Financial Crime World

Financial Inclusion in Samoa: A Mixed Bag

A recent survey has revealed a mixed picture of financial inclusion in Samoa, with some positive trends and others that remain stagnant.

According to the Financial Demand Side Survey (DSS) conducted by the Central Bank of Samoa in March 2015:

  • The number of mobile financial services access points per 10,000 adults has increased significantly over the past year, rising from 0.41 in 2014 to 9.74 in 2015.
  • More banks are offering mobile banking services, including checking one’s balance from a mobile phone.

However, the same survey found:

  • The number of bank branches and ATMs per 10,000 adults has remained relatively stagnant, with only 0.41 bank branches and 2.98 ATMs per 10,000 adults as of March 2015.
  • While more banks offer mobile banking services, the percentage of adults with access to these services remains low: only 50% of banks offer this service, and only 25.6% of adults earning below US$2 per day have a deposit account.

Mobile Financial Services

The survey also revealed:

  • More adults are using mobile financial services to send and receive money: while 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.

Identification Documents

The survey highlighted the importance of identification documents in accessing basic bank accounts:

  • On average, two identification documents are required to open a basic bank account.
  • Only 5% of adults report not having all the necessary documents.

Central Bank’s Efforts

To improve financial inclusion, the Central Bank of Samoa has taken steps including:

  • Increasing the number of mobile money agents and cash-in and cash-out bank agents across the country.
  • Providing mappings of financial inclusion access points by region (Annex 3).

Conclusion

While there are some positive trends towards improving financial inclusion in Samoa, there is still much work to be done to increase access to basic bank accounts and financial services for all citizens.