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Financial Inclusion and Poverty Reduction
2.0 concerns poverty
As we prepare to complete the first half of the decade 1990s, growing concerns about poverty was highlighted in the policy agendas throughout the industrialized and developing countries including Zambia.
The stubbornness of poverty, even in the richest of nations, met with growing impatience, and governments of various ideological persuasions are trying to do something about it, while donors and other international agencies were brought in to offer support to these efforts. This has been accelerated by the deepening of the global financial and economic crisis that is sweeping across the world.
But the good intentions of the actual resources of success is a long way. Thus, both professional conceptualizers and again in search of operational strategies to address poverty. And so the old question of extending Credit re-emerge that focuses on financial inclusion. The financial inclusion plays a critical role in reducing poverty. But with this financial crisis blowing across the world is possible financial inclusion?
Cross sectional study have shown that people with access credit have less incidence of poverty. As we know, the extent to which poverty reduction and / or mitigating its consequences has been a policy issue public has differed significantly across countries and over time. In Zambia, for example, poverty was on top of the agenda for the nation during the preparation of the Poverty Reduction Strategy which was the country qualify for the program Heavily Indebted Poor Countries initiative run by the International Monetary Fund. One of the issues key consideration in this study was to access to credit.
Moreover, in early 1980, not only limited to poverty one of several issues explicit policy, but many chose to highlight the counterproductive nature and high fiscal costs of some of the programs of poverty alleviation that had been taken above.
More recently, as we move into the 1990s, public attention has been refocused on the potential role government and non-governmental organizations publicly supported organizations (NGOs) to directly alleviate the plight of the poor.
For three decades, as new programs are being introduced and old programs that were
extended an optimistic view prevailed. The belief was that if the stable economic growth could be maintained, in reality the government's actions could solve the problem of poverty if only enough resources were devoted to the task (Danziger and Weinberg).
It is against this backdrop that some countries have reached a deliberate vision promote sustainable development of financial service providers to unbanked citizens with emphasis on the requirements of low interest rates.
3.0 FINANCIAL INCLUSION AND POVERTY
In the covering letter from the 1964 Economic Report of the President, the President Johnson said: "We know what to do and this nation of abundance can surely afford to do it" (Johnson). Soon followed by optimism, however, a declining faith in the government of the ability to solve any problem (Aaron) and arguments that social problems can not be solved by "throwing money at them." This is one of the perceptions that led to the promotion of private sector, but with the recent economic crisis, we seen the U.S. government increasingly in the role that was denied to the private sector.
Despite this skepticism, in the 1990s, the pendulum public opinion has been swinging
back and new initiatives to tackle the challenge of poverty are being proposed. In general, these new initiatives, specialized loan programs for the poor
become increasingly popular (Jordan, Minsky et al.). As many believe that a design more effective program of poverty alleviation would not allow previous shortcomings, it becomes critical to identify lessons learned from previous experiences. What know about the design of more effective programs? As experience accumulates in the exercise of credit (and the income of a country, Costa Rica, where these objectives of renewed growth with improving social conditions are being met with great success, and therefore we are optimistic about the well-conceived structural adjustment). Hence the need to encourage microfinance institutions to which many people have access to credit at any time they need to. Thus the inclusion Financial can be promoted in poor countries.
There are legal requirements that a financial services provider must meet before a license is awarded to an institution. However, it is the deliberate policy of major banks to relax some of these legal requirements to maximize the number of market players, especially those whose operational objectives is to serve the unbanked. In this case, it will affect positively on the foundations of the economy, demand and supply. Once there are the providers of financial services, then this will not increase competition, resulting in lowering interest rates, the price of money.
Then there is the need to provide other programs designed explicitly to help the poor, in this respect is necessary to take stock of all anti-poverty policies that have worked and which not. Policies are needed additional support will be in promoting financial inclusion. The Government should come and get tax policies to reduce barriers that applicants in the face of financial services. The tax system should be favorable to all players on the market that aims to serve the poor. In this case, besides to promote formal financial service providers, the country will promote informal players.
A substantial house experience (positive and negative) on credit programs for the poor has been accumulated in low-income countries. Many of the lessons learned are relevant to any country wishing to maintain deliberate policy. The evolution of public policy has not been different in other developing nations, where poverty is so visible. Leaving behind the basic needs "," paradigm of the 1970s, most of the world developing in the 1980s were a "decade of structural adjustment," dominated by the stabilization efforts designed to reduce national expenditures in accordance with national income (or output) as well as attempts to increase income national, through policy reforms that have promoted more efficient use of resources (Grootaert and Kanbur).
There is a strong consensus professional setting these programs the 1980s were successful in many countries move towards internal and external macroeconomic equilibrium. With the achievement of this end, we need to take all the credit resources of the desperate need of the poor. The debate is intense, however, about whether these objectives could have been achieved "While better protecting the poor and provide a basis for inclusion in the growth process." However, we must emphasize that this is not the place to solve this problem. To begin, establishing causality between specific policies and the evolution of living standards of different socio-economic groups is a particularly difficult task. This is also the case, of course, attempts to establish the impact of credit programs on the final beneficiaries (Rhyne). In the case of structural adjustment efforts in any case, the outcome depends greatly on initial conditions and the types of policies adopted.
In any case, whether poverty levels observed in the 1980s emerged
policies of the past who were opposed to growth or adjustment policies that inevitably followed the strategies above do not (Morley), there is no doubt that both the governments of low-income countries and donors International have been increasingly concerned with poverty alleviation.
There are two dimensions to this concern.
A first type of concern is the need to achieve growth with equity in the long term. This requires policies and programs that encourage the participation of the poor in the process of economic growth by creating employment opportunities and increasing their access to income-generating assets and raising the productivity of their assets, both physical as a human being (Grootaert and Kanbur). We believe that if the efficient provision, financial services can play an important role in this effort to incorporate (some of) the poor to the processes of economic growth in the poorest countries.
A second area of concern relates to the need to mitigate transitional cost of adjustment for vulnerable groups of society. We believe formal financial services can play a very limited role in this effort, if necessary. Other mechanisms provide a cost-effective fiscal approach more to help the unfortunates who have no productive opportunities and, therefore, no borrowing capacity. The use of credit in this case involves a social cost too much and can easily backfire, since one would not want the burden of additional debt that can not be viable pay (Adams). In dealing with these poverty () issues is always difficult to close the gap between the moral obligations, calling for public and private charity, for a hand, and economic needs that could improve the plight of the poor, on the other (Schultz). It seems, however, that financial services can have an economic role sustainable only in the second case. In this case, it is our desire to encourage more players in the informal sector financial services, the country of regulatory authorities and needs to relax requirements on governance and prudential issues where improvement opportunities exist. For understand why this is the case, we must appreciate the nature of finance and the importance of their economic contributions in economic development, reducing poverty in particular is concerned.
4.0 FUNCTIONS OF FINANCE
The financial system is a key component of the institutional infrastructure that required
for the effective functioning of all markets. The most important contribution of the financial system is its ability to induce a larger and promote greater integration of markets for the supply of goods and services, factors of production, and other assets. This expansion of markets is a condition processes prior to reaching the division of labor and specialization, greater competition, the use of modern technologies and the exploitation of economies economies of scale and scope. As Adam Smith pointed out, these are the processes that increase the productivity of available resources and lead to economic growth. With economic growth there are multiplier effects that spill out to the reduction of poverty.
The expansion and market integration is achieved by providing monetization services and efficient management of payment systems, development of intermediation between surplus and deficit agents of the economy and creating opportunities for the accumulation of deposits of value, liquidity management, and processing, distribution, sharing and risk diversification (Long). Of particular significance are financial intermediation services, which the transfer of purchasing power over agents with the necessary resources to capitalize on their own (internal) opportunities (agents surplus as the protectors), those with better opportunities, but not enough equity (deficit agents and investors). This is critical for financial inclusion. In making this division of labor between savers and potential investors, financial intermediaries channel resources for producers, activities and regions with limited growth potential to those in which a more rapid expansion of production is possible.
Since there are always more operators who say they have a higher use for
resources are not available purchasing power, financial markets should contribute to the selection of the best uses of resources. These markets can also offer monitoring services, ensuring that funds are used cost-effectively, as promised, and can contribute to the implementation of contracts, ensuring that they have given repay the loans (Stiglitz). This is where the regulators and banks plants involved. After all, financing is on the promises to pay in the future are expected to be met. If this is not handled properly, the consequences are disastrous, as the current economic crisis has its roots in poor regulation of the financial sector. The terms of the influence of such return, in turn, which carries risks.
I can not emphasize enough the extent that the effective delivery of financial services is extremely critical for the operation of the economy in general. As financial markets essentially influence the allocation of resources, Stiglitz has been compared to the "brain" of the system overall economic, the centrality of decision making: if they fail. . . The performance of the entire economic system may be affected. Why this is the case is a complex issue, but it is really so, there is clearly a social interest at stake here. Most governments have recognized this and have gone to extremes to avoid a collapse of their financial systems. Often, however, while recognizing, but (mis) understanding of their powers, governments have intervened in financial markets in search of a wide range of worthy non-financial objectives, but with negative consequences. We have to think both as regulators to mitigate the competing needs of positive and negative consequences coming up with the vision of financial inclusion.
5.0 finance and poverty: Lessons from the past
A number of initiatives to directly assist the poor with financial services (that)
Fall into this category of unsuccessful interventions. In considering this type of intervention
Moreover, a key issue to resolve is the potential cost in terms of reducing the efficiency of the financial system in general. This is a cost that may be worth enduring, if the expected benefits were large enough. Unfortunately, this is often not the case, given the nature of financial markets.
According to Gonzalez-Vega this is one of the lessons you learned of the first attempts to use formal financial markets ostensibly to promote specific activities, to compensate producers in other repressive policies, to liberate them from the clutches of creditors, or to redistribute income to the poor (Gonzalez-Vega 1993). Subsidized interest rates and administrative assignments loans through special credit programs, used for these purposes, did not displace informal sources of financial services and hardly promoted at all. Only redistribute income, but in reverse, from poor to rich (Gonzalez-Vega 1984). Thus, despite the best of intentions, often proved detrimental to specific segments of the population (marginal customers) that had been established to help. As a country, therefore we need a concise visionary action to prevent the redistribution of income from the poor to the rich. This is common when commercial lenders with high Fixed interest rates are aimed at the poor exploitatively.
These results are well known and have been well documented for dozens of
countries (Adams et al.). Too much effort was devoted to small farmers credit programs for
example, to get poor results. The primary objective of increasing farmers' access to formal credit was accomplished little and a reduction in the cost of borrowing was achieved only for a few borrowers larger in most poor countries. Although interest rates artificially low, are not cheap formal credit for small farmers and most of the credit portfolio is concentrated in few hands. Even in stagnant economies, however, plays a role in financing consumption. This function is often performed by both the informal financial arrangements (Udry).
More importantly, these credit programs sponsored by government diverted attention from technological innovation, infrastructure development and human capital formation, which directly increase the productivity of resources. Finance however, can only indirectly contribute to this objective, making it possible for some to take advantage of the opportunities created by other growth factors that induced processes. In the absence of such opportunities, however, is not only a limited role for finance to play.
There is a growing body of evidence confirm that economic growth and reducing
in poverty go hand in hand. Clearly, a substantial improvement of living standards requires economic growth (Biggs et al.). In addition, to ensure full participation of the poor in this process is a long-term effort and it involves improving their employability, expand opportunities education for their children, improve the performance of labor markets, creating a welcoming environment for productive activities and more. An effective service delivery financial demand is partly (but only part) of this process.
Therefore, the question "Can financial services be used to help the poor to improve their
much? "The answer is" only when funding is allowed to do what funding is supposed to do. "
That is, only when:
(A) financing allows a transfer of purchasing power Low uses to uses with high marginal rates of return;
(B) helps to fund more efficient intertemporal decisions about saving,
asset accumulation and investment;
(C) funding enables a less costly management of liquidity and the accumulation of stores of value, and
(D) financing offers better ways to deal with the risks involved in economic activities.
Otherwise, financial measures (such as subsidized credit and selective principles
programs) are a weak instrument to achieve different objectives, not financial and often lead to unexpected negative results (Gonzalez-Vega, 1994). This section can be summed up with the idea that the ingredients needed for poor out of poverty and credit is only one of them. Credit is an important ingredient, but it is not even the most important. Financial services play a key role in facilitating the work of the forces driving growth, but only when opportunities exist. In this case the poor facilities also need to be saved since it is one of the most important storage of value. So poor countries should encourage MFIs deposit taking this objective is fully met.
Lessons Learned 6.0 Loans and deposits
As discussed above, a second important lesson learned from accumulated experience is that, among financial services, credit is not the only thing that is important for the poor. In particular, deposit facilities provide valuable services to manage liquidity and deposits from the poor value family businesses. Researchers are always surprised by the intensity of demand for deposit services in rural areas of very poor countries (Gonzalez-Vega et al.). According to Robinson, satisfaction of this demand has been a hallmark of successful programs in providing financial services to the poor (Robinson). A fine example it is the developing program unit of the Bank Rakyat Indonesia, with more than 12 million small depositors do not represent more than 2,000,000 small borrowers (Patten and Rosengard). Thus, although not all producers of the demand for loans and those who need most of the savings needs of the facility. Among others, we must stress the importance of payment services, especially for remittances and other transfers of money in this regard will address financial inclusion holistically. We fully agree that a payment service is another important service to the poor. Therefore payment systems should work well with savings and the credit for the completion of financial inclusion.
Empirical evidence clearly shows that the poor do not demand for credit all the time, most (if not all) the economic demand deposit agents and other facilities for liquidity management and accumulation reserves, all the time.
A third lesson from direct experience is that credit demand is not only a demand for loanable funds. Finance is closely related to intertemporal decisions, and in this sense, plays an important role not only in saving and investment processes, but also to address the lack of synchronization between the generation of income (production) and the activities of expenditure (consumption and input use decisions), too. Treasury also is closely related to risk management. Facilitates the accumulation of reserves for precautionary reasons (for survival situations emergency) and speculative (To take advantage of unexpected opportunities future). To this end, solvent is critical. Being solvent is equivalent to having a reserve credit: the poor do not necessarily want a loan now, they want the chance to get one, if needed (Baker). They want the ability to access a loan to be reliable, giving rise to a flexible and timely disbursement of funds, always be there. According to the pursuit of research because informal sources of credit do not offer these opportunities, the poor are reluctant to replace traditional sources of funds, no matter how subsidized for flexibility and reliable financial and informal arrangements that have served over the years.
Therefore, what matters is not only access to loanable funds (Credit) but the development of a
established credit relationships. This, in turn, implies a sense of permanence of the financial institution. A fourth lesson learned, in this sense, is that a financial intermediary is not limited to the granting of credit alone, but to support the institutional framework.
7.0 Roads and poor institutional
With all the programs we have learned that the most serious deficiency of the previous
interventions to provide services to the poor was the lack of institutional sustainability of the organizations that were created for this purpose. For example, why both the viability cares? Concern about the viability springs first clear recognition of the scarcity of resources. If resources are limited, without self-sufficiency financial institutions with little hope of reaching the poor number of family businesses that are potential borrowers and depositors. The amounts that go beyond ability and willingness of governments and donors to provide them (Otero and Rhyne). Therefore, as poor nations need to protect the few financial services possible in the system of government and donor efforts met.
The organizations viable alternative to expensive, impractical quasi-fiscal programs that only beneficiaries reach an elite. Therefore, care more about the viability of this perspective of equity: to reach more than just a privileged few. Moreover, if the goal was only once (transient) injection of funds, then the lump-sum transfers are always more efficiently to accomplish this. If, on the other hand, sustainability is important, then the viability of the financial organization affairs.
Moreover, addition to be fiscally viable, the most important contribution of the concern for institutional sustainability is that there is adequate incentives to all participants in the financial transactions. For example, while the poor loan recovery viability rapidly destroyed, a picture of the viability improves discipline payment. A reputation as a good borrower with an intermediary set-client relationship is a most valuable intangible asset, if the financial institution is expected to be permanent and not temporary.
When this intangible asset is important enough, causing the return on time. When survival of the organization in doubt, moreover, the default is stampeding, and institutional distribution becomes a self fulfilling prophecy. questions of feasibility, when reimbursement issues. Therefore, there is great need to ensure that borrowers have good credit culture. This is where the strong credit reference service is imperatively necessary to raise the culture of good credit.
Thus, concern about the viability allows to identify a way of how interest
rates and default rates are linked. Too low interest rates caused losses of intermediary are
perceived by borrowers as a sign of lack of permanency and therefore crime follows ..
Moreover, in the same way that the fees very high interest can cause adverse selection (Stiglitz and Weiss), the rates are too low tend to attract rental seekers with the default time (González-Vega 1993). Thus, interest rates, while too high and too low can reduce expected intermediary profits through higher expected default rates. There the need to strike a balance, to ensure that real interest rates balance
As another example, the targeting of loan applications, because of the fungibility
funds (Von Pischke and Adams), basically increases both lender and borrower transaction costs and reduces the quality of services provided by the intermediary and therefore reduces the value of the intermediary and the customer relationship.
In summary, the orientation hurts the feasibility of various ways. Reduce the potential for diversification of the portfolio of lenders and highly specialized. Limit the lender degrees of freedom in the selection borrowers, and reduce incentives for vigorous loan collection, shifting the liability for breach of the lender for the donor, affecting the availability of funds to be used for specific purposes (Aguilera-Alfred and Gonzalez-Vega). The findings reveal that the performance of the lens becomes difficult challenge for a long time, many donors ignored this potential impact of the focus on crime, but they were very surprised when default wanton destruction of the institutions that had been (ab) used to channel donor funds with ease.
Deposit mobilization, however, is not an easy task. It requires an appropriate organizational design, technical management and oversight responsibility prudent to protect depositors. Therefore require a strong regulatory and tough.
Finally, the mobilization of deposits also is closely related to the importance of institutional
viability. Deposits provide information to the lender of potential borrowers, create a basis of mutual trust and facilitate the accumulation of a down payment that can serve as a deductible in subsequent loan agreement. Deposits contribute, therefore, to solve problems of information frequently difficult financial markets. Moreover, healthy deposit mobilization creates an image of institutional sustainability to promote the return. Thus, while donor-financed loans may not be repaid, the deposits funded neighbors are (Aguilera-Alfred andGonzalez-Vega).
More importantly, depositors create the institutional independence from the whims of donors
and politicians, but to protect the financial organization of political intrusion (Poyo, Gonzalez-Vega, and Aguilera-Alfred). In general, the mobilization of deposits contributes to the sustainability and organizational climate (corporate culture), where the stay becomes an important (Compatible) incentives to attract and retain competent managers and induce the agency staff to behave in a manner consistent with the viability of the organization. For them, the value of their relationship with the organization increases when the deposits are an important source of funds. This encourages the right choices and effort (Chaves, 1993).
8.0 FORMAL AND INFORMAL FINANCE
In this context, that poor countries to make financial inclusion strategy and vision needed to recapitulate the following into account:
(A) The poor need more than financial services, nonfinancial ingredients growth and development of the field;
(B) The poor need more than credit, deposit services may matter even more.
(C) The poor need more than borrowed funds, but need a permanent, flexible and reliable credit;
(D) As a result, Poor people need a viable, efficient, profitable and well managed, financially
intermediaries with which to establish these relationships permanent.
9.0 OBSERVATIONS
One of the additional lessons increasingly important in recent decades is that informal financial arrangements are widespread and success in providing several (some types) of financial services among the poor (Bouman and Hospes). They are timely, reliable, and low trading costs transaction of its customers, especially for loans of small amounts and short term.
The value and importance of these financial arrangements informal have been increasingly recognized and visions of the holding have been replaced by attempts to reproduce any features or link lenders national informal financial networks (Adams and Fitchett). But, as Hugo Pirela wondered "if this is the case, why additional (semi-formal and formal) financial intermediaries needed to do a job that indigenous communities, informal agreements and doing well? "The fact is that, despite their valuable contributions, informal financial arrangements suffer from several limitations.
These deficiencies stem from the characteristics that make informal transactions competitive in the first place. They are based on the local economy, are limited and therefore the need to formalize in the form of microfinance institutions.
Moreover, successful finance inputs needed for research borrowers (management of information for assessing the solvency and loan approval), monitoring of borrowers, and for the design and effective implementation of contracts. These costs are a function of distance (geographic, work, and ethnic) and viable technologies to produce these services.
In addition, other technological fixes in particular the result comparative advantage in providing financial services in specific market niches. The choice of appropriate technology thus becomes critical.
Much technological progress has taken place in the area of microfinance (Christen, Rhyne and Vogel). The key to success is to design an intervention that is dimensionally appropriate to the size of the market and compatible with the nature of the clientele (Chaves and Gonzalez-Vega).
traditional banking technology, for example, is prohibitively expensive for loans to the poor in real terms. Both lender and borrower transaction costs are too high in this case. By Moreover, since the poor are so heterogeneous, so are financial services that they demand, creating opportunities for different types of intermediaries.
Commercial banks can, of course, adopt more information-intensive technologies on which they depend for traditional collateral, ie, they embark on "disqualification" strategies (Krahn and Schmidt). This adaptation of the technology of commercial banks in extending the loans is clearly taking a central place in Zambia. We've seen a lot of banks to extend microfinance services to the public, but this is explicitly available to the elite.
Although there are great advantages in using banks as intermediaries to get marginal customers who need a revolution technology. Other banking organizations may have comparative advantages in information and contract enforcement among the clientele. With the weather can be "improved" to become more like banks. In any case, the challenge is to bring together those who have the advantages of information and implementation (usually local players) and those with sufficient resources and will.
appropriate technology is undoubtedly a necessary condition for reaching the poor
sustainable financial services. It is not a sufficient condition, however. While policies,
procedures and technologies matter, policy is enacted, the procedures will not be reviewed, and technologies will not be approved unless it is in the interest of someone to do it.
In the end, all decisions made by individuals acting in their own goal, given existing constraints.
Institutions limit individual behavior, define property rights and incentives, and to show the game (North). Organizational matters a lot because design decisions individuals are induced and / or limited by the incentive structure within the organization.
organizational design is critical because it influences behavior and performance influences behavior. If what matters is not only credit but viable funding organizations, the emphasis on organizational design efficient and sustainable is essential. The dilemma is that a large number of donors and government funding tends to destroy appropriate organizational designs. Due to the wealth issue limitations how to overcome these limitations without at the same time destroying the broker is a great challenge.
It seems that the more open questions difficult in financial services
the poor is, therefore, the design of organizations with the right structure of incentives and
governance rules (Chaves, 1994). As this depends on the structure of ownership of the organization, there are serious doubts about the extent to which intermediaries with diffuse ownership structures (such as public development banks and the old new NGOs) or government rules conflict (such as credit unions) able to generate sustainable financial intermediation. The biggest challenge for the progress of finance for the poor, therefore, is in institutional design of these organizations. This is, according to Krahn and Schmidt, the most promising and critical areas for donor assistance in the future.
Moreover, due to various constraints on the local base financial arrangements (limited
opportunities for risk diversification and intermediation) appropriate links from the local
intermediaries the global financial system should be established to increase the viability of effective enforcement agents and informationally advantaged, which may suffer from local, covariant, systemic risks and limited opportunities for intermediation between surplus and deficit units. Ultimately, what matters is the development of financial systems and networks (eg, new forms of economic organization).
As markets grow and develop the institutions, the formality will increase (despite the informality is not going away), and the introduction of modern institutions will be required. For this, appropriate policies, technologies profitable and viable organizational designs are still needed.
10.0 CONCLUSION
Therefore the vision of poor countries in promoting this concept of financial inclusion in reducing poverty should focus on the concerns raised about poverty in this work, the relationship between financial inclusion and poverty, the functions of finance, finance and poverty: lessons from the past lessons learned about the loans and deposits, institutional viability and the poor, formal and informal financing and, finally, the observations made in this work. REFERENCES
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About the Author
PERSONAL DATA (BIODATA) SURNAME: MUMA OTHER NAMES: FRANCIS, MULENGA SEX: MALE MARITAL STATUS MARRIED DATE OF BIRTH: 29.12.73 PLACE OF BIRTH: LUSAKA ZAMBIA VILLAGE: MUCHILINGWA CHIEF: MWAMBA DISTRICT: KASAMA NATIONALITY: ZAMBIAN LANGUAGES SPOKEN: ENGLISH, BEMBA, NYANJA CHINESE ACADEMIC BACKGROUND ACADEMIC QUALIFICATIONS INSTITUTIONS ATTENDED YEAR M.A. Degree in Development Economics (University of Kent, UK) 1998 B.A. Degree in Economics & Development Studies (University of Zambia) 1996 Chartered Institute of Purchasing (Zambia Institute of Management) Jan-Jul’97 Grade 12 Certificate Hillcrest Senior Technical Sec School 1991 Grade 9 Certificate Lubuto Secondary school 1988 Grade 7 Certificate Lubuto Primary school 1986 SCHOLARSHIPS: OVERSEAS DEVELOPMENT ADMNISTRATION AND SHARED SCHOLARSHIOP (ODASS) SCHOLAR 1997-98 CHINESE SCHOLARSHIP COUNCIL 2008-12 * The Author is currently pursunig a PhD in Public Economics at Xiamen University in People’ Republic of China.
Sony VX-2000 Video Camera Demo By Greg Wolske, Lasso Productions