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.
En 2014, seulement 16 % des adultes du Bénin avaient de compte auprès d’un établissement financier (1), contre 29 % des adultes en Afrique subsaharienne. Alors que le marché des services financiers numériques commence à se développer au Bénin, moins de 1 % de la population utilise activement les services de mobile money (2). Bien qu’il existe quelques initiatives prometteuses en cours, si le Bénin veut progresser vers une plus grande inclusion financière, il doit forger des partenariats au sein de son secteur financier pour atteindre les populations non bancarisées.
MIX is excited to announce the launch of a recently updated financial inclusion dashboard, the Kenya Workbook. This series of interactive data visualizations is the second iteration of the workbook, originally launched in 2014, that explores financial access points in the East African country. As in the initial workbook, GPS coordinates of financial access points were collected by Brand Fusion and FSD Kenya, enabling the creation of the interactive dashboards. In the current workbook, points of agricultural activity have been integrated, allowing users to examine the intersection of the two industries. Additionally, select indicators from the FinAccess Survey (2015) have been included to uncover insights related to the financial behavior of people at the county (second administrative) level. Finally, the dashboard incorporates information on local infrastructure (roads, railroads and airports), population data (density, demographics), and other socio-economic data for a deeper understanding of the state of financial inclusion across Kenya.
Peru has been praised in recent years as a country deeply committed to reaching full financial inclusion. And the country has certainly earned that recognition, reaching around 91% of the adult population as of 2014. Yet, despite Peru’s rapid increase in formal financial services coverage there are still districts where Financial Service Providers (FSPs) have yet to arrive.
In 2014, only 16 percent of adults in Benin had a financial institution account (1) compared to 29 percent of adults across Sub-Saharan African. While the digital financial services market is beginning to grow in Benin, less than 1% of the population actively uses mobile money services (2). While there are some promising initiatives currently underway, if Benin is to move toward greater financial inclusion it must forge partnerships within its financial sector to reach the unbanked.
Today we launched the Senegal Financial Inclusion Workbook 2.0. Since the first iteration in 2013, MIX has added a significant number of additional datasets at a more granular level: The total number of financial access points collected increased from 1,903 to 10,155. Most of these datasets can now be viewed at the third administrative (commune) level, an important change from the initial workbook where the datasets were only displayed at the first administrative (region) level. In addition, we were able to map microfinance correspondents that did not exist back in 2013.
FINclusion Lab Philippines workbook 2.0 Shows Promising Evidence of Decreasing Gaps in Financial Access
With the Asia-Pacific Financial Inclusion Summit next week, MIX is happy to announce the release of the Philippines workbook 2.0. This workbook includes not only updated figures of the existing indicators, but also new indicators that were not present in the previous workbook: time series of loans and deposits 2001-2015, and information on the unbanked municipalities and adult population. With additional datasets from as recently as June of this year, this updated workbook serves as a tool for policy makers, financial services providers, and researchers as they formulate strategies to increase financial inclusion in the country.
Azerbaijan's capital, Bakı, has over 23% of the entire country's population. It is also the center of the oil, gas, and financial services industries. The country has no other city close to it in size, and agriculture plays a much larger role in the economy outside Bakı's region. With this background it is not surprising that there are dramatic differences in financial services provision between the capital and the rest of the country. However, these are differences in type, not the differences in overall access that might have been expected.