but there was virtually no public discussion.

That silence has been broken.

Three weeks ago, the CEO of Opportunity, Vicki Escarra, did an interview with NextBillion to discuss the sale:


That has been followed up today by two blogs.  One of them, written by me, expresses concerns about the financial status of the banks and the practice of MyBucks:


A second, written by Daniel Rozas and Gabriela Erice Garcia, reviews the positive and negative and ends with an optimistic note:


I'd strongly encourage you to read through all of this material and enter into the discussion.  It is one of the most significant microfinance news events of recent years, it potentially foreshadows directions the industry is moving in, and it has been completely ignored by all of us.  That needs to change.

Chuck Waterfield



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Posted by: Frans Purnama <franspurnama@yahoo.com>
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