The Earth Day by Wooden Saving

At a onetime, Balbir Mathur, Co-Founder, Trees for Life says…
“My friends, you have in front of you someone who had had the undeserved privilege of having gone through education exclusively as the result of a statistical error. I went to college in San Francisco, I did two master’s degrees at Stanford, I completed a PhD, I worked at the World Bank, and taught at Harvard…Now I carry in my heart a passion to try and free my people from poverty. I’m free now because by an accident, I had access to education. I can choose to teach at Harvard or Stanford or wherever (Sam Daley-Harris, State of the Microcredit Summit Campaign Report 2009)

Saving is an old human culture. The basic principle is to put up excess resources into reserves for future needs, emergencies and to build wealth as well. In the beginning of civilization, the frontier society saved in kinds such as food commodities, treasures, and other fixed assets etc. Now, in modern world, saving constitutes money, shares and paper-based investment through banking and finance instruments; but there is still a part of society uses in kind models as means of saving.
Majority people eager to save whenever there is any disposal money. Unfortunately poor inhabitants strive to save because of limited incomes and in most cases the earnings are under the consumption level. In turn, poor people are lack of saving to smooth their lives, to face unprecedented events and to improve future prosperity. Hence, to deal with those constraints, Wooden Saving Program is established which is based on a saving methodology but it is not in form of monetary (money), it in form of tree (celluloses, cambiums and woods) instead. Trees are planted and for certain periods those can be harvested for sum amount of money.
The root idea of Wooden Saving was inspired by Sri Lankan culture. In 2003, I went to Hikadua district in the southern region on the edge of Indian Ocean (one of areas which destroyed by Asian Tsunami in 2004) to assist NGOs to set up microfinance institutions. During field visits, I met local community leaders and unbanked rural inhabitants who are majority poor and lack of saving. Interestingly, there is a local culture which remains strong in the societies which mandate adult family members planting tress when there is a birth event or a new baby born. The noble objective of this planting trees culture is two folds: Firstly is a provision wood material for the baby when she/he gets married and need a new house, and secondly is future preservation.
In short, I translate the idea of the idea of Wooden Saving and start the program in my home country Indonesia with minor adjustment on the philosophy since it is aimed to break out the poverty trap by helping poor people to secure their children future education. I believe higher education can be a powerful tool to break down the vicious circle of poverty. Unfortunately, in Indonesia many young age kids are unable to access higher school because their parents are poor, lack of money and no saving to pay school fees, uniforms, books etc. The poor parents can’t save some money as the wealth do. Dropped out from primary or secondary school, in the young age, they have forced to work in low paid labor, later on they have become poor like their parents. Obviously, they are premature adult.

South Sumatra Project and Bukit Barisan Conservation

The first Wooden Saving Program is initiated in Kisam sub-disctrict of OKU Selatan Regency – South Sumatra Province. The reason to choose these villages for the first program was to ensure that there is someone will work on it. I discussed with my late cousins (a retired colonel of army force (TNI) who returned back to our-ancestor village regarding my idea of Wooden Saving.

The first Wooden Saving initiative was developed in Siring Alam, Pulau Kemiling, and Pengandongan villages; remote villages about 9 hours on the road journey from the capital city of Palembang. Those villages are located in the slope of Bukit Barisan highland of South Sumatra. The area is a tropical mountain and excessively cultivated by local inhabitants for coffee beans plantations. Most of the forest have already been devastated for many years particularly during the high price of coffee been commodity.

The Wooden Saving is started by giving 50 trees to each household that to be planted among the coffee beans population. At the moment, nearly 15.000 trees have been distributed to 300 households and surprisingly those households that involved in the program, now, planting more trees by their own initiatives. The program has been eagerly accepted by the villagers and they promise to pay extra cares for the trees and concern toward their kid future living.

They are encouraged to plant more trees on their own cost and endeavors. The next phase is to set up a certification system for those trees to secure the ownership of those trees and to prevent illegal logging. With this certification model, those trees can be traded into the commodity market – future contract agreements – that allow the villagers earn money after 10 year period of planting instead of 20 years of planting.

Central Java Project and Sugar Palm Trees (Gula Aren) Community

The second Wooden Saving Program is in Majenang area of Cilacap Regency-Central Java provinces. The endeavor is aimed to support palm sugar famers who are highly demand on palm nectar to produce palm sugar. The program involved 30 farmer households who produce “gula aren”. The initial activities were to conduct training how to produce crystal palm sugar and build a communal firewood oven which can be shared by the whole palm sugar farmers in the village. The next phase is to cultivate palm sugar trees to provide sustainable palm nectar for those farmers.

The Wooden Saving Initiative embraces multi objectives. It is an anti-poverty tool and it is also conservation – to save the earth from environmental disasters including global warming, climate change. Finally, the principle is more trees are planted would bring broaden opportunities for poor children to reach their dreams. More trees grow those can reduce carbon emission that produced by mostly fossil oil-based activities and industries. Those can re-establish natural ecological system which is favorable for living organism. I welcome you to support the Wooden Saving Program by Donating only a small change of your shopping.

Money Lender is Rentenir, Lintah Darat, Bank Pelecit etc

I’ve been back from a four months trip to Indonesia for a field research. My trip was mainly visiting local Islamic microfinance institutions and wet-market in Yogyakarta where those institutions work by proving financial services to traders, microenterprises and low-income inhabitants. One phenomena reveals in the field was the strong presence of money lender or its local terminology is “rentenir, lintah darat, bank pelecit” etc. They demonstrate as effective financial sources for majority people who are exclude from the formal banking system but at the same time they have been accused as vampires sucking the blood of poor through payday loans and commulative interest practices.

It’s a common understanding that financial exclusion of poor households and low income population to some extent has been a great constraint to breakdown the poverty circle. The general sense is if a poor has a sustainable access on capital and financial resources thus the person is able to start a productive activity that generates incomes, savings and investments in the person’s household. However, the evidence shows that billion populations around the world face lack of banking access. They mostly inherently involve in the informal-traditional financial mechanism which works well in the societies.

Theoretically, the deficiency of banking and other forms of financial system are due to several reasons that tie to structural problems of market failures and absence of markets. First, The underlying idea of market Failure is credit and other financial services can be exchanged through markets mechanism where supply and demand dynamically shaped as similar to any commodities and other services. This system ultimately will achieve a certain level of equilibrium if the processes voluntary work or free from intervention. However, credit market is a distinctive good since it entitles a contract that a borrower must pay the loans regularly until the amount of debt and fees are completely received by the lender. In this situation it always a principle and agent problem because asymmetric information between a lender and a borrower exist, thus it leads to adverse selection and moral hazard. However, when loans are relatively sizable, borrowers can usually offer traditional collateral that can conveniently be repossessed in a case of default. Also, when individuals’ credit history can be easily and cheaply presented and the legal, judicial and enforcement5 function effectively, as is the case in most developed countries, the problem of the asymmetric information on the volume and cost of financial intermediation can be effectively mitigated. In contrast, in many developing countries in general, and in poorer ones in particular, most of the instruments that can mitigate asymmetric information do not exist or perform poorly.

Second, the absence of market particularly in remotes areas of developing countries creates the opposite of economic principle which no supply and demand mechanism presence. Supply is weak or not at all, if so only very few banks and other financial providers operate. There is little lending activity and no savings mobilization, mainly due to the high transaction cost involved. in other words, accessibility is a main issue. Money is borrowed or lent by individuals, families and households, hoarded or saved at home, through Rotating Savings and Credit Associations (Arisan), social insurance systems (paguyuban).

The above explanation clearly addresses the phenomena of money lender in the poor communities. To some extent, the availability of financial access supplied by the rentenir is undeniable as those contribute to the productive economy as well as provide safeguard for the peasant households. Therefore, the critical issues should be emphasized is how to breakdown the impediments of market failure and accessibility through robust policies and equally important to enhance the rentenir’s modus operandi become humane financial system.

Melbourne 28 October 2009
The Microbanker

Embracing the Islamic Community-Based Microfinance for Poverty Alleviation

Chronic poverty and economic inequality are the most challenging issues of human civilization and development, hence the Islam tenets regards poverty alleviation is one of the most important duties, and the God orders every Muslim to combat poverty and help poor and the needy through charities mainly in forms of zakat as well as infaq, shadaqah and waqaf. This practice has been in existence since the era of Prophet Muhammad (peace be upon him). The Prophet established the Baitul Maal or house of treasure and employed an inclusive system to address the complex phenomena of poverty in the societies. It included basic safety nets for the needy, socio-economic empowerment to narrow the disparity among the citizens, and natural resources management for the welfare of human beings. Nowadays, the teaching of the Prophet on poverty is clearly relevant particularly in framework of the Islamic microfinance.

Basically, the Islamic microfinance is an extension of the Islamic banking and finance concept which is free of riba (non-interest based) financing arrangements. Instead of charging interest, the transaction is in a form of profit and loss sharing contract and mutual partnership. In addition, its practices should be tied to tangible goods and real economic activities, prohibit speculative transactions, illicit business, cheating and deception as well as unjust practices. Above all, the practice of these faith based institutions must be in line with and guided by the Shariah Laws.

Akin to conventional microfinance, the nexus between poverty alleviation and Islamic microfinance is laid on the mixture of financial modus operandi and socio-religious roles which promotes the real sector economy, job creations, entrepreneurship and participations. The dynamic roles of Islamic microfinance enable it to ease extreme poverty through philanthropy and charitable as well as economic development programs. The intervention format is preliminary focused on basic needs and social exclusion in the community as well as to mitigate vulnerability of the needy toward risk events, for example illness, emergencies and income loss. Gradually the supports are aimed at income generating activities, self-employment and micro business, through providing benevolent loans and technical assistances for people who are in the productive age groups. Subsequently, at a certain income level and enterprise stage, they can access commercial financial services to enhance the businesses volume, productivity and profitability. This pathway visibly improves incomes, nutrition, saving and asset building, children’s education, social status and family welfare.

Equally important it has also influenced moral awareness and religious behavior of the participants. The Islamic microfinance system is not simply financial per se. Apparently, it also implies social and religion values. First, the objective of elimination of riba and other unlawful transactions is to avert harmful consequences in the society. Second, the profit and loss sharing contracts are a proxy for the development of social capital as well as participation, equality, trust and brotherhood among stakeholders in the community. Finally, the practice of benevolent finance is an implementation of worship and moral responsibility of Muslims to look after their unfortunate sisters and brothers.

The Baitul Maal Wat Tamwil (BMT) is a variant of the Islamic microfinance system. The BMT is community-based microfinance institutions that operate under the cooperative system and NGO domain. Structurally, it encompasses Baitul Tamwil and Baitul Maal. The Baitul Tamwil is designed to conduct financial intermediations through mobilizing deposits from member clients and financing commercial ventures. In addition, the Baitul Maal is dedicated to perform socio-religious roles by collecting charity donations from Muslims and helping the needy along with their spiritual lives.

The root of BMT was developed in decade of 1980 by Muslim activists. Later on, the BMT has flourished since in the mid of 1990s, after the establishment of Bank Muamalat Indonesia, the first Syariah bank in the country. The latest available information reveals that there are about 3000 BMTs across the country, serving nearly 2 million savers and 1.5 million borrowers. In general, the BMT institutions have been initiated and led by leading Islamic organizations such as PINBUK and Dompet Dhuafa foundation, Syariah banks, Islamic boarding schools (pesantren), respected clerics and Muslims patrons who have strong socio-economic and religious influences in the community.

An empirical evidence shows that the successful BMT institutions have been a good model of poverty alleviation, financial inclusion and community-based development. One of interesting examples is the Dompet Dhuafa charity foundation which initiates the establishment of many BMT institutions by allocating seed capital and providing technical assistance. These BMTs are able to perform multi roles in local community as agents of socio-economic change, charitable center or Bazis and have become independent upon government or donor subsidies. More importantly, the practices of BMT are permissible under the Islamic principles as well as being commercially viable. In other words, BMT is an idealistic microfinance system which in its framework embeds noble doctrines and morality of the divine religion, local cultures and values as well as a distinct financial methodology that aims to alleviate socio-economic constraints and multi faceted problems of poverty.

At the outset, the BMT initiative had strong political support. More recently, however, the BMT sector has attracted less government interest. The evidence show that there is only a small number of BMT are registered by the regulatory body therefore it is quite difficult to present the whole picture and position of this sector in the broader microfinance landscape. Lately ample critics have been raised by public toward governance practices, modus operandi, products and services that are perceived to be too much like the secular programs, rather than Shariah compliant, as well as to several BMT that are more favor on profits and rent-seeking behaviors instead to promote its socio-religious objectives. In addition, there are many BMT, including those established under the government’s programs, have become insolvent and bankrupt due to lack of support and proper supervision from the authorized agency.

Regardless these drawbacks, pros and cons, the above discussions clearly show that BMT model would be an excellent approach to alleviate the multi-dimensional poverty in the Muslim societies. There are a lot of advantages for the government using these community-based financiers as the driver for anti poverty and wealth distribution among the inhabitants, more importantly is to anticipate the gloomy prospect and the severe impact of economic crisis. The feasible suggestion is the government should embrace the BMT sector in the economic stimulus package that just approved by the parliament. The presence of BMT can be embedded in the financial access to micro, small and medium enterprises program particularly by involving as many as viable BMT institutions into the credit guarantee scheme, i.e. KUR and linkage programs to strengthen their financing capacity and outreach. For the long run perspective, the government should pay more attention on the existence of BMT by providing clear regulation and supervision, technical assistance etc as like as its counterpart the conventional microfinance sector.

Melbourne, 21 March 2009

Will Mobile Banking Work for Microfinance?

Mobile banking (M-Banking) has been popular among bank customers since it provides huge advantages, one of those is flexibility in managing banking needs which with no constraint on place and time. Through M-banking, a customer is able to conduct banking transactions and financial inquiries
anytime and anywhere. In this context, M-Banking is a part of the bank’s initiative to offer multiple channels in order to satisfy its customers. Although M-banking technology is relatively new, M-banking has been practiced intensively across the globe. Locally, M-banking service has
been provided by some local banks and foreign banks. The system also involves mobile phone providers. Recently, M-banking has grown up steadily since it provides benefits for customers and banks. In general, there are some benefits offered by M-banking:

One of mobile banking devices

–   Convenient. M-banking provides
“freedom” to customers who are mobile and need different type of transaction
channels; Customers can keep in touch with their bank whenever and wherever
they need.

–  Simple. To obtain M-banking, a client  should has such tool, i.e. mobile
phone device and SIM card with M-banking menu, then register her/his account to activate the system

–   Easy. Most of M-bankingsystem is user friendly hence it is easy to use

– Secure. M-banking has security features, i.e. through personal identification number (PIN)  or password.

– On the  bank perspective, M-banking also provide such advantage which
can reduce operational cost when it achieves economic scale level, as well as fee based income

In the broader sense, M-banking is a subset of electronic banking which can be defined as a method to deliver financial services using mobile communication technology, such as  GSM/GPRS and CDMA, including mobile devices such as a cellular phone and personal digital assistants (PDA). With M-banking, a customer can carry out basic financial inquiries, i.e. balance details or to conduct more complicated activities such as instant payment, remittance and so forth. Presently, there are four types M-banking models including WAP-banking, SMS-banking, M-banking with PDA
and M-banking with SIM-toolkit.

WAP-banking is based on micro-websites following the WAP standard
(wireless application protocol). In many ways, this model is quite similar to
internet banking. SMS-banking is based on GSM standard service to exchange text message which a customer send an SMS with a request to the bank and gets the desired information as an answer like balance statement, interest rate information etc. M-banking with PDA is designed with mobile
phone accessory with more capacity to store and execute individual software, therefore it can process more complex calculations, i.e. to process loan application. The last type is M-banking with SIM-toolkit which also operates under GSM standard.

On the SIM card, some information stored such as personal data base,
authorization of customers and additional individual application. The system work similar to SMS-banking and M-banking with PDA but it restricts to certain mobile phone provider.

Table-1. Assessment of M-banking application

Indicator	WAP	SMS	PDA	SIM
Independent usage	+	+	+	–
Authorized access	+	+	+	+
Encrypted transmission	+	–	+	+
Possibility to work offline	–	+	+	+
Small amount data transmission	–	+	+	+
Possibility up scale application	+	–	+	+
Wide range of function	+	–	+	+
Personalize application	+	+	+	+

Source: Pousttchi and Schurig (2004). Assessment of Today’s mobile banking Application from the View of Customer Requirements.
Proceedings of the 37^th Hawaii International Confere3nce on System Science.

In the last decade, microfinance has developed dynamically in term of services provided (financial deepening) and number of network and client (outreach), as well as in adopting technology such as ATM, biometrics security, PDA etc. At the moment, there are intensive studies on bringing M-banking into microfinance practices since the technology allows microfinance institutions and microbanks to expand their outreach, improve service quality and reduce operational cost.

Since 1999, PDA has been used in microfinance institutions which pioneered by Compartamos and Fincomun in Mexico. PDA is small, handheld digital computers that can run specific programs to manage client data base and perform financial calculations. Through PDA, bank officers can obtain an electronic list of customers, historical client information, fill out loan application form, construct simple spreadsheet for loan evaluation and
calculate interest rate for loan review and approval. In short, all client
records are stored electronically and are immediately available in a device
small enough to fit in the pocket. In principle, the practice of PDA can be developed for M-banking purpose by some reasons. First, investment cost is relatively lower than establish physical network. Second, the extensive of mobile services allow the system connected. To perform this M-banking model, the operation must be in the areas where mobile networks available. In addition, the microfinance institutions and micro banks must set up policies and procedures, well-trained human resources and adequate funds for developing the system.

Recently mobile phone has become ubiquitous and cheaper, microfinance institutions and micro banks can develop SMS-mobile banking and M-Banking with SIM-toolkit by partnering with mobile phone operators. The model will allow customers to access financial services such as payment, fund transfer, account enquiries through different ways in
addition to conventional channel. An excellcent model of microfinance mobile banking based on mobile phone device is developed in Philipine . This service mostly uses by Philipino migran workers sending money back to their home. No doubt that through innovation and creativity, we can see the new world in different way.

Melbourne 24/01/09

Iwan Nazirwan

Apa, Mengapa dan Siapa Microfinance?

Microfinance merupakan salah industri keuangan baru yang tumbuh pesat dalam kurun waktu satu dekade terakhir. Pada awalnya di era tahun 1960-an, microfinance termasuk bagian dari program pembangunan yang menyalurkan kredit bersubsidi untuk menunjang pembangunan pertanian, penanggulangan kelaparan dan kemiskinan di wilayah pedesaan khususnya di negara-negara berkembang. Kini microfinance telah menjadi suatu sistem intermediasi keuangan yang terintegrasi dengan sektor keuangan modern.

Apa Microfinance?

Microfinance merupakan pembiayaan dengan skala mikro. Makna mikro dalam dalam konteks ini berkaitan dengan nilai transaksi dan kapasitas keuangan nasabah yang umumnya masuk ke dalam kategori miskin seperti yang dirumuskan oleh UNCDF, CGAPdan ADB “microfinance refers to loans, savings, insurance, transfer services and other financial products targeted at low-income clients”. Sedangkan difinisi yang lebih rinci dirumuskan oleh Marguerite Robinson dalam bukunya yang cukup fenomenal The Microfinance Revolution Volume I & II yakni “microfinance is small-scale financial services provided to people who farm or fish or herd; who operate small or microenterprises where goods are produced, recycled, repaired, or traded; who provide services; who work for wages or commissions; who gain income from renting out small amounts of land, vehicles, draft animals, or machinery and tools; and to other individuals and groups at the local levels of developing countries, both rural and urban”.

Dari berbagai pengertian tersebut di atas bahwa microfinance mengandung tiga elemen utama yang membedakannya dengan sistem intermediasi keuangan lainnya seperti perbankan yaitu:

1. Batasan transaksi

Nilai transaksi microfinance tidak bersifat universal artinya tidak ada konvensi internasional yang menetapkan nilai transaksi yang masuk kategori kecil atau mikro. Di Indonesia, nilai transaksi microfinance hanya dirumuskan pada batasan kredit mikro saja yakni maksimum Rp50 juta. Sedangkan untuk transaksi keuangan lainnya seperti simpanan, asuransi, remittance, sistem pembayaran tidak ada pengaturan yang jelas.

2. Segment Pasar

Microfinance memiliki keunikan dalam melayani masyarakat yakni terfokus pada masyarakat miskin yang terbagi menjadi empat kelompok:

Kelompok I yakni the poorest of the poor. Penduduk miskin yang tidak memiliki sumber pendapatan karena faktor usia, sakit, cacat fisik sehingga tidak memiliki pendapatan.

Kelompok II yaitu labouring poor. Kelompok miskin yang bekerja sebagai buruh dengan penghasilan sangat terbatas dan bersifat tidak tetap atau musiman yang umumnya bekerja di sektor pertanian atau sektor-sektor lain yang bersifat padat karya.

Kelompok III adalah self-employed poor. Merupakan penduduk miskin yang berpenghasilan relatif cukup untuk memenuhi kebutuhan hidup dasar dengan bekerja di sektor informal.

Kelompok IV ialah enconomically active poor. Golongan yang telah memiliki kekuatan ekonomi dengan sumber pendapatan yang memadai untuk memenuhi kebutuhan hidup dasar dan memiliki surplus income.

3. Tujuan

State of practice microfinance sekarang tidak terlepas dari sejarah kelahirannya yaitu untuk menanggulangi masalah-masalah yang berkaitan dengan kemiskinan. Selanjutnya pengembangan microfinance menjadi salah satu agenda untuk mencapai The Millennium Development Goals untuk mengurangi jumlah penduduk dunia menjadi separuhnya pada tahun 2015. Hal ini kemudian diperkuat dengan Resolusi PBB No.A/58/488 tentang the International Year of Microcredit 2005 yang mendorong microfinance sebagai sektor keuangan yang inklusif.

Mengapa Microfinance?

Ketersediaan sumber daya finansial yang cukup pada saat yang tepat merupakan salah satu faktor penting bagi individu atau rumah tangga untuk memenuhi kebutuhan hidup. Akan tetapi kondisi ideal tersebut hampir tidak mungkin terjadi pada masyarakat miskin karena terbatasnya resource sehingga memerlukan adanya intervensi keuangan untuk menutup gap yang ada. Ada lima pola intervensi microfinanc, misalnya dalam pembiyaan yakni:

1. Income smoothing

Menutup kebutuhan keuangan karena adanya gap antara pendapatan dan pengeluaran karena faktor musim atau siklus upahan. Umumnya petani membutuhkan dana pada masa tanam untuk membeli sarana produksi dan memenuhi kebutuhan pokok rumah tangga. Hal yang sama juga terjadi pada para pekerja atau buruh yang menerima upah secara berkala.

2. Cash flow injection

Mengatasi aliran kas (terjadi kesenjangan antara aktiva lancar dan pasiva lancar) yang terutama bagi usaha mikro yang menerapkan sistem pembayaran kredit atau karena ada kebutuhan strategis misalnya untuk memenuhi kontrak bisnis yang bersifat sesaat.

3. Emergency relief

Merupakan asistensi keuangan untuk mengatasi kebutuhan mendadak karena adanya musibah keluarga, sakit dan bencana alam, kehilangan pekerjaan, biaya pendidikan dan kebutuhan jangka pendek lainnya karena umumnya masyarakat miskin tidak memiliki tabungan atau asuransi.

4. Asset building

Menyediakan dana yang bersifat jangka panjang untuk membeli aktiva tetap (peralatan rumah tangga), kendaraan, hewan ternak, properti , dan lain-lain yang memiliki nilai ekonomi tinggi atau dapat dikonversikan kembali menjadi uang.

Secara empiris, efektivitas dari intervensi microfinance memberikan dampak yang positif terhadap rumah tangga. Secara umum mekanisme dampak tersebut dapat dijelaskan dan digambarkan sebagai berikut:

Pertama, akses keuangan yang berkelanjutan merupakan faktor produksi penting dalam kegiatan ekonomi masyarakat miskin yang dalam hal ini menghasilkan double impact yaitu pendapatan dan penyerapan tenaga kerja. Adanya pendapatan yang stabil akan mempermudah untuk mencukupi kebutuhan dasar sehari-hari, pakaian, pendidikan, kesehatan dan kebutuhan tempat tinggal yang layak, kendaraan, barang berharga, dan sebagainya. Dalam jangka panjang, akan mendorong terbentuknya rumah tangga yang mandiri dan sejahtera.

Kedua, adanya jaminan pembiayaan mendorong pengusaha mikro mengambil keputusan bisnis jangka panjang dan melakukan investasi yang menguntungkan.

Kehadiran lembaga microfinance akan meningkatkan awareness dan mendorong masyarakat miskin menggunakan instrumen moneter seperti tabungan, sistem pembayaran, transfer uang dan asuransi sehingga meningkatkan likuiditas dan dinamika ekonomi lokal.

Ketiga, efektivitas intervensi microfinance yang dijelaskan sebelumnya telah mendorong berbagai inisiatif mengembangkan produk dan jasa keuangan lainnya untuk melayani masyarakat miskin, antara lain housing microfinance.

Siapa Microfinance?

Lembaga yang mengelola program microfinance dapat bersifat formal, semi formal dan informal. Sedangkan mekanisme intermediasi microfinance dikelompokkan menjadi dua pendekatan yakni minimalist yang mengadopsi sistem perbankan dan integrated menggunakan kombinasi antara intermediasi keuangan dan intermediasi sosial dalam rangka pemberdayaan masyarakat. Eksistensi microfinance di lingkungan masyarakat miskin cukup mengakar yang tercermin dari banyaknya jumlah nasabah dan cakupan jaringan kerja. Data yang dihimpun dari berbagai sumber memperlihatkan bahwa jaringan microfinance telah mencapai 55 ribu kantor yang menyalurkan pinjaman sebanyak Rp28 triliun kepada sekitar 35 juta nasabah serta berhasil menghimpun dana sebesar Rp38 triliun yang tercatat dalam 36 juta rekening. Struktur microfinance Indonesia dapat digolongkan menjadi tiga yaitu formal, semiformal dan informal.

Kelompok formal microfinance lembaga keuangan yang diatur oleh UU Perbankan, meliputi bank umum yang memiliki unit bisnis microfinance dan BPR. Saat ini ada tiga bank umum yang secara khusus memiliki eksposur di microfinance yakni BRI-Unit dengan sistem BRI-Unit, Bank Danamon yang mengembangkan Danamon Simpan Pinjam (DSP) dan Bank Mandiri melalui Microbanking Unit. Namun demikian, ada beberapa bank yang juga melayani pasar microfinance secara tidak langsung, misalnya melalui linkage program dengan BPR atau LKM. Lembaga formal microfinance melayani masyarakat miskin yang masuk dalam kelompok III dan IV dengan menawarkan produk dan jasa perbankan seperti kredit untuk berbagai keperluan, simpanan dalam bentuk giro, deposito dan tabungan, transfer uang, sistem pembayaran dan jasa keuangan lainnya. Namun untuk BPR diberlakukan batasan operasi antara lain tidak diperkenankan melayani produk giro karena tidak termasuk dalam sistem kliring perbankan dan melakukan transaksi valuta asing. Prinsip operasional dan pola interaksi dengan nasabah yang digunakan oleh kelompok ini cenderung bersifat formal dengan menerapkan prinsip-prinsip perbankan umum sehingga daya penetrasinya hanya terbatas pada nasabah yang bankable.

Semiformal microfinance adalah lembaga keuangan yang diatur oleh pemerintah melalui PP atau Perda. Bentuk dan sistem operasional kelompok ini cukup bervariasi seperti Perum Pegadaian, Badan Kredit Desa (BKD), Koperasi Simpan Pinjam (KSP) dengan konsep koperasi, Lembaga Dana Dan Kredit Pedesaan (LDKP), Lembaga Perkreditan Desa (LPD), Badan Kredit Kecamatan (BKK) dan Baitul Maal Wa’atamwil (BMT) dan LKM yang terdaftar lainnya. Pasar utama semiformal microfinance adalah penduduk miskin dengan kategori kelompok II dan III serta sebagian kecil yang masuk dalam kelompok IV. Produk keuangan yang ditawarkan adalah kredit dan simpanan yang berbasis pada keanggotaan, namun khusus Pegadaian menawarkan pinjaman dengan sistem gadai. Sesuai dengan penggolongannya, sebagian besar platform operasional lembaga ini bersifat semiformal, artinya mengadopsi kaidah-kaidah yang ditetapkan oleh pemerintah, namun dalam membangun hubungan dengan nasabah atau anggotanya cenderung menggunakan cara-cara yang bersifat informal.

Informal microfinance berbagai macam bentuk kelembagaan dan kepemilikan dan metode yang digunakan. Hal ini dimungkinkan karena tidak ada regulasi khusus yang mengaturnya, mencakup Lembaga Swadaya Masyarakat (LSM), Kelompok Swadaya Masyarakat (KSM), kelompok arisan, rentenir, dan lain-lain. Keunikan dari informal microfinance adalah menyediakan fasilitas kredit (cash atau non cash) yang didasarkan pada hubungan individu, kelompok dan jalinan bisnis. Untuk lembaga microfinance yang berbentuk LSM, pemberiaan kredit juga diikuti dengan program pemberdayaan dan asistensi non keuangan lainnya.

Melbourne 11/01/09

Iwan Nazirwan

How Can Microfinance Share the Poverty Eradication?

17 October 2008 was the International Day for the Eradication of Poverty or World Poverty Day that donor organizations and anti-poverty supporters around the world shared empathy for people who are struggling in their daily lives in the midst of the massive financial turndown across the nations. The crisis has been a great concern and worried us as it can be a snowball recession spread out to many regions in particular countries tie closely to the US market. It is easy to understand that recession leads to the slowdown growth and hits the country’s economic health as well as generates severe impacts to businesses sectors. At the end, economic turmoil will turn into miseries and poverty. The recent global statistic in 2005 shows that the number of poor inhabitant who has daily earning below US$ 1 nearly 879 million and approximately 2.6 billion with income less US$ 2 per day respectively. Referring to the World Bank’s Policy Research Working Paper 2008, to some extent the progress of poverty eradication in the developing world is quite promising. In short, the effort is on the track to achieving the Millennium Development Goal (MDG) of halving the 1990 poverty rate by 2015 and hopefully, the Wall St instability will not pull back this achievement.

Now lets we look closer to Indonesia. Using a study report of the World Bank, Making New Indonesia Work for the Poor as a reference, statistically, post the financial crisis the number of poor inhabitants has consistently declined annually from 23.4% in 1999 to 16.0% in 2005, but surprisingly in the 2006 the poverty rate hefty increase to 17.8% , that equivalent close to 35 million. If the review includes the figure of population with the range of revenue between US$1 – US$2 each day, in turn there are roughly 90 million people categorized near poor living the country. Isn’t it a great deal of issue for the government and the whole nation?

No doubt, the current government has worked hard to deal with poverty by designing a policy framework in line with the grand strategy of the national development direction that is popularly known pro growth, pro job and pro poor. Also some series of interventions have been put in place including cash compensations in order to relief sudden impacts caused by the government policy on eliminating gasoline subsidies. The result, last year the economy enjoyed a grow rate at 6.3% and income per capita US$ 1,947, those has successfully surpassed the figure in 2006. However, the achievement does not deal with the real dynamic of poverty. The case of economic growth without income and wealth distribution is a good example to explain this phenomenon. The World Development Report 2001 suggests that economic growth rate solely, for example in Indonesia does not depict to what extent poor inhabitants lift out from poverty. There is a combination factor simultaneously involves in breaking the viscous circle of poor populations such income distribution, economic sectors, regions where the poor exist, assets ownership and broad access to economic opportunities as well as access to finance.

Empirically, financial system and market play important roles to foster income per capita growth, productivity, business growth, entry level of start up enterprises and poverty. The presence of banking and financial institutions in the societies can be a tool for banishing persistent income inequality since access to over time financial services has determined the speed of poverty reduction.

Many countries adopt and develop financial system policies to eradicate poverty and inequality. One of the prominent approaches is microfinance since this model has been proven in cracking down financial exclusion of poor households.

Broadly speaking, microfinance comprises a range of innovative financial services and products. The contemporary dimension of microfinance has evolved to challenge a reality that poor clients do not only need credit but also saving, insurance, remittance and payment services. Microfinance embraces unique financial methodologies that are accessible for group of people who live under the poverty line and low income households who are not tapped by commercial banks and other formal financial institutions. Apart of financial services, some institutions also provide social interventions such as trainings, healthcares, technical assistance and women empowerment programs. Thus, the availability of financial resources can generate cash income, savings and social supports can improve the socio-economic wellbeing of microfinance clients.

Indonesia is popularly as one of the leader in microfinance sector. The global flag institution is Bank Rakyat Indonesia (BRI Unit). Also there are ample other microfinance institutions presence in the local community across the provinces. Those include private commercial orientations, socio-empowerment motives, socio-religious approaches, self help group initiatives and government projects.

These microfinance institutions should be excellent assets for the government to combat poverty through productive economy activities since they presence very close to villages and slump areas where the poor living. Unfortunately, the efforts of the government to strengthen the microfinance sector are likely minimalist. The most interest of policy emphasize on financial issues particularly access to loans. The most recent policies are credit guarantee scheme through Kredit Usaha Rakyat (KUR) that only involving several leading state owned commercial banks, and revolving funds mainly credit and saving cooperatives. The minimalist strategy, i.e. KUR is effective for the short term perspective especially for financing established micro and small entrepreneurs but empirically such kind of credit is unsuccessfully to broaden financial access to the poorest and peasant farmers who construct the structure of poverty. Yet, the outreach of KUR can be also politically questionable since only embraces a small number of government bank and other state affiliated banks  (Mandiri, BRI, BNI, BTN Bukopin and BSM). Based on my experience in the field those loans are inadequately to sustain financial needs the poor inhabitants more specifically the poorest segments who only need in the range of hundred thousand amount of financing support. 

Instead of a quick-fix policy, the government should battle for a long term objective of poverty and the financial system approaches are optimally used to get there. The foremost issue is legal provision for existing microfinance institutions that in the grey area of law. The number of these institutions and their existences significantly sustain the live of unfortunate segment in the societies. The need of law is to provide legitimate framework for the organizations to conduct more financial services beyond generic micro credit hence poor people will have more opportunities to engage and maximize their financial matters for building better lives. Equally important that the regulation will force a supervision system to ensure the interest of the stakeholders are protected and the practices of the institutions are legally compliant. Lastly, additional benefit of formalizing the grey area microfinance institutions is to allow commercial banking sectors to extend its financial intermediaries to un-banked segments through strategic alliance model, i.e. linkage program bank and microfinance.

The discussion of Microfinance Law does not start from empty paper since the documents have been submitted to the Parliament (DPR) by the Regional Representative Council (DPD). The role of the government is essential to lean the process of legislation and to mediate some critical issues in the law proposal.

Microfinance Law is a not a silver bullet to solve all the constraint of financial inclusion and poverty alleviation initiatives, but the essence of this article is to remind all stakeholders to use the moment of the World Poverty Day for settling the unfinished job.

Melbourne 11/01/09

Iwan Naziwan

Leading Microfinance into Microbanking

In the recent years we have witnessed the flourishing of microfinance around the globe after the United Nation launching the International Year of Microcredit 2005 and the latest momentous was when Professor Muhammad Yunus, the founder of Grameen Bank and the pioneer of microcredit for women is awarded a Peace Nobel Prize. Microfinance has been a proven proof as an effective tool to support the Millennium Development Goals campaign in reducing the half number of poor people.

Microfinance has come a long way from its beginnings as a non-profit program to combat chronic poverty in developing countries. The best practice in the past were the government created state owned banks to channel subsidized loans to farmers to produce food crops and many international NGOs gave charity to poor inhabitants in order to help them lift out from chronic poverty trap. Furthermore, microfinance gradually evolves from social intermediation to become financial intermediation which adopts market mechanism and commercial practices. Surprisingly, this approach has worked well in the bottom of the pyramid (BOP) economy mainstream and it has generated good impact to the prosperity of low income households and the poor.

The presence of microfinance institutions in local community has successfully opened financial access to microentrepreneurs and under banked clients who need loans for working capital and investment. The spectrum of commercial microfinance also broadens through providing saving products, remittance and payment system to the entire society in efficient way and profitably. A key feature of this approach is double bottom lines that are to seek profits and also creates social values. One of the best examples and also the pioneer of commercial microfinance is BRI-Unit microbanking system which developed over two decades ago, after BRI struggling with massive losses during the Bimas program.

Global Industry

Today, for profit microfinance is becoming an emerging business. Banks of all sizes, from global institutions such as Citibank, HSBC, Standard Chartered Bank, Deutche Bank, ANZ Bank, Credit Suisse, ABN Amro and many more including leading investment companies are actively entering this sector and developing different business model of microfinance. Based data published by Consultative Group To Assist the Poor (CGAP), a unit of World Bank that dedicated to microfinance, shows that the amount of global funds invested to microfinance in 2004 reach approximately US$ 1.1 billion and nearly half are come from private sector.

Regionally, there is a long list of commercial bank that have microfinance portfolio. In the Central and Latin America, there are Bancosol Bolivia, Banco Solidario Ecaudor, Compartamos Mexico, Mibanco Peru, Sogesol Haiti and so forth. Moreover, in Africa region, commercial microfinance is practiced by K-Rep Bank, Equity Bank and Coop Bank which operate in Kenya, Centenary Rural Development Bank Uganda, the Commercial Bank of Zimbabwe and Teba Bank South Africa. In Asia continent, ICICI Bank from India, Alceda Bank of Cambodia, Hatton Bank Sri Lanka, Planter Bank Philippine, BRAC Bank Bangladesh, XacBank Mongolia including several major banks in Indonesia such as BRI, Danamon Simpan Pinjam, Bank Mandiri, Bank NISP are noted as banks that owned commercial microfinance business. Indeed, this mainstream has driven more commercial banks and venture capitalists are taking notice of the commercial viability of microfinance.

There are several incentives lead commercial banks quite aggressive in entering microfinance market. The findings of a study by Hatice Jenkins from HIID Harvard University suggest that a leading driver of commercial banks having microfinance business is profit motive. Most of commercial microcredit scheme can generate double digit profit margin which substantially above the returns of SME loans and corporate lending. Another trigger is changing market conditions and increasing competition in consumer finance, lending to medium and large enterprises. Other factors such as regulations imposed by the government, innovations in banking technology and awareness of poverty alleviation and social values have influenced the appetite of commercial banks to penetrate unbanked segment. In addition, commercial banks have a number of competitive advantages, for instance management expertise, systems and physical infrastructure in place, ability to mobilize deposits and have access to other sources of funds.

Microfinance, however, does not mean a simple business. The business of microenterprise lending is complex and requires significant technical capabilities although its basic principle from conventional banking practices. Some experiences show that many commercial banks were unsuccessful in tapping the microfinance customers. The most common cause is lack of knowledge and information on informal sector which is the core of the target market of a microfinance institution. Generally, the costumers are limited lower educational background, enterprise ownership under family based, multiple sources of income and lack of marketable collateral. Moreover the typical of business very dynamic, fast turn over and high returns are also important to be put into account. Clearly, a good understanding on BOP segment will help banks to design products, term and conditions, operational framework etc. The second issue is high operational cost and initial investment. The big challenge in doing microfinance is how to control cost of each unit lending that relatively high due to “a to z” processes should be personally handled by credit officer. In other words, employment payroll is a critical issue in microfinance operations. Oftentimes, limited infrastructures particularly in remote areas also contribute to the overhead cost and network developments.

Developing Business Model

Lesson learned of succeed and failure in commercial microfinance ventures be successful in microfinance there are several issues must be pondered by commercial banks. The center of consideration is how to build a cost-effective business model and to achieve economic of scale. Indeed, all the usual requirements of a successful business also need to be in place such as vision, commitment and strong management, HRM, robust SOP, IT system, good marketing and services etc

Melbourne, 08/01/09

M.Iwan Nazirwan

Mencari Orang Miskin

Ketika pemerintah menaikan harga BBM bersubsidi, wacana dan debat tentang kemiskinan menjadi hangat kembali dan melibatkan banyak pakar dan pengamat. Dari berbagai artikel yang penulis baca, ada dua issue penting yang berkembang yaitu: Pertama, kalangan yang berpendapat bahwa kebijakan pemerintah menaikan BBM yang berdampak multi dimensi akan meningkatkan jumlah penduduk miskin di tanah air karena menurunnya daya beli masyarakat yang pada saat sebelum kenaikan BBM mampu memenuhi kebutuhan hidup dasar (baca kelompok rumah tangga Sejahtera I menurut klasifikasi BKKBN), namun paska kenaikan BBM kemampuan tersebut menurun secara signifikan dan masuk dalam kelompok masyarakat pra-sejahtera. Issue kedua adalah kalangan yang gamang terhadap efektifitas program kompensasi Bantuan Langsung Tunai (BLT) yang bertujuan untuk meringankan beban kelompok masyarakat miskin yang sangat rentan terhadap economy shock utamanya akibat perubahan harga kebutuhan pokok untuk konsumsi, transportasi, pendidikan, kesehatan dan lain-lain. Namun sepertinya perdebatan tersebut menjadi tidak menentu manakala muncul suatu pertanyaan siapa yang diperdebatkan dan ada dimana mereka?. Sesungguhnya kedua pertanyaan inilah yang menjadi esensi permasalahan penanggulangan kemiskinan di Indonesia bahwa banyak ahli dan pejabat bicara panjang lebar memaparkan tentang kemiskinan namun ironisnya tidak tahu persis siapa orang miskin dan dimana mereka berada.

The place of poor people live

Batasan dan Kriteria

Dalam kurun waktu 2 dekade terakhir, telah banyak dikembangkan metode-metode yang digunakan untuk menetukan kriteria dan mengukur kemiskinan, antara lain berdasarkan pendekatan ekonomi (pendapatan), pendekatan biologis (kalori yang dikonsumsi) dan dewasa ini juga dikembangkan pula pendekatan sosial, budaya dan politik. Mengutip difinisi yang didirumuskan pada The World Summit for Social Development di Copenhagen Denmark tahun 1995.

“Poverty has various manifestations including lack of income and productive resources sufficient to insure sustainable livelihood, hunger and malnutrition, ill health, limited or lack of access to education and other basic services, increase morbidity and mortality from illness, homelessness and inadequate housing, unsafe environments, and social discrimination and exclusion. It also characterized by a lack of participation in decision making and in civil, social and culture life.”

Berpijak dari batasan tersebut sejatinya kemiskinan bersifat multi dimensi sehingga dalam merumuskan kriteria yang digunakan untuk menetukan apakah seseorang atau rumah tangga masuk dalam kategori miskin tidak hanya bertumpu pada satu variabel saja namun juga mencakup berbagai aspek lainnya yang saling berkaitan. Perumusan difinisi dan kriteria yang tepat menjadi sesuatu yang mutlak untuk menyamakan persepsi dan pemahaman semua pihak terhadap masalah kemiskinan dan orang miskin. Dewasa ini negeri ini masih dihadapkan pada masalah kesimpang-siuran kriteria kemiskinan dan orang miskin yang muncul karena lemahnya koordinasi antar instansi/lembaga dan kurangnya pemahaman tentang dimensi kemiskinan. Sehingga tidaklah mengherankan banyak pejabat public yang sewot dan dengan serta merta membantah apabila disodorkan data tentang kemiskinan dengan berbagai macam dalih. Bahkan ada seorang walikota dengan entengnya menjelaskan program penangulangan kemiskinan di wilayahnya berhasil dengan baik karena telah melaksanakan program beras murah (raskin) dan giat membangun ruko dan mal (pusat perbelanjaan) yang selalu ramai dikunjungi oleh masyarakat. Lebih lanjut, ketidak pahaman tentang kemiskinan juga menyebabkan berbagai kebijakan pemerintah dalam menyusun program penanggulangan kemiskinan tidak membuahkan hasil yang efektif karena dirancang secara top-down dan dikelola berdasarkan manajemen proyek. Padahal fakta empiris menunjukan bahwa masalah kemiskinan tidak dapat diselesaikan dalam waktu singkat namuh harus merupakan program yang berdimensi jangka panjang (longitudinal) dan melibatkan peran serta seluruh elemen masyarakat termasuk orang miskin (participatory approach) sebagai stakeholder yang memiliki kepentingan strategis terhadap program tersebut.

Sisitim Informasi Kemiskinan

Salah satu masalah besar yang dihadapai pemerintahan adalah sangat lemah dalam penguasaan dan pengelolaan sistim informasi (MIS) sehingga seringkali keputusan-keputusan yang diambil tidak akurat dan pelaksanaannya dilapangan menjadi tidak efektif bahkan mubazir sama sekali. Salah satu contoh aktual adalah administrasi kependudukan (KTP). Sudah menjadi rahasia umum banyak penduduk Indonesia memiliki KTP ganda bahkan lebih dari dua padahal mereka menetap di wilayah kelurahan atau kecamatan yang sama sehingga relatif sulit untuk menerapkan sistim pajak progresif terhadap kepemilikan kendaraan bermotor atau untuk menyeleksi calon jemaah yang telah melaksanakan ibadah haji lebih dari satu kali. Hal ini terjadi karena pemerintah belum memiliki suatu mekanisme (policy & tools) yang efektif baik untuk mengontrol dan mendata jumlah penduduk suatu wilayah secara akurat.

Problema yang sama juga terjadi terhadap statistik kemiskinan baik ditingkat nasional maupun daerah sehingga relatif sulit untuk mengetahui secara rinci berapa jumlah penduduk miskin dan dimana keberadaan mereka. Data yang diterbitkan oleh BPS, BKKBN atau lembaga/instansi lainnya belum menggambarkan kondisi sebenarnya di lapangan karena masing-masing memiliki kelemahan dan telah kerap kali dikritik oleh para pakar dan akademisi. Jadi harap maklum apabila banyak dijumpai program penanggulangan kemiskinan yang digulirkan oleh pemerintah tidak membuahkan hasil yang diharapkan karena sejak awal dirancang berdasarkan informasi yang tidak komprehensif dan up to date. Simak saja berapa banyak beras murah dan minyak tanah bersubsidi yang dialokasikan pemerintah kepada penduduk miskin menjadi salah sasaran dan dinikmati kelompok non-miskin bahkan tidak sedikit ditemukan kasus-kasus penyimpangan (moral hazard) yang dilakukan oleh oknum-oknum pelaksana dan anggota masyarakat. Kegagalan program ini seyogyanya tidak harus ditimpakan sepenuhnya kepada aparat yang bertugas di lapangan, namun harus dipandang sebagai suatu kegagalan sistim (policy failure) secara keseluruhan melibatkan para pengambil keputusan di tingkat pemerintah pusat yang merancang kebijakan atas dasar informasi yang tidak reliable.

Belajar dari pengalaman yang lalu seperti jaring pengaman sosial (JPS), program Raskin, dll kini sudah saatnya bagi pemerintah untuk segera memikirkan dan merancang suatu sistim informasi tentang kemiskinan (SIMISKIN) yang komprehensif sebagai bagian dari kebijakan nasional dalam menanggulangi masalah kemiskinan, termasuk pula perumusan kriteria kemiskinan yang sesuai dengan kondisi dan situasi ekonomi, geografi, sosial dan budaya serta politik Indonesia. Idealnya SIMISKIN tersebut terintegrasi dengan sistim informasi kependudukan atau sistim jaminan sosial nasional (apabila suatu saat nanti diimplementasikan) yang menampilkan informasi lengkap tentang profil individu atau rumah tangga miskin secara lengkap sehingga relatif lebih mudah dimonitor dan dievaluasi status yang bersangkutan dari waktu-ke waktu.

Satu hal yang tidak kalah penting adalah ketersedian informasi yang akurat dan up to date tentang penduduk miskin dapat digunakan oleh lembaga keuangan mikro dan microbanking untuk mengembangkan pasar dan memperluas jangkauan pelayanan produk dan jasa keuangan kepada saudara-saudara kita sehingga mereka mempunyai akses terhadap modal (kredit) untuk berusaha dan instrument untuk menabung sisa pendapatan dalam rangka memperbaiki taraf kesejahteraan keluarga mereka.

Melbourne, 07/01/09

M. Iwan Nazirwan

Politisasi Kredit Usaha Rakyat?

Bulan Nopember 2007, presiden Susilo Bambang Yudoyono meluncurkan Kredit Usaha Rakyat (KUR) yang merupakan implementasi dari Instruksi Presiden No. 6 Tahun 2007 tanggal 8 Juni 2007 tentang Kebijakan Percepatan Pengembangan Sektor Riil dan Pemberdayaan UMKM dan Nota Kesepahaman Bersama antara Pemerintah, Perbankan dan Perusahaan Penjaminan pada tanggal 9 Oktober 2007. Pemerintah menujuk 6 bank pelaksana KUR yakni Bank BRI, Bank Mandiri, Bank BNI, Bank BTN, Bank Bukopin dan Bank Syariah Mandiri. Bank-bank tersebut merupakan sahamnya dimiliki oleh pemerintah dan 4 bank diantaranya telah menjadi perusahaan terbuka.

KUR sudah berjalan lebih dari 1 tahun namun hingga sekarang belum ada evaluasi yang menyeluruh tentang efektivitasa dan manfaat program tersebut terhadap pertumbuhan ekonomi dan pengurangan angka kemiskinan. Evaluasi tersebut sangat penting jangan sampai KUR dibelokkan menjadi alat kampanye politik pada ajang Pemilu dan Pilpres 2009. Penulis ini tidak bermaksud menilai kinerja KUR secara tehnis perbankan karena itu merupakan domain Bank Indonesia. Namun artikel ini merupakan hasil pengalaman langsung penulis sebagai (mantan) praktisi perbankan yang memasarkan, mengelola portofolio KUR dan membina para debitur wirausaha mikro dan kecil di daerah Jawa Tengah.

Misleading Kredit Tanpa Agunan

Terminologi kredit tanpa agunan atau kredit tanpa jaminan kerap kali diwacanakan oleh berbagai kalangan, bahkan ada bank yang menggunakan buzzword kredit tanpa agunan (KTA) untuk tujuan pemasaran sehingga menimbulkan kerancuan dan salah persepsi dikalangan masyarakat yang menganggap untuk mendapatkan kredit tidak perlu ada agunan. Padahal UU Perbankan secara tegas menyatakan bank dilarang memberikan kredit tanpa agunan. Artinya, setiap sen kredit yang disalurkan harus dijamin risikonya oleh debitur yakni berupa objek atau aktivitas bisnis yang dibiayai sebagai agunan utama. Bahkan di ranah praktis, bank mensyaratkan adanya agunan tambahan yang memiliki nilai lebih seperti fixed assets, financial assets dll untuk menambah keyakinan risiko kerugian menjadi nihil. Dalam konteks ini, jika ada bankir yang memberikan kredit tanpa agunan maka dipastikan ybs melanggar prinsip kehati-hatian dalam penyaluran kredit yang berimplikasi pada aspek hukum.

Bagaimana dengan KUR yang gencar dipromosikan sebagai kredit tanpa agunan atau kredit yang dijamin oleh pemerintah. Sesungguhnya KUR tidak melanggar aturan atau best practice perbankan karena skim pembiayaan ini dirancang dengan pola penjaminan asuransi kredit. Untuk tujuan tersebut pemerintah menyuntikan dana kepada dua BUMN yakni PT. Askrindo dan Perum Jaminan Kredit Indonesia (Jamkrindo) sebagai penjamin kerugian bank apabila KUR tersebut bermasalah dengan pola 70% dari nilai kredit merupakan tanggungan pemerintah (Askrindo dan Jamkrindo), sedangkan 30% sisanya menjadi risiko bank pelaksana KUR.

Ada study yang dilakukan oleh peneliti dari Rural Finance Ohio State University Amerika Serikat yang menarik untuk diperhatikan bahwa sistim penjaminan kredit memberikan manfaat positif bagi masyarakat, perbankan dan perekonomian karena membuka akses yang lebih besar kepada calon nasabah yang tidak memiliki agunan atau mempermudah existing debitur untuk menambah jumlah kredit yang terkendala agunan kurang mencukupi. Dampak lainnya yakni mendorong bank lebih aktif memberikan kredit dengan jangka waktu panjang sehingga lebih menstimulai sektor investasi, menurunkan suku bunga karena sebagian atau semua risiko dijamin dengan demikian risk premium akan rendah. Adanya penjaminan kredit dapat mempercepat proses kredit sebab dipangkasnya prosedur penilaian jaminan yang rumit dan pada akhirnya menurunkan transaction cost. Kesimpulan senada juga disampaikan oleh Financial Sector Team DID Inggris yang meneliti sistim penjaminan kredit di beberapa negara berkembang seperti Chile, India, Mesir dan Polandia yakni kredit dengan dukungan sistim penjaminan yang dikelola dengan baik tanpa vested interest dapat mengakselerasi financial deepening dan memberikan manfaat besar bagi perekonomian, peningkatan business cycles and investment, penyerapan tenaga kerja serta income generation khususnya di sektor UMKM.

Pada dasarnya masyarakat tidak perlu khawatir dan meragukan manfaat KUR. Akan tetapi yang perlu diperhatikan adalah bagaimana pemerintah menjalankan, mengawasi dan mensosialisasikan kepada masyarakat secara benar dan proporsional. Seyogyanya promosi dan sosialisasi KUR yang menggunakan gimmicks kredit tanpa agunan atau kredit yang dijamin oleh pemerintah secara berlebihan tampaknya kurang tepat dan perlu disampaikan secara jelas kepada masyarakat karena menimbulkan misleading atau salah penafsiran yang berimplikasi pelaksanaan di lapangan. Contoh yang aktualnya adalah protes dari para calon debitur yang merasa dipersulit oleh bank karena mensyaratkan adanya agunan utama (usaha yang dibiayai). Kondisi ini juga ditunggangi oleh pihak-pihak tertentu yang turut menekan bank dengan alasan menysukseskan program pemerintah atau membela kepentingan rakyat miskin. Implikasi lain yang harus diperhatikan adalah moral hazard debitur dan para bankir itu sendiri. Ada semacam pemahaman masyarakat bahwa kredit yang dijamin oleh pemerintah merupakan charity atau bantuan sosial yang tidak wajib untuk dikembalikan hingga lunas. Bankir juga dapat melakukan moral hazard dengan mengabaikan azas kehati-hatian karena merasa “aman”. Kita semua yakin bahwa pemerintah sekarang tampaknya lebih smart dan tidak akan mengulangi bad practice di masa lalu yang menggunakan kredit program untuk meraih posisi politik terlebih lagi menjelang Pemilu. Politisasi kredit bersubsidi akan menimbulkan konsekwensi negatif yaitu penurunan kinerja perbankan dan remedial treatments yang mahal serta memakan waktu lama.

Kinerja KUR

Pada awal peluncurannya, skim KUR adalah kredit usaha mikro dan kecil de ngan plafond UMKM sampai dengan Rp. 500 juta (dalam penulisan ini disebut KUR-Kecil). Kemudian pada bulan Februari 2008, dikembangkan lagi satu skim KUR-Mikro dengan plafond dibawah Rp. 5 juta sebagai respon dari kecenderungan bank pelaksana untuk melayani nasabah dengan plafond kredit besar karena untuk mempertahankan skala ekonomi dan efisiensi sehingga tujuan awal peluncuran KUR untuk membuka akses bagi kelompok usaha mikro dan kecil yang belum bankable tidak optimal. Berbeda dengan KUR-Kecil, pelayanan KUR-Mikro hanya dilaksanakan oleh Bank BRI dengan pertimbangan jaringan kerja Bank BRI dengan BRI Unit nya tersebar luas hingga ke pelosok kecamatan agar dapat menjangkau calon-calon debitur usaha mikro dalam jumlah besar, selaras dengan kebijakan pro growth, pro job & pro poor.

Berdasarkan publikasi Kompas, posisi KUR per November 2008 sebesar Rp 12,03 triliun yang disalurkan kepada 1,6 juta debitur dengan komposisi KUR dengan nominal di atas Rp 5 juta sebesar Rp 2,85 triliun dan KUR < Rp 5 juta senilai Rp 5,75 triliun (1,48 juta debitur). Sektor usaha yang menjadi primodona penyaluran KUR adalah sektor perdagangan, restoran, dan hotel dengan pangsa pasar 60,13%, diikuti oleh sektor pertanian sebesar 21,26%, sektor jasa 3,27% dan dalam porsi kecil ke sektor lainnya.

Dari 6 bank pelaksana KUR, Bank BRI merupakan penyalur terbesar yakni sebanyak 1,5 juta debitor atau 96,17 persen. Kemudian diikuti oleh Bank Mandiri sebanyak 36.974 debitor (2,52 persen), BNI 8.982 debitor (0,61 persen), Bank Syariah Mandiri sebanyak 5.956 debitor (0,43 persen), dan Bank Bukopin sebanyak 2.952 debitor (0,2 persen).

Sayangnya data yang tersedia belum menampilkan angak-angka detail distribusi menurut propinsi dan kualitas KUR (NPL) serta nilai klaim kredit yang telah dibayarkan oleh Askrindo dan SPU. Ketersediaan data yang lengkap, akurat dan up to date merupakan elemen penting dalam mengevaluasi dan monitoring kinerja KUR secara utuh. Bahkan menurut pandangan penulis, pemerintah atau para stakeholders lainnya perlu melakukan impact assessment untuk mengetahui efektifitas KUR terhadap peningkatan bisnis, kesejahteraan nasabah dan dinamika sosio-ekonomi setempat. Evaluasi seperti ini sangat lazim dilakukan untuk mengukur keberhasilan program-program kredit mikro bersubsidi yang bersumber dari dana pemerintah atau bantuan lembaga donor internasional.

Mempeluas Akses KUR

Statistik yang dikeluarkan oleh Menegkop dan BPS menyebutkan ada 42 juta unit bisnis mikro dan kecil tersebar di negeri ini dengan berbagai variabilitas berdasarkan jenis usaha, perputaran bisnis, tingkat viability dan sustainability. Namun demikian belum ada catatan mengenai jumlah usaha mikro dan kecil yang telah mendapatkan pembiayaan perbankan atau lembaga keuangan. Menurut pendapat penulis terdapat fenomena “gunung es” (iceberg of credit) dalam struktur pembiayaan UMKM, yakni sebagian besar usaha mikro dan kecil yang feasible belum mendapatkan akses kredit perbankan yang memadai karena terkendala status unbankable dan tidak memiliki agunan yang bernilai ekonomi tinggi (lihat gambar).

Selanjutnya dengan membandingkan data penyaluran KUR dan jumlah unit usaha UMKM jelas tampak adanya gap pembiayaan tersebut sehingga sangat tepat apabila KUR posisinya makin diperkuat sebagai “jalan tol” bagi wirausaha mikro dan kecil untuk mengakses kredit perbankan guna pengembangan bisnis yang sudah berjalan baik. Selain itu KUR harus diarahkan sebagai exit strategy dari program dana bergulir yang banyak dikelola oleh departemen dan lembaga pemerintah untuk pemberdayaan masyarakat misalnya PNPM dan pengembangan usaha pemula (start-up business) sehingga mereka tidak layu sebelum berkembang karena keterbatasan modal serta antisipasi untuk mengatasi dampak krisis keuangan global.

Ada tiga langkah strategis yang harus segera dilaksanakan agar akses dan akselerasi penyaluran KUR dapat optimal.

Pertama, pemerintah secara simultan melibatkan perbankan nasional untuk menyalurkan KUR ke sektor-sektor produktif. Dari kata mata bisnis, menyalurkan KUR cukup menguntungkan. Dengan suku bunga kredit sebesar 24% untuk KUR-Mikro dan rata-rata 14%-16% untuk KUR-Kecil, bank pelaksana akan mendapatkan keuntungan yang memadai setelah dikurangi biaya operasional dan risiko kredit sebesar 30%. Hitungan kasar profit margin yang diperoleh berkisar antara 4% hingga 10% tergantung dari cost of fund dan biaya overhead masing-masing bank. Keuntungan tersebut tentu cukup menarik terlebih lagi bagi bank yang telah terjun melayani segmen UMKM seperti Bank BPD, Bank Danamon, Bank Panin, Bank Mega, Bank NISP dll.

Perluasan akses KUR dengan melibatkan bank umum akan membawa keuntungan bagi wirausaha UMKM, sektor perbankan dan pemerintah. Sisi positifnya anatara lain peningkatan kinerja pelayanan dan penurunan suku bunga sebagai dampak dari kompetisi antara bank yang menyalurkan KUR; Menstimulasi fungsi intermediasi perbankan dan loan to deposit ratio (LDR) yang selama ini masih relatif rendah karena bank condong bersikap risk averse melalui penempatan dana di Bank Indonesia dari pada menyalurkan kredit ke sektor bisnis terutama di masa krisis seperti saat ini. Bagi pemerintah, multiple credit points yang diperoleh adalah mengurangi tekanan politik dari berbagai pihak yang menentang program KUR. Keterlibatan perbankan nasional akan melemahkan tuduhan bahwa pemerintah mempolitisasi bank milik pemerintahnya dan afiliasinya yang saat ini secara ekslusif ditunjuk untuk menalurkan KUR. Tidak kalah pentingnya dimata para investor pasar modal, pemerintah akan mendapatkan apresiasi positif karena tidak terlalu membebani empat bank milik pemerintah yang telah go public dengan misi sebagai agent of development.

Ada contoh tepat untuk dijadikan acuan oleh pemerintah yakni di Thailand. Negara tetangga Asean ini berhasil mengembangkan Small Industry Credit Guarantee Corporation (SICGC) yang mayoritas sahamnya dimiliki oleh Kementrian Keuangan. Lembaga SICGC berfungsi menjamin kredit mikro dan kecil perbankan dengan mekanisme penjaminan relatif sederhana dan terbuka bagi semua bank untuk berpartisipasi asalkan memenuhi persyaratan dan membayar guarantee fee yang ditetapkan. Pola ini sangat fleksibel dan cukup berhasil mendorong kredit perbankan kepada bisnis mikro dan kecil di negara tersebut.

Langkah kedua, menambah channel penyaluran KUR dengan menyertakan lembaga keuangan yang dimiliki oleh pemerintah seperti Perum Pegadaian, Bahana Ventura, PNM dan lembaga venture capital milik Pemda. Secara komulatif kapasitas dan jumlah jaringan lembaga-lembaga tersebut cukup luas serta cukup berpengalaman dalam menyalurkan pembiayaan kepada UMKM. Misalnya, Pegadaian saat ini telah memiliki skim kredit mikro (Kreasi) yang dijamin oleh Askrindo secara komersial (premi asuransi dibayar oleh nasabah). Lembaga keuangan ini lebih fleksibel dalam menyalurkan KUR karena tidak terikat oleh aturan Bank Indonesia yang ketat. Pemerintah pun akan lebih mudah melakukan pengawasan dan pengendalian karena merupakan BUMN sehingga benturan kepentingan dengan pihak lain sangat minimal.

Langkah ketiga, segera melaksanakan dan memperkuat linkage program bank umum dengan bank perkreditan rakyat (BPR) dan bank umum dengan lembaga keuangan mikro (LKM) untuk menyalurkan KUR-Mikro. Bank-bank umum yang berpartisipasi dalam program KUR sebaiknya diwajibkan menyalurkan KUR-Mikro dengan pola linkage tersebut dan mengembangkan sistim pemeringkat untuk menilai LKM yang sehat dari sisi kinerja keuangan, organisasi dan memiliki kemampuan menyalurkan KUR-Mikro secara sustainable.

Menurut survei The Consultative Group to Assist the Poorest (CGAP), salah satu lembaga afiliasi Bank Dunia untuk keuangan mikro, bahwa banyak usaha mikro dan orang miskin yang tidak mendapatkan akses keuangan karena mereka berada diluar “target sasaran” lembaga keuangan mikro dan program pemberdayaan orang miskin, kelompok ini disebut dengan missing middle. Sebagai contoh, penulis banyak menemukan pedagang-pedagang di pasar tradisionil masih banyak terjerat oleh rentenir dan kredit harian yang bunganya mencekik leher. Sebagian besar petani gurem terjerat ijon karena sulit mengakses kredit pertanian karena bank semakin selektif melayani pembiayaan pertanian pangan dan palawija. Di lapangan juga dijumpai banyak kelompok usaha perempuan, kelompok peternak dan kelompok nelayan yang kebingungan mencari modal usaha karena program dana bergulir telah dihentikan atau dialihkan ke sektor lain atau kelompok baru. Dengan linkage program bank umum dan LKM diharapkan mereka dapat mengakses KUR-Mikro karena LKM seperti Baitul Mal Wa’tamwil, (BMT), Lembaga Perkreditan Desa (LPD) di Bali, Badan Kredit Desa (BKD) di pulau Jawa dan Madura, Lumbung Pitih Nagari (LPN) di Sumatera Barat dan Koperasi (KSP dan USP) yang berjumah ribuan unit dan beroperasi sangat dekat dengan masyarakat di desa-desa dan di kantong-kantong kemiskinan yang jauh dari jangkauan bank bahkan oleh BRI Unit sekalipun.

Kita berharap perluasan penyaluran KUR dapat menjangkau wirausaha mikro dan petani yang membutuhkan dana untuk usaha produktif dan tidak dibelokan menjadi alat politik seperti yang selalu terjadi dimasa lalu.

Salam

Iwan Nazirwan

Melbourne, Jan 2009

Problems and Challanges of Micro-Small Financing

Discussing about the role of micro & small enterprises (MSE) is always interesting and oftentimes invites a significant public concern, the economist, politicians, policy makers, as well as the silent observers particularly during the General Election season (PEMILU). The reason behind the phenomenon is that MSE has been regarded as a backbone of the economy in many developing countries, as well as in Indonesia. The main contributions of this sector are job creations and provide income-generated activities for majority of population. Since the economic crisis hit Indonesia in 1997, the presences of MSE have been a public discussion particularly on its considerable roles in enhancing the economic growth and more exclusively to alleviate low income households welfare. As always, the government put its attention on the issues through different policies and initiatives primarily on credit matters.

How small change (uang receh) bring a big smile

As a policy framework those programs look attractive, however, in practice the policies are difficult to be executed since myriad problems should have to be addressed, and need a comprehensive solution as well as an integrated approach. In general, the major impediments, which have been experienced by MSE are limited access to market information, constrain in capital, lack of technology, inadequate human resources and legal issues. Among those, capital constrain has become a crucial issue since there is a common belief that financial and banking institutions are reluctant to provide credits and other financial assistances to MSE. Indeed, this issue is debatable hence my article is emphasized on discussing practical solutions, which are relevant with the recent situation.

Financial Schemes for MSE

Historically, the involvement of financial intermediacies such as commercial banks and microfinance institutions in strengthening MSE sector has been a well-documented in the literatures, which started in the early of 1970s. Enormous credit programs for MSE have been granted but only few with success stories. A good example was a subsidized credit for working capital and investment (KIK/KMKP), which was designed for indigenous people who were engaged in businesses. Furthermore, in 1983 the government implemented a liberal banking policy and transformed the BIMAS credit program, which specially targeted for rice self-sufficiency and two off-farm credits (Kredit MINI/MIDI) into a single general rural credit (KUPEDES), with commercial approach. Different from KIK/KMKP, The KUPEDES, which was delivered by BRI-Unit has been successfully serving million of micro entrepreneurs and economically active poor particularly in rural areas up to the present time. In 1998, the government introduced another liberal banking policy, which increased the number of private banks and banking networks spread out all over the country. Although the number of private banks increased significantly, in this period, the role of banking sector in providing credits for MSE was dominated by five state owned banks until the government set up a policy which mandated all banks to allocate 20% of its loan portfolios for MSE in 1990 through Small Business Credit (KUK) and encourage banks to finance agricultural sector voluntarily (KUT). Since Indonesia was hit by the economic crisis in 1997, the banking landscape has changed drastically as well as the policy on MSE development. In short, the significant change was direct intervention of the government in banking industry became less and employed market mechanism for MSE lending. Many banks enter the MSE market for example Danamon Simpan Pinjam (DSP) rather serve corporate ventures. In addition, the government also created a new financial institution and task force such as PT. PNM Persero and the National Committee of Microfinance Empowerment (PKMI). Just recently also has introduced a new micro and small lending scheme, Kredit Usaha Rakyat (KUR) with guaranteed by credit insurance institutions Akrindo and Jamkrindo. In general, there are two categories financial services for MSE.

• Microloan service for micro entrepreneurs who are served by microfinance services such as the BRI-Units, DSP, Bank Mandiri, Bank NISP, rural banks (BPR), village banks (BKD), state owned pawnshop (Perum Pegadaian), and other financial institutions including informal sources.

• Small and medium scale loans for small businesses which are supplied by commercial banks and multi finance institutions.

Problems & Challenges

Naturally, when dealing with credit transaction, regardless who the customer is, a bank will face asymmetric information problem, moral hazard and adverse selection. Asymmetric information is a situation in which bank has only limited information about a borrower. Moral hazard is a situation where bank suspect that a customer can not be trusted. Adverse selection is a condition in which bank screens customers toward their risk attributes. In practical way, when dealing with a credit transaction, the credit officer does not know whether the customer is honest or dishonest, whether the customer can be trusted, whether the customer will pay back the loan on time and so forth. In short, when a contract credit has been signed, a bank obviously deals with risks. To overcome the negative effect of those problems, the bank usually uses the popular 5C’s approach before disbursing the loan to a customer such as Capital, Capacity, Character, Condition of the economy, and Collateral. The objectives of the approach are to protect the bank’s interest and minimize risks.

There is a common belief banks are reluctant to serve MSE since this sector is not commercially viable and high risk. In the perspective of banks MSE mostly are not bankable and fail to meet the 5Cs criteria due to being unable to fulfill the requirements such as accurate and reliable information on financial condition and performance, no robust business plan, lack of formal business licenses, and unable to provide marketable collateral. On the other hand, when dealing with MSME, banks also cope with internal problems such as limited highly trained loan officers who understand the characteristics of MSE, inappropriate lending technologies and operational system that will enable MSE to access the loan easily and high overhead cost due to a large number of customers with small loan size. In addition, some problems arise beyond the control of banks, i.e. legal system in enforcing loan contract or collateral.

As a part of business entities, indeed, MSE sector is a potential market for banking industry, however, when doing business with MSE banks should consider on some issues. First, develops lending technology, which appropriate to the characteristics, i.e. using 3C’s approach (Character, Capacity, Condition of the economy) instead of the 5C’s methodology. Second, loan size should meet to the needs of MSE, i.e. the size of lending should be appropriate with the type of business and the life cycle of the enterprises. Third, simplify administrative procedures and paper works particularly for micro and small businesses which most of them are not well educated. Fourth, set up a relax policy on collateral system. Instead of physical collateral banks may develop a loan guarantee system and credit insurance. Fifth, provides technical assistances in addition to loan service to enhance capacity of MSE such as marketing plan and financial management. Lastly but not the least, the role of the government is really important particularly in setting a market friendly economy policy, providing an easy access to legal system and licensing, tax incentive, and relaxing bureaucratic procedures in order to minimize high cost economy.