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Financial Inclusion in Samoa: A Mixed Bag

A recent survey conducted by the Central Bank of Samoa has revealed a mixed bag of results when it comes to financial inclusion in the country. While there have been improvements in certain areas, others remain stagnant.

Improvements in Mobile Financial Services

According to the survey, the number of mobile financial services access points per 10,000 adults increased significantly from 2015 to 2020, with a total of 9.74 agents per 10,000 adults by the end of last year. This is an increase of over 200% compared to the previous period.

Disparities in Mobile Money Agents

However, when it comes to the number of mobile money (MM) agents per 10,000 adults, there are still significant disparities across different regions. The North West Upolu region had the lowest number of MM agents at 6.96 per 10,000 adults, while the AUA region had the highest at 17.13.

Cost of Accessing Financial Services

The survey also found that the average cost of traveling to a financial access point varied depending on the type of service. For example:

  • The average cost of traveling to a bank branch was $2.20 USD
  • The same trip to an ATM cost $2.90 USD

Financial Inclusion Statistics

In terms of financial inclusion, the survey found that:

  • 39% of adults had at least one regulated deposit account
  • 13.4% had a regulated credit account
  • Only 34.9% of adults with a deposit account had made any transactions in the last 90 days

Disparities between Men and Women

The survey also highlighted significant disparities between men and women when it comes to financial inclusion. Only:

  • 35.1% of adult women had an active deposit account
  • 45.5% of adult men had an active deposit account

Despite these challenges, there are some positive trends emerging. The percentage of banks offering mobile banking services increased from 50% in 2015 to 75% by the end of last year. Similarly, the percentage of adults using mobile financial services to send or receive money also increased over the same period.

Central Bank’s Response

The Central Bank of Samoa has welcomed the findings of the survey and is working to address the challenges identified. “We recognize that there is still much work to be done to achieve financial inclusion in Samoa,” said a spokesperson for the bank. “However, we are encouraged by the progress that has been made and will continue to work with stakeholders to improve access to financial services for all Samoans.”

Maps of Financial Inclusion Access Points

The survey also included maps of financial inclusion access points across different regions of Samoa. Figures 5-8 show the distribution of bank branches, ATMs, cash-in/cash-out bank agents, and mobile money agents per region as of December 2020.

These maps provide a visual representation of the disparities in financial inclusion across different regions of Samoa and highlight areas where improvements are needed.

Note: The figures mentioned in the article (e.g. 9.74 agents per 10,000 adults) are not included in this markdown version, as they are numerical data that is best presented in a table or graph format.