Financial Access Survey (FAS): the IMF s financial inclusion data 1

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1 Bank of Morocco CEMLA IFC Satellite Seminar at the ISI World Statistics Congress on Financial Inclusion Marrakech, Morocco, 14 July 2017 Financial Access Survey (FAS): the IMF s financial inclusion data 1 Peter van Oudheusden, International Monetary Fund (IMF) 1 This presentation was prepared for the meeting. The views expressed are those of the author and do not necessarily reflect the views of the BIS, the IFC or the central banks and other institutions represented at the meeting.

2 Financial Access Survey (FAS): The IMF s Financial Inclusion Data Marrakech, July 14 Bank Al-Maghrib CEMLA IFC Satellite Seminar on Financial Inclusion By Peter van Oudheusden, IMF Reproductions of this material, or any parts of it, should refer to the as the source. The views expressed in this paper are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management

3 Financial Access Survey in a Nutshell (I) financial inclusion is a multidimensional concept No single, commonly accepted definition of financial inclusion Definitions usually cover several dimensions Access Use Quality IMF s Financial Access Survey (FAS) provides data on access to and use of basic financial services by individuals and firms 2

4 Financial Access Survey in a Nutshell (II) the FAS is a database on financial inclusion with close-to-universal geographical coverage, which provides a strong monitoring basis Financial Institutions Division FAS data are used to track developments in financial inclusion and they help provide policy insights. Source: FAS and IMF staff calculations or most recent available data. 3

5 Financial Access Survey in a Nutshell (III) Financial Institutions Division the FAS is a supply-side database and data are collected annually Administrative data compiled by central banks and other regulators. FAS methodology fosters international comparability of data. IMF staff 1. Collect 2. validate, 3. verify, and 4. disseminate data. Metadata capture country specific cases. 4

6 Use of Data: Mobile Money Developments (I) FAS data capture the growing importance of mobile money services These services are increasingly becoming available African economies other economies 64 and gained significant traction when they are more established. Years since launch of 1st mobile money services 49 8 years or more years up to 4 years pre cumulative number of economies that report mobile money data to FAS number of registered mobile money agents per 100,000 adults number of registered mobile money accounts per 1,000 adults Source: FAS, GSMA (duration of mobile money services), and IMF staff calculations. 5

7 Use of Data: Mobile Money Developments (II) mobile money services often complement traditional financial services Presence of mobile money agents is especially pronounced in economies where traditional financial access points, like ATMS, are relatively scarce. Source: FAS, GSMA (existence of mobile money services), and IMF staff calculations. 6

8 Use of Data: The Link With Central Bank Objectives (I) deposit and credit developments could be used to analyze the interplay between financial inclusion and financial stability Changes in deposit balances and loan sizes are non-uniform, potentially reflecting a deeper and more diversified financial system. 12,500 60,000 average deposits per depositor in US $; most recent data 10,000 7,500 5,000 2,500 0 increase in deposits per depositor decrease in deposits per depositor average loan per borrower in US $; most recent data available 48,000 36,000 24,000 12,000 0 increase in loan size per borrower decrease in loan size per borrower 0 2,500 5,000 7,500 10,000 12, ,000 24,000 36,000 48,000 60,000 average deposits per depositor in US $; 5 years before average loan per borrower in US $; 5 years before Source: FAS, IFS (exchange rate information), and IMF staff calculations. 7

9 Use of Data: The Link With Central Bank Objectives (II) the FAS links monetary and financial statistics with changes in the underlying customers base It is easier to expand credit when initial credit depth is low growth in loans (as % of GDP) loans as a % of GDP; most recent data loans as a % of GDP; 5 years before decline in loans (as % of GDP) Source: FAS, IFS (exchange rate information), and IMF staff calculations. 8

10 Use of Data: Complementarity with Other Databases FAS data can provide additional insights when combined with complementary data collection initiatives High ATM presence is associated with lower barriers to account ownership and with higher use among account owners. Source: FAS, Demirguc-Kunt et al. (2015) (Global Findex), and IMF staff calculations. 9

11 Use of Data: Time Dimension historical data provide insights into availability of access points over time Economies that experienced the crisis saw a reduction in access points in the post crisis-period. 140 commercial bank branches per adult (2004=100) 180 ATMs per adult (2004=100) Source: FAS, Laeven and Valencia (2015; for definition of crisis economies), and IMF staff calculations. 10

12 Challenges: Data Gaps FAS database shows global data gaps in supply-side financial inclusion data Good coverage of basic information for the main financial service providers commercial banks but coverage is lower for more granular data. coverage of commercial bank data, (percentage of possible observations) insurance corporations 81% 100% credit unions and financial 66% cooperatives 96% value of outstanding deposits 48% number of depositors microfinance institutions (non-deposit taking) 47% 56% 76% other deposit takers (e.g. building societies) 24% of which: household depositors microfinance institutions (deposit taking) 15% of which: SME depositors Source: FAS and IMF staff calculations. 11

13 Challenges: Changes in User Needs (I) the FAS continuously evolves to capture developments in financial services delivery and to address user needs FAS launch 2012 Expanded breakdown of institutions Started collection of more granular data 2014 Added a module on mobile money Started dissemination of data on a rolling basis Gender pilot 12

14 Challenges: Changes in User Needs (II) the FAS conducted a gender pilot in response to user needs Financial Institutions Division Availability of genderdisaggregated data Example: depositors In around half of the 28 participating economies, gender-disaggregated data was available. 50% 36% 14% Time and effort are needed to start collecting this type of data. cases where more than 4 documents are required to open an account 22% 13% 6% Pilot outcomes show a significant gender gap; around 40 percent of financial instruments are owned by women. Commercial banks Deposit taking microfinance institutions Mobile money service providers Documentation requirements could contribute to this gap. Source: FAS Pilot and IMF staff calculations. 13

15 Thank You Questions? Please visit for more information Contact: 14

16 Annex: features of administrative data (I) systems usually track products, not (unique) customers bank account account 1. Across institutions (e.g. lack of common identifier) Household Individual Firm bank account account 2. Within institutions MFI account (e.g. systems are product based) Household Individual Firm bank account account Other factors of relevance: credit union account non-residents - captured in metadata non-financial corporations (firms) account holders account holders accounts - data for households separately (unique) 15

17 Annex: features of administrative data (II) product data often capture market conditions In Tanzania, users of mobile money services have multiple accounts at different service providers due to lack of interoperability. 2, % registered mobile money accounts per 1,000 adults (FAS) 1,600 1, active 160% 120% 80% 40% % of adults with a mobile money account (Financial Inclusion Insights) [95% confidence interval] Source: FAS and IMF staff calculations % 16