Financial Inclusion in Samoa: Trends and Insights
A new report has shed light on the state of financial inclusion in Samoa, providing valuable insights into the country’s mobile financial services landscape.
Mobile Financial Services Access Points
The number of mobile financial services access points per 10,000 adults has seen significant growth, increasing from 0.41 in 2014 to 9.74 in 2015. This trend is particularly pronounced in the AUA region, where the number of MM Agents per 10,000 adults jumped from n/a to 17.13 over the same period.
Banking and Mobile Financial Services
The report also highlights the growth of mobile financial services among banks, with:
- 75% of banks offering mobile banking services such as checking one’s balance from a mobile phone.
- 75% of banks offer mobile financial services, including transfer of e-money.
Identification Documents Required
In a finding that may surprise some, the report reveals that the average number of identification documents required to open a basic bank account remains at just two.
Cost and Time of Accessing Financial Services
The cost of traveling to the nearest access point remains relatively low, with:
- The average cost ranging from $2.1 USD (WST 4.80) for a Bank Agent to $2.9 USD (WST 6.50) for an ATM.
- The average time spent waiting in line to open a deposit account has remained steady at 2.6 hours.
Financial Inclusion among Adults
The report highlights several key indicators of financial inclusion among adults, including:
- 39% of adults 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 $2 per day have a deposit account.
Mobile Money Services
The report also explores the use of mobile money services, with:
- 0.7% of adults having sent money through mobile financial services in the past year.
- 2.71% having received money (including e-money) through mobile money in the last 12 months.
Regional Variations
Annex 3 provides a map of Samoa showing the distribution of bank branches, ATMs, Cash-in/Cash-out Bank Agents, and Mobile Money Agents by region. The maps highlight regional variations in access to financial services.
Overall, the report paints a picture of a country with significant progress towards greater financial inclusion, particularly in terms of mobile financial services. However, there are still areas for improvement, including reducing the cost and time of accessing financial services and increasing financial inclusion among marginalized groups.