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Financial Inclusion in Samoa: Key Indicators

According to a recent report, financial inclusion in Samoa has shown significant progress over the past year. The report highlights several key indicators that provide insights into the country’s financial landscape.

EFTPOS and Agents per 10,000 Adults

The number of EFTPOS terminals per 10,000 adults has increased from 18.02 to 24.38 between 2014 and 2020. Similarly, the number of bank agents per 10,000 adults has risen from 7.22 to 13.01 during the same period.

Regional Variations

There are regional variations in financial inclusion indicators. The AUA region has the highest number of EFTPOS terminals and bank agents, while the NWU region has the lowest. The ROU region has seen significant growth in EFTPOS terminals, but its agent density remains lower than other regions.

Mobile Financial Services

The number of mobile financial services access points per 10,000 adults has increased from 0.41 to 9.74 between 2014 and 2020. Mobile money agents are most prevalent in the AUA region, while the NWU region has the lowest density.

Other Indicators

Other key indicators include:

  • Average number of identification documents required to open a basic bank account: 2
  • Average cost of traveling to the nearest access point: ranging from $2.1 to $2.9 USD
  • Percentage of adults reporting that they do not have all identification documents required to open a basic account: 5%

Financial Inclusion Coverage

The report highlights the importance of financial inclusion coverage, with:

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

Conclusion

Overall, the report suggests that Samoa has made progress in increasing financial inclusion, with improvements in EFTPOS and agent density, as well as mobile financial services. However, there are still regional disparities and challenges to be addressed to achieve universal financial inclusion.