In 2012, our team at MIX embarked on a new challenge to fill a pressing need: Reduce the information gap for financial inclusion.
Since 2013, MIX has been collecting, analyzing and mapping financial inclusion data for over 20 countries. One thing we have learned over the years is that there are many obstacles for central banks to overcome before getting started with geospatial data.
The new government in Benin has ambitious plans for the economy. Addressing financial inclusion should be a key component.
In early December, MTN Rwanda announced it surpassed 1 million active mobile money users, a testament to the important contribution digital financial services (DFS) are making to inclusive finance.
Helping stakeholders move the needle on financial inclusion around the world.
With only 24% of adults in urban areas with access to financial services, Mozambique lags behind its peers in financial inclusion. Perhaps unsurprisingly, the numbers are even lower with rural and female population. In July 2016, Mozambique introduced a new financial inclusion strategy designed to increase access to financial services from 24 percent to 60 percent of the population by 2022.
As Global Findex reports, only 18% of adults in Malawi have access to a bank account and just 6% have access to formal lending. According to data from the United Nations, 84 percent of the population in Malawi lives in rural areas, which, along with its ethnic and linguistic diversity, presents unique challenges for increasing financial inclusion.
In November 2014, Kerala became one of the first states in India where every household had access to at least one bank account. The Ministry of Finance applauded this result, declaring it a “100 percent saturated state”. However, a recent estimate found that a large number of accounts are dormant or inoperative and, further, that many individuals hold multiple bank accounts, which presents overindebtedness concerns. Yet, even without full saturation, Kerala remains a leader in financial inclusion in India and, thus, the industry can learn from its accomplishments.
By: Lara Storm, Director of Financial Inclusion
Equitable Access: Is the rapidly expanding financial sector helping Ivory Coast reach full financial inclusion?
Five years after the bloody post-election crisis, Ivory Coast has achieved political and economic stability, though complete national reconciliation is still one of the biggest challenges facing the country. With an annual growth rate of nine percent over the last three years, Ivory Coast is one of the fastest-growing economies on the continent, driven by a high performing agricultural sector and foreign investments to support rebuilding of local infrastructure.