{"id":8341,"date":"2023-01-09T17:26:47","date_gmt":"2023-01-09T16:26:47","guid":{"rendered":"https:\/\/www.afis.africa\/?post_type=insight&p=8341"},"modified":"2025-09-18T12:18:55","modified_gmt":"2025-09-18T12:18:55","slug":"microfinance-in-africa-shines-through-inflations-shadow","status":"publish","type":"post","link":"https:\/\/www.afis.africa\/en\/microfinance-in-africa-shines-through-inflations-shadow\/","title":{"rendered":"Microfinance in Africa shines through inflation\u2019s shadow"},"content":{"rendered":"\n

Rampant though receding inflation and central bank interest rate hikes continue to impact African nations struggling to emerge from the COVID-19 economic slump. But many of the continent\u2019s microfinance institutions and fintechs are still seeing micro, small and medium enterprises (MSMEs) seeking credit to expand with limited uptick in non-performing loans.<\/strong><\/p>\n\n\n\n

By Shane Starling<\/p>\n\n\n\n

Sector actors are finding increased borrowing costs, reduced access to credit and diminished profits are hitting bigger businesses harder than MSMEs, a segment often funded outside of traditional banks.<\/p>\n\n\n\n

MSMEs \u2013 which account for 60%+ of African GDP \u2013 have benefitted from an ever-expanding and nimble fintech sector where firms are often conceived with an explicit purpose: to deliver microfinance to Africa\u2019s hordes of underbanked MSMEs.<\/p>\n\n\n\n

Inelastic demands<\/strong><\/h4>\n\n\n\n

Omondi Ochieng, corporate finance lead at Nigeria-based digital finance specialist, TeamApt, said high inflation is increasing demand for micro-credit, especially for MSMEs operating in \u2018essential services\u2019 like food, agriculture, utilities and healthcare.<\/p>\n\n\n\n

\u201cMSMEs operating in the food\/agriculture space, for example, are generally able to pass on rising input costs to consumers, as food is an essential item for every household, and as such, effective demand in this sector is typically inelastic,\u201d <\/em>Ochieng said.<\/p>\n\n\n\n

\u201cFor MSMEs in these \u2018defensive sectors\u2019, there may be little to no impact of inflation and interest rate hikes on loan performance, as these businesses are able to pass on the effects of these economic phenomena to their customers in form of higher prices.\u201d<\/em><\/p>\n\n\n\n

No severe inflation-linked loan delinquency in MSME microfinance<\/strong><\/h4>\n\n\n\n

Guillaume Lesay, head of risk at micro-financier, the Baobab Group, told AFIS the growing pool of mostly Franco-African MSMEs Baobab lends to had largely been able to swerve the impacts of the successive economic shocks of the last two years.<\/p>\n\n\n\n

\u201cTo be honest, we haven\u2019t seen large numbers of customers lowering their business development expectations,\u201d <\/em>Lesay said. \u201cWe\u2019ve seen a little loan delinquency due to COVID but not really with inflation. It\u2019s just had less impact at the microfinance level and at that level firms find ways. They always do.\u201d<\/em><\/p>\n\n\n\n

While Africa\u2019s central banks have delivered rate hike after rate hike to tamper inflation \u2013 Africa\u2019s three biggest economies: Nigeria, South Africa and Egypt all jacked up base lending rates by levels approaching 5% in 2022 \u2013 Baobab\u2019s financial offerings have been largely unaffected.<\/p>\n\n\n\n

\u201cWe have not raised interest rates at all,\u201d <\/em>Lesay said. \u201cIn many cases our rates are capped and our margins are sufficient that we don\u2019t feel the pressure to raise rates.\u201d<\/em><\/p>\n\n\n\n

In West Africa, Baobab capped its micro loan interest payments at 24% per annum.<\/p>\n\n\n\n

Big banks risk averse on MSME microfinance<\/strong><\/h4>\n\n\n\n

Lesay credits Baobab\u2019s success to a lack of activity from big banks in the SME lending space, something also noted by Mia Pieterse, a South Africa-based financial services sector specialist at Mazars.<\/p>\n\n\n\n

\u201cThe traditional banks\u2019 risk appetite is not as high,\u201d <\/em>she said. \u201cThat’s obviously linked with the creativity and the innovation in the fintech space that we’re currently seeing in the market.\u201d<\/em><\/p>\n\n\n\n

Pieterse said Nigeria and Kenya \u2013 two of Africa\u2019s largest economies \u2013 lead the way in microfinance, aided by financial sector deregulation in recent years.<\/p>\n\n\n\n

TeamApt\u2019s Ochieng said the unwillingness of traditional banks to lend to MSMEs has paved the way for digital-first fintechs to significantly lower the entry barriers for credit-seeking consumers and MSMEs.<\/p>\n\n\n\n

\u201cThese fintechs are able to make lending decisions within a very short period of time and offer flexible repayment terms which are mostly tied to the cash cycle of these businesses,\u201d <\/em>he said.<\/p>\n\n\n\n

Baobab\u2019s Lesay added that contrary to most commercial banks, his firm actively sought out customers by going to shops, families, suppliers, and businesses.<\/p>\n\n\n\n

\u201cCommercial banks expect the customers to go to them,\u201d <\/em>he said.  We don\u2019t do that. That\u2019s the key to our success. But we don\u2019t necessarily use traditional credit measures. That\u2019s how our loan default rate is so low.\u201d<\/em><\/p>\n\n\n\n

Machine-learning supported by field work<\/strong><\/h4>\n\n\n\n

Many fintechs deploy alternative credit scoring metrics, such as data collected on customer smartphones or corporate websites, to inform credit decisions rather than just credit bureau scores.<\/p>\n\n\n\n

Ochieng noted some \u2018digital-only distribution models\u2019 that employed machine learning algorithms to determine alternative credit scores had the potential to raise non-performing loan ratios.<\/p>\n\n\n\n

Better were \u2018hybrid distribution models\u2019 which synthesized online and offline data to inform lending decisions, he said.<\/p>\n\n\n\n

\u201cIn addition to customer\u2019s credit history from credit bureau agencies, bank statements, and internal transactional data, fintechs in this space have built a network of field credit officers who are responsible for carrying out physical verifications of loan applicants,\u201d <\/em>he said.<\/p>\n\n\n\n

\u201cThey supply the credit decisioning engine with offline data from these face-to-face consultations and make the final lending decision based on recommendations from the decisioning engine, and their judgment of the business\u2019 repayment capabilities, given their deep, on-the-ground knowledge of these businesses.\u201d<\/em><\/p>\n\n\n\n

\u201cThese field officers are mostly ex-bank credit officers who have a very good understanding of the credit process and the credit landscape.\u201d<\/em><\/p>\n\n\n\n

\u2018A 1945 moment: the need to reconstruct\u2019<\/em><\/strong><\/h4>\n\n\n\n

Some commercial banks are doing more, however, than just shadowing reserve bank interest rate hikes with hikes of their own.<\/p>\n\n\n\n

Kenya-based Equity Bank last year revealed its \u2018Africa Recovery and Resilience Plan\u2019 with an initial $7 billion fund focused on providing opportunities for African MSMEs.<\/p>\n\n\n\n

\u201c2022 presents a 1945 moment,\u201d<\/em> CEO James Mwangi said in launching the initiative in June 2022. \u201cLike then, the world was devastated by war and needed to reconstruct.\u201d<\/em><\/p>\n\n\n\n

By the end of 2025 Equity Bank projects it will be servicing five million \u2018borrowing businesses\u2019 and 25m \u2018borrowing individuals\u2019 with a focus on building \u2018domestic value chains\u2019 via MSMEs via the scheme.<\/p>\n\n\n\n

Government actions<\/strong><\/h4>\n\n\n\n

In response to inflation, some governments have enacted measures to support businesses including MSMEs.<\/p>\n\n\n\n

The Nigerian government aided the bottom line for all enterprises by implementing oil, fuel and energy subsidies. \u201cThe biggest motivation for them is to avoid social turmoil,\u201d <\/em>said Lesay.<\/p>\n\n\n\n

In November 2022 the Kenyan government launched a campaign to make about $400m of loans available to Kenya\u2019s lowest income earners as well as MSMEs.<\/p>\n\n\n\n

In governance, both Nigeria and Kenya tightened fintech licensing arrangements and increased transaction reporting requirements in efforts to better control a sector where unscrupulous players have emerged seeking quick financial gains.<\/p>\n\n\n\n

\u201cThese measures have certainly helped stem the rise of predatory lending, but more work needs to be done around consumer data protection and unethical recovery practices in these markets,\u201d <\/em>said Ochieng.<\/p>\n\n\n\n

If such challenges can be overcome, ethical expansion of microfinance has the potential to create, \u201ca flywheel of self-perpetuating growth that is key to the growth and development of any economy,\u201d <\/em>he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Rampant though receding inflation and central bank interest rate hikes continue to impact African nations struggling to emerge from the COVID-19 economic slump. But many of the continent\u2019s microfinance institutions and fintechs are still seeing micro, small and medium enterprises (MSMEs) seeking credit to expand with limited uptick in non-performing loans. By Shane Starling Sector […]<\/p>\n","protected":false},"author":3,"featured_media":17595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[96],"tags":[],"class_list":["post-8341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-impact-sustainability"],"acf":[],"yoast_head":"\nMicrofinance in Africa shines through inflation\u2019s shadow - The African Financial Summit Platform<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.afis.africa\/en\/microfinance-in-africa-shines-through-inflations-shadow\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Microfinance in Africa shines through inflation\u2019s shadow - The African Financial Summit Platform\" \/>\n<meta property=\"og:description\" content=\"Rampant though receding inflation and central bank interest rate hikes continue to impact African nations struggling to emerge from the COVID-19 economic slump. 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