This article examines the ‘heifer‐in‐trust’ or ‘livestock‐in‐kind credit’ model through a social‐protection lens. Specifically it seeks to engage with debates about the use of asset‐based strategies to support graduation from social protection. Drawing on project experience with dairy goats in Ethiopia and dairy cattle in Tanzania, the article concludes that while the asset‐ness of livestock may in principle allow them to make a unique contribution to livelihood transformation and thus graduation, the most obvious target group is least likely to be able to handle the demands and risks associated with livestock assets.
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