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Samoa’s Financial Inclusion Landscape: Trends and Gaps Revealed

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A recent survey has shed light on the financial inclusion landscape in Samoa, highlighting both progress and areas for improvement. The study, which covered a period from March 2014 to March 2015, examined various indicators of financial inclusion, including access points, agent networks, and mobile financial services.

EFTPOS and Agent Networks

According to the survey, there were approximately:

  • 23.52 EFTPOS terminals per 10,000 adults in the ROU region
  • 18.02 per 10,000 adults in the SAV region
  • Nationally, 7.22 agents per 10,000 adults

Regional variations were also observed, with the AUA region having a higher number of agents (10.94 per 10,000 adults) compared to other regions. The NWU region had the lowest number of agents (3.88 per 10,000 adults).

Mobile Financial Services

The survey found that there were:

  • 0.41 mobile financial services access points per 10,000 adults in Samoa
  • A significant increase observed over the past year

Regionally, the AUA and SAV regions had higher numbers of MM agents (13.15 and 9.23 per 10,000 adults, respectively).

Cash-in and Cash-out Access Points

In terms of cash-in and cash-out access points, the survey reported an average of:

  • 43.11 such points per 1,000 km² in Samoa

The number of branches, ATMs, EFTPOS terminals, and agents per 1,000 km² were also examined, revealing varying levels of access across regions.

Identification Documents

The study found that on average, two identification documents are required to open a basic bank account. However, 5% of adults reported not having all the necessary documents.

Financial Product Ownership

The survey revealed that:

  • 39% of adults in Samoa have at least one type of regulated deposit account
  • 13.4% have at least one type of regulated credit account
  • 25.6% of those earning below US $2 per day have a deposit account

Mobile Money Use

Only:

  • 0.7% of adults have sent money through mobile financial services in the past year
  • 2.71% have received money (including e-money) through mobile money in the last 12 months

The study’s findings provide valuable insights into Samoa’s financial inclusion landscape, highlighting areas where improvements can be made to increase access to financial services for all segments of society.