Download pdf - Financial Inclusion Briefing paper 07072016

Financial Inclusion in Africa

AFFORD UK - The African Foundation for Development

Chatham House – July 1st 2016

Jack Van Cooten

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Policy Brief July 2016 – Financial Inclusion in Africa

Overview

There is direct relationship between rates of poverty and financial exclusion. Globally, approximately two billion

people, or 38% of working-age adults do not have access to regulated banking or financial services. For those

who live in poverty, the proportion who are unbanked almost doubles, with 73% financial excluded, showing the

disproportionate impact that financial inclusion has on the poor (IFAD, 2015).

Despite the impressive growth rates witnessed in many African countries over the past decade, for growth to be

sustainable and for development to be inclusive, it is imperative that all sections of society are financially

included. The data shows that Africa is falling behind other continents when it comes to inclusive financing, with

only 34% of adults having a bank account and 16% of adults having formal savings; the second lowest of any

region in the world, with only the Middle East having lower rates (World Bank, 2014). Of course, there are

disparities within Africa too, with lower rates of financial inclusion among the continents’ women, youth and

poor. Expanding financial services to these groups in particular will enable communities to be resilient against

shocks, allow them to both save and invest in their families, and will help grow a class of entrepreneurs who in

turn will drive development. The continents’ diaspora and their remittances can and will play a role in this process;

they represent a significant economic force that if properly organised can play a key role in the continent’s

development.

This policy brief first outlines how financial inclusion is both defined and measured, before looking at rates of

financial inclusion in Africa. It then looks at who and where in Africa is financially included and indeed, excluded,

and what the opportunities are to broaden financial systems across the continent. The role of the diaspora in

financial inclusion is then explored, with a focus on the tens of billions of dollars per year that are sent to African

countries from abroad. Finally, best practices from Women’s World Banking and Rwanda’s Umurenge SACCO

programme are highlighted, before a number of policy recommendations to key stakeholders are put forward.

What is Financial Inclusion?

Interest in understanding and broadening financial inclusion has grown in recent years, as exemplified by multi-

country commitments such as the G-20 Financial Inclusion Action Plan (G20, 2014), and the number of individual

countries who have established their own policies in the area. Financial Inclusion ‘refers to a state in which all

working age adults, including those currently excluded by the financial system, have effective access to the

following financial services provided by formal institutions: credit, savings (defined broadly to include current

accounts), payments, and insurance’ (GPFI, 2016).

Explanations and metrics of financial inclusion have progressed away from categorising people according to a

binary separation of being either included or excluded, to seeing financial inclusion as multi-dimensional. The

below table summarises how aspects such as access, usage and quality are being considered as part of a more

encompassing and accurate definition of inclusive financing (Table 1).

Table 1 – The dimensions of financial inclusion. Adapted from the Financial Inclusion Data Working Group (2011) in AfDB (2013)

It is important also to understand the distinction between voluntary and involuntary financial exclusion (Young-

Park & Mercado 2015). People who are voluntarily financially excluded are individuals that choose not to use

financial products and services, either because they do not feel they need them or due to cultural factors that

discourage usage. Conversely, involuntarily exclusion relates to people who cannot access financial services, even

though they may want or need to. This could be down to a number of factors, such as discrimination, lack of

income, being perceived as too risky or unprofitable by financial institutions, or due to lack of proximity, for

example those living in rural areas.

Information on financial inclusion has usually been

broken down into supply and demand-side data.

A simple way to understand this distinction is that

supply-side data is measured from the top-down,

by central banks and governments for instance. An

example of the type of information that supply-

side stakeholders produce is the number of ATMs

or bank accounts in a country or region. However,

using this information to convey levels of usage

and access to financial services is inaccurate, as it

does not show how regional, social or economic

disparities have an impact on financial inclusion.

Demand-side financial inclusion however, is

measured from the bottom-up, and attempts to capture the levels of usage based on perspectives from the

poorest households and low-income, often informal businesses (BIS 2012).

Financial Inclusion in Africa Whilst financial inclusion in Africa is growing rapidly, increasing from 24% of the population in 2011 to 34% in

2014, Sub-Saharan Africa remains the second least financially included region in the world, with only the Middle

East having a lower proportion unbanked. The World Bank’s Findex Database defines being banked as those

who have an account with either a financial institution, such as a bank or credit union, or alternatively with a

mobile money provider, which can be used to transact money to and from a mobile phone account (Global

Findex Database 2014). It is interesting that whereas globally, only 2% of adults have a mobile money account,

in Sub-Saharan Africa this figure climbs to 12% of the population.

In Africa, when it comes to financial inclusion, there are sharp disparities, both between and within countries. We

will come to how disparities manifest within countries below, but in the countries for which data is available

(Figure 1, above), it is those in Southern Africa that tend to have the highest levels of account ownership – South

Access Usage Quality

Availability of formal, regulated

financial services:

Physical Proximity

Affordability

Actual Usage of formal financial

services and products:

Regularity

Frequency

Duration of time used

Products that are well tailored to

client needs:

With appropriate

segmentation to develop

products for all income levels

Figure 1 – Account Penetration across the World (Global Findex Database 2014)

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Africa is the highest with 70% coverage, closely followed by Namibia (59%) and Botswana (52%). East Africa also

shows relatively high rates compared to the rest of the continent, but this is largely down to the region being

the global hub of mobile money. 75% of Kenyans have an account at some form of financial or mobile money

institution, along with 44% of Ugandans, 40% of Tanzanians, and even 39% of those in Somalia. The rise and

subsequent prevalence of mobile money will also be discussed in greater detail below. The picture is more mixed,

but generally lower in West Africa, ranging from regional highs in Nigeria (44%) and Ghana (41%), to a regional

low of 7% in Guinea. The Sahel and Central African countries also have low percentages of their populations

who are financially included, with almost every country under 20% (Global Findex Database 2014).

Who is Financially Excluded in Africa?

But percentages at the national level do not tell the complete story. For example, if 44% of the 186 million people

in Nigeria do have an account at a financial or mobile money institution, it means that over 100 million people

in Nigeria do not. Who are these people, and why is it important that efforts are made to include them financially?

African Women

African women are an extremely diverse cohort, coming from different

cultural settings, income levels, societies, marital statuses etc. (MFW4A

2013). Throughout Africa, women are less likely to hold an account at a

financial institution than men (figure 2). However, it is widely

acknowledged that the positive effects of broadening financial inclusion

among women go far beyond benefiting the individual, but subsequently

benefits their households, the wider community and ultimately, men too.

Financial products should be tailored so that they are appropriate for

women’s needs and allow more flexibility. Focus also needs to be targeted

towards building knowledge on financial services, so that they can be fully

taken advantage of by women (ibid.).

African Youth

Of all of the demographic groups in Africa, African youth are some of the most marginalised. According to a

report by the UN, for African youth, that is those that are aged between 15 and 24, only 12% have a formal bank

account (UN 2013). Much of this is down to negative stereotypes of youth, legal restrictions and non-inclusive

financial policies and therefore, there is much work to be done. As the continent with highest proportion and

fastest growing population of young people, it is imperative that the financial exclusion of African youth is

addressed. In doing so, the youth should be provided with the knowledge, skills and financial products that will

allow them to build a sustainable livelihood (Braga 2009).

African Poor

Financial inclusion has been broadly recognised as critical in reducing poverty and achieving inclusive economic

growth; however, in every country in Africa, it is the poorest that are the most financially excluded. With the

wealthiest 20% of adults twice as likely to have a bank account as the poorest 20%, financial inclusion is strongly

related to wealth. Financial exclusion also perpetuates poverty, as financially excluded individuals and SMEs are

Figure 2: % Sub-Saharan Africans who

are Financial Included (Global Findex

Database 2014)

28%

30%

32%

34%

36%

38%

40%

Men Women

more likely to seek financial services such as loans through riskier, higher-interest sources (AfDB 2013). Ultimately,

for both individuals and their businesses at the poorer end of African societies, being able to access financial

services can contribute to investment in education, management of risks and a boost in economic growth (Bruhn

& Love 2014).

Opportunities to Broaden Financial Inclusion

For all of the groups listed above, and indeed for other marginalised sections of society in Africa, not having the

financial infrastructure means to also not have a place to securely save or invest money, not having the ability

to insure oneself or one’s business, and thus not having as much ability to build resilience against shocks (IFC

2013). However, impressive progress has been made across the continent in recent years. For example, whereas

in 2011, 76% of the continent was unbanked, only three years later that figure dropped to 66% (and as you are

reading this, that figure is lower still). But quick gains should not mask the fact that there is immense scope by

both governments and the private sector to broaden financial inclusion, particularly among these marginalised

groups.

Broadening Financial Inclusion at the Local Level

At the local level, broadening financial inclusion needs to take a tailored approach, depending on the target

group. For example, African women tend to be in a weaker position for accessing finances than African men,

partly due to discriminatory gendered land rights, meaning they lack the collateral when attempting to obtain

funding (OECD 2011). Their higher vulnerability and higher levels of poverty – particularly among rural women -

also means that they are more risk averse than their male counterparts. Additionally, cultural norms placing the

responsibility of raising children in the hands of women and also a lack of financial literacy creates obstacles that

for men are less likely to exist. On the other hand, convenience and the geographic proximity of financial services

have been found to be a greater driver of usage for African women than men (MFW4A 2013). Similarly, African

women generally make smaller transactions than men, and are more reliant on cash. Therefore, gender sensitive

financial products are essential, particularly for women that face multiple-barriers, such as poor or rural women.

One such example is the utilisation of a mobile delivery van in Malawi that brings a range of financial services to

women who would otherwise not have access (Stuart, Ferguson and Cohen 2011).

Measures have been taken to increase the financial inclusion of youth too. Through a joint study of financial

inclusion programmes and accompanying financial management lessons in Togo and Ethiopia (FUCEC in Togo

and ACSI in Ethiopia), participants in both countries doubled their net average incomes (after average expenses),

compared to their respective control groups. This was in part due to their participation in financial education

sessions which taught money management strategies. In addition, participants in both groups tended to save

more and for longer periods of time following the programme’s emphasis on each participant making a financial

plan (UNCDF 2016a). This highlights the importance of financial education accompanying efforts to broaden

access.

Broadening Financial Inclusion at the National Level

Some national governments are taking steps to digitalise the payment of staff wages. By providing their public

sector staff with bank accounts and paying wages into them, rather than in cash, they hope to quicken the pace

of financial inclusivity (World Bank 2015). However, we need to be careful to ensure that we do not assume that

simply providing a person with a bank account automatically means that they are financially included. For

example, a case study in a 2016 UNCDF report describes the situation of a Mozambican school teacher who was

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provided with a bank account into which her monthly wages were transferred. However, this was detrimental to

both her overall income and also to her students as she would have to miss one day of teaching per month to

take the long journey to collect her wages, and in doing so, incurring the additional cost of travel (UNCDF 2016b).

This is just one factor among many (such as high bank account fees) in which broadening financial inclusion

through simply providing access to financial services is insufficient. Need and usage are equally important. It is

essential therefore, to provide concrete national regulatory frameworks that are beneficial to account ownership.

This can include measures such as requiring banks to provide low or no-fee accounts, incorporating innovative

technologies such as mobile money, and introducing tiered documentation requirements. Barriers to financial

inclusion are multi-dimensional, and favourable policies implemented at the national level are essential for

removing them.

A Focus on…Mobile Money

The tool that has extended access to financial services at the fastest rates is undoubtedly mobile money, which

in many African countries, is revolutionising how people and businesses send and receive money. Cheap to set

up, branchless, and with deposit/ withdrawal agents located ubiquitously, particularly in East Africa, the

proliferation of mobile money has allowed tens of millions of Africans to make financial transactions relatively

inexpensively. Though more limited in the variety of financial products offered, and arguably less secure than

the formal banking sector, mobile money accounts still provide a platform through which transactions can be

made digitally, from one mobile telephone to another.

Sub-Saharan African mobile money users constitute 52% of all mobile money users worldwide (GSMA 2015). In

2014, 18 of the 19 countries that have more mobile money accounts than bank accounts were located in Africa

(ibid.). Mobile money is also transforming the way that remittances are transferred. Using Burundi as an example

- a country where only 7% of the adult population has a bank account - mobile money organisations are acting

as a ‘game changer’ for those wanting to send money home (The Guardian 2015). Organisations such as

WorldRemit let remitters to quickly send money to a mobile money account, allowing them to avoid having to

use informal channels and meaning that receivers can store their money for later use. With the number of mobile

money accounts continuing to increase across Africa, mobile remittance transactions are sure to play a big role

in the future.

Financial Inclusion and the African Diaspora

The diaspora of Africa play a key part in African development. If combined, the remittances of the diaspora make

up the second largest source of money flowing into Africa from outside the continent (after Foreign Direct

Investment), far eclipsing official development assistance (African Economic Outlook 2015). In macroeconomic

terms, remittances constitute a powerful force. The Consultative Group to Assist the Poor (2014), argue that “a

well-functioning payment and remittance ecosystem” performs a central role in boosting financial inclusion and

reducing or mitigating poverty at the national level. At the household level, what this looks like in practice varies

from providing a safety net to vulnerable families and/or individuals, to lifting families out of poverty and allowing

them to access essential services that they may otherwise be excluded from due to lack of money, such as health

and education.

There is even a positive link between remittance receivers and financial inclusion, with areas that have a higher

percentage of remittance-receiving households having more bank branches, bank accounts and savings

accounts per capita (Demirgüç-Kunt et al. 2011). Remittances and financial inclusion are linked in other ways. For

example, whilst 14% of bank account holders globally use their account to receive remittances, in Africa, that

figure almost triples, to 41% (AfDB 2013). With remittances being named as the world’s largest poverty-reduction

programme (IFAD 2015), and the UN 2030 Agenda for Sustainable Development acknowledging their

importance, it is essential that we explore how diaspora and their remittances can be leveraged through financial

inclusion frameworks to meet development objectives (Foote et al. 2015).

However, whilst the remittance market is important, for Africa, the high cost of sending money back home means

that both the African diaspora who send the money and those who receive it can be considered as financially

excluded. With an average cost of 12.5% of the money remitted – among the highest rates in the world – it

means that the poorest continent is effectively paying an additional tax (Foote et al. 2015). A further reason is

related to exclusivity clauses, whereby agreements are signed between banks in order to decrease competition

and ultimately, maintain higher prices (Central Bank of Nigeria, 2008). However, measures are being taken to

tackle these challenges. In 2009, the G20 adopted ‘The General Principles for International Remittance Services’

which aimed to lower costs of remittances to 5%. More recently, during the summit of 2015, Addis Ababa Action

Agenda looked at how the new UN Sustainable Development Goals would be financed and included a target to

reduce the costs of remittances to 3% by 2030 (Foote et al. 2015). Lowering costs would unlock billions of dollars

for individuals, families and businesses in Africa. New technologies and methods - some of which are outlined

in the box left - can go some way in addressing high transaction costs. But for them to be truly effective on a

regional scale, they must be accompanied by international measures and governance that address the lack of

transparency and competition that shroud these flows of money

A Focus on…Digitalisation in Development Digital technologies and platforms are being widely utilised across the continent to increase financial inclusion,

overcome the high transaction costs of sending money and promote inclusive development. Some of these include:

eTransform Africa

Launched in 2012, eTransform Africa is a collaboration between the African Development Bank, the World Bank and the

African Union. Their publication highlights the role of ICTs in enhancing African regional trade and integration as well

as the need to build a competitive ICT industry to promote innovation, job creation and the export potential of African

companies. Through a focus on six sectors, they hope to shed light upon and drive ICT innovations that deliver home-

grown solutions in Africa, transforming businesses, whilst driving entrepreneurship and economic growth.

MasterCard The MasterCard Foundation works with financial service providers and users alike to expand access to financial services

for people living in poverty, particularly those in rural and remote areas. Their aim is to deepen the industry’s ability to

serve those people who are too poor or remote to receive financial services by providing insights into client needs and

cost saving delivery channels. At the World Humanitarian Summit, May 2016, MasterCard announced that it plans to

expand its aid distribution services with the launch of MasterCard Humanitarian Aid Solutions. The initiative will provide

an open and flexible network to make complex digital requirements simple for partners to implement.

Better Than Cash Better Than Cash is a partnership of governments, companies, and international organisations that accelerate the

transition from cash to digital payments in order to reduce poverty and drive inclusive growth. Based on their research,

the Better Than Cash Alliance partners with governments, companies, and international organisations that are the key

drivers behind the transition to make digital payments widely available. They do this by advocating for the transition

from cash to digital payments in a way that advances financial inclusion and catalysing the development of inclusive

digital payments ecosystems in member countries to reduce costs.

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What are some of the Best Practices? Underpinned by an ever-growing foundation of research, experiences and knowledge - governments,

multilateral organisations and policy makers are beginning to prioritise financial inclusion in their national and

international development agendas. There is an emphasis that both inclusive growth and inclusive financing

should be focussed on simultaneously. There is also recognition that in practice, financial inclusion policies and

mechanisms should be focussed on the most marginalised groups, such as women, youth, the poor and the

diaspora. This section highlights a couple of best practices from across the continent that can be used to inform

future policies.

Women’s World Banking

An international NGO focussed on low-income countries, Women’s World Banking (WWB) works closely with a

global network of 40 financial institutions from 29 countries to create new credit, savings, and insurance products

specifically designed for the unique needs of women. Institutions in their network are committed to serving

women as clients, innovators and leaders. Through both research and the design of innovative products, the

organisation looks for new ways to help women build financial safety nets, by showing a broader range of

financial institutions how to move beyond traditional microfinance to provide financial products that include

savings and insurance.

One such research paper looking at how to close the financial inclusion gender gap argued that policy measures

to increase financial inclusion need to be country-specific, and based on each country’s gender gap, unique

challenges and opportunities (Women’s World Banking 2016). When it comes to boosting women’s financial

inclusion globally, there can be no one-size-fits-all approach. An initiative of WWB, which focusses on women-

led small and medium sized enterprises - and more specifically, how to close the gender-gap of these enterprises

in accessing finances - uses Diamond Bank, Nigeria as an example. The challenge was how to offer financial

services that are appropriate for women entrepreneurs working at a market in Lagos, and at a low cost. Named

the ‘BETA savings account’, it was rolled out across 21 Diamond Bank branches, is easy to set up, and has no

minimum balance requirement or fees and was directly tailored towards the needs of the women who work in

the market (Women’s World Banking 2014).

Looking to Rwanda – The Umurenge SACCO Programme

Though Rwanda is one of Africa’s smallest nations, it faces the same problems as many other African countries

when it comes to the challenge of financial inclusion. A World Bank survey conducted in 2008 revealed that only

21% of Rwandans were financially included. The following year, the government decided to take action. The

challenge in Rwanda is acute because the majority of the population live in rural areas, which traditionally have

been underserved by the African financial sector. The answer to this was the Vision 2020 Umurenge programme,

which aims to boost financial inclusion through Umurenge SACCOs, which are savings and credit cooperatives

that are supervised and subsidised by the National Bank of Rwanda. The strategy also identified six main pillars

that had to be in place for this initiative to work: security, low minimum balance, liquidity, government support,

tailored products that meet client needs, public education and capacity building through training (AFI 2014).

Whilst there is certainly room for the scheme to better embrace technology, Umurenge SACCOs are seen as a

good way to bridge the financial inclusion gap, and offer a chance for Rwandans to save money and access

finance. Where access to finance was once scarce, now 90% of Rwandans live within 5km proximity to one of

the 416 Umurenge SACCOs in the country and this has led to a doubling of the proportion of Rwandan adults

who are financially included in just three years. (21% to 42%). A further success is that in 2014, more than 85% of

SACCOs broke even without taking government subsidies into account, and they are increasingly being used as

funding source for state social programmes (ibid.).

Recommendations

If policymakers want to reduce rates of poverty in Africa, it is essential that policies are implemented that remove

barriers to financial inclusion. Inclusive and sustainable growth will only be realised if it is complemented by

financial inclusion, and in practice, this means addressing the challenges of those who are most financially

excluded. This section outlines some policy recommendations directed towards a range of stakeholders involved

in the financial inclusion agenda.

Recommendations to National Governments and Multilateral Organisations:

National Governments and Multilateral Organisations need to capture the potential of both the individuals

and enterprises that are excluded from the formalised financial sector.

Those who are most excluded, the women, the youth and the poorest, should be brought into the

conversation so that their needs are met.

Legal and regulatory frameworks should be revised and adapted so that the barriers that create financial

exclusion and discrimination are lifted, and that there is space for financial products and services that will

promote financial inclusion among marginalised groups.

There are a number of best practices which can be used as starting points by African Governments and

Multilateral Organisation in their endeavours to increase financial inclusion.

Successful policies such as those from around the continent and indeed others from further afield should be

drawn upon to create country-specific finance policies that take the needs of the most marginalised into

account.

Recommendations to Banks and Other Financial Institutions:

For banks and other financial institutions involved in low-income countries, a reconsideration of pricing

models needs to be undertaken. This should acknowledge and be tailored towards the varied and often

quite specific needs of certain groups such as women, youth and low-income consumers.

New ways of banking should be adopted and harmonised. It is essential that a favourable technological

environment is created around mobile banking, which has spread rapidly and continues to grow in Africa.

There should also be a prioritisation for rural areas, which are much more likely to be unbanked.

There is a lack of financial knowledge and capacity of financial products and services among many sections

of African society, and much of this is down to a lack of awareness and a lack of trust. Trust must be built by

banks, who need to create and maintain a good reputation; one that protects consumers and caters towards

their needs.

Recommendations to or in regard to the Diaspora:

Both the African diaspora and organisations that work with the diaspora should raise awareness of issues

around sending and receiving money in Africa, with a particular focus on the high fees and exclusionary

agreements which unfairly penalise people in some of the poorest countries in the world.

Further research should be conducted into the users and the logistics of current remittance channels, and

should also explore potential innovations that may benefit both senders and receivers. This should contribute

to a growing body of research that places remittances and financial inclusion at the centre of the sustainable

development agenda.

Further embrace the use of technology as a way to transfer remittances, particularly via mobile technology.

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And Finally, a Recommendation for All:

In order to truly boost financial inclusion in a manner that is sustainable and equitable, stakeholders involved

- whether they are diaspora networks or national governments, banks or policymakers – should continue to

engage in dialogue with one another, but also with the end users, particularly those who are most

marginalised.

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