Project Imbizo

Value-added transformation is a cornerstone of the WIPHOLD philosophy, and this has now been given extended reach in the form of a visionary initiative, Project Imbizo.

The projects was spearheaded by WIPHOLD in conjunction with strategic partners, Old Mutual, Nedbank and Mutual & Federal, and its aim is to develop new business models that include poor individuals and communities in economic activity.  The objective is both to empower and develop these communities, and lay the groundwork for the development of future markets.

The Imbizo Philosophy

In South Africa, the foundation economy, which is made up of households that fall into the LSM 1 – LSM 5 range represents approximately 15 million people. In rural areas, apart from government employees, most people earn very little or are unemployed and are dependent on social grants. Many of them nevertheless do make use of informal financial services such as stokvels, burial societies and mirco-loans.

WIPHOLD and its partners in the Old Mutual Group identified that this indicated a dire need for financial services that were both fairly priced and tailored to suit the unique needs of these communities. These communities have previously been viewed as commercially unviable and have thus been undeserved when it comes to financial services.

The Imbizo Methodology

The Imbizo Project follows a three-step process:

1. The 1st step involves convening a community meeting (Imbizo) to listen, learn from and secure the buy-in of the community.
2. The 2nd step is to convene a follow-up meeting at a later stage at which a proposed financial services solution is presented to the community based on the input from the 1st meeting.
3. If this is accepted, the 3rd step is to begin the implementation process, which includes the mechanisms for community involvement and feedback, as well as for ongoing consultation.