## wpiea2024150-print-pdf

## Source details

**Canonical URL:** [wpiea2024150-print-pdf](https://www.imf.org/-/media/files/publications/wp/2024/english/wpiea2024150-print-pdf.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/wp/2024/english/wpiea2024150-print-pdf.pdf.md)
- [Structured JSON version](/-/media/files/publications/wp/2024/english/wpiea2024150-print-pdf.pdf.json)

---

### Context and purpose and new dataset
- Financial inclusion supports sustainable economic growth, equitable opportunities, and economic resilience.
- Affordability is a core barrier: high maintenance fees, minimum balance requirements, and transaction costs exclude low-income households and small businesses.
- New bank pricing dataset collected under UNCDF’s MAP program:
  - Market-research data covering 197 banks in 34 countries.
  - Documents fees and charges for up to 105 product fee lines for 2022.
  - Banking products covered: checking accounts, mobile money accounts (provided by banks), and services/transactions through bank branches, ATMs, and mobile/internet banking platforms.
- Geographic and temporal scope:
  - Focus regions: SADC, WAEMU, and ASEAN.
  - MAP collected pricing data across 2016 to 2023; this paper uses 2022 data.
  - Pilot in 2016–2018 (initially 6 then 16 countries); expanded into a larger database in 2021 covering 35 countries (2019–2021); repeated in 2022 and 2023.
- Gap filled: complements IMF Financial Access Survey and World Bank Findex by providing detailed cross-country pricing and affordability information relevant to underserved populations.

### Data collection methods and sample
- Data source and coverage:
  - UNCDF bank pricing data collected by Africa Analysis for 197 commercial banks in 34 countries (Nepal included in collection but excluded from analysis focusing on SADC, WAEMU, ASEAN).
  - Four to six retail commercial banks per country; sample aimed to cover more than 70 percent market share by total assets where possible.
  - Botswana selected for case study due to good data availability and mature inclusion policy landscape.
- Product selection and definitions:
  - Suite targeted products for low-income individuals and micro/small businesses; investment products excluded.
  - Definitions developed for cross-country comparability.
- Data collection process:
  - Combined secondary (websites, regulatory filings) and primary (calls, emails, online conferencing) research.
  - Data recorded in local currency and converted to USD using average exchange rates for the calendar year via an Africa Analysis proprietary application (SIX Financial Information exchange-rate source).
  - Country-level statistics computed as median, average, minimum, and maximum; paper uses median country values for each product fee line. Data include applicable sales tax / VAT.

### Data limitations and availability
- Coverage limitations:
  - Database may not capture majority market share in all countries due to data gaps; coverage bias possible.
  - Predominant focus on commercial banks; may omit state-owned banks, microfinance institutions, cooperatives, or non-bank mobile money operators.
  - Product pricing is detailed but may not capture full product-feature dimensions (interest rates, loan terms, collateral, eligibility).
  - Remittances and cross-border payments not discussed in this paper.
- Data availability summary:
  - 105 pricing variables for low-income group; only 50 have data for at least half of countries; only 20 have data for at least three-quarters of countries.
  - For small business indicators, 30 out of 97 variables have data for at least half of countries.
  - Data availability highest for SADC; particularly low for Comoros, DRC, Mozambique; relatively low for ASEAN countries.

### Key descriptive statistics (country medians; dollar amounts)
- Low Income Group (N denotes number of countries with data)
  - Checking Account Monthly Account Fee: N = 31; Mean = 1.3; St.Dev. = 1.8; Min. = 0; Max. = 8.3
  - In-branch Cash Withdrawal Charges from Checking Account per 100 USD: N = 30; Mean = 2; St.Dev. = 2.8; Min. = 0; Max. = 9.1
  - Mobile Money Monthly Account Fee: N = 12; Mean = 0.3; St.Dev. = 0.9; Min. = 0; Max. = 3
  - Send money to Mobile Money account (within own bank): N = 18; Mean = 0.5; St.Dev. = 0.8; Min. = 0; Max. = 3
  - Savings Account Opening Fee: N = 24; Mean = 9.8; St.Dev. = 20.8; Min. = 0; Max. = 72.7
  - Savings Account Monthly Maintenance Fee: N = 26; Mean = 0.4; St.Dev. = 1.3; Min. = 0; Max. = 6.5
  - Withdrawal (own bank ATM)/ per 100 USD: N = 32; Mean = 0.3; St.Dev. = 0.6; Min. = 0; Max. = 3
  - Annual Card Fees: N = 29; Mean = 6.8; St.Dev. = 5.5; Min. = 0; Max. = 17.9
- SME
  - General Business Account Monthly Maintenance Fee: N = 30; Mean = 8.7; St.Dev. = 10.9; Min. = 0; Max. = 55
  - Cash Withdrawal (in-Branch)/ per 100 USD: N = 26; Mean = 1.7; St.Dev. = 2.3; Min. = 0; Max. = 8.7
  - Inter-account transfer at a branch (within own bank): N = 27; Mean = 1.3; St.Dev. = 2; Min. = 0; Max. = 7.4
- Note: Mean, Min., Max. denote dollar amounts.

### Financial access and nominal cost patterns
- Global context:
  - As of 2021, 76 percent of adults had an account at a bank or regulated institution, up from 51 percent in 2011.
  - In WAEMU, only about a quarter of the adult population has bank accounts.
  - As of 2021, about one third of adults in low and middle-income countries without a formal bank account cited affordability as the main reason for exclusion.
- Regional and country-level nominal costs:
  - Monthly checking account fees can exceed USD 5 per month in some countries (example noted: Niger and Cote D’Ivoire).
  - Monthly checking account fees exceed 5 percent of monthly GNI per capita in Guinea-Bissau, Niger, DRC, and Madagascar.
  - On average, monthly cost of maintaining a checking account is highest in WAEMU: 3.5 percent of monthly GNI per capita (on average).
  - ASEAN countries show the lowest average monthly checking fees; Malaysia and Myanmar reported not charging monthly fees on personal checking accounts.
  - Annual median card fees can exceed $15 in Mozambique and Madagascar.
  - Mobile money account opening often free; transaction fees generally lower than traditional bank transactions.
  - SADC countries tend to charge more on average for in-branch cash withdrawals and ATM transactions than other regions.

### Affordability indices and main findings
- Basic affordability index
  - Composition: monthly checking account fee + cost of one ATM withdrawal per month; normalized by average monthly GNI per capita.
  - Rationale: captures a mailbox usage pattern of receiving income and immediately withdrawing cash.
  - Findings:
    - Basic-package costs exceed 2 percent of average monthly income in about one-fourth of the countries.
    - Basic-package costs exceed 5 percent in more than 10 percent of the selected countries.
    - Basic-package costs can exceed 5 percent of monthly average income in four countries in the sample.
    - WAEMU pays on average higher costs for the basic package than SADC and ASEAN; ASEAN pays the lowest on average.
- Advanced affordability index
  - Composition: (i) monthly cost of maintaining a checking account; (ii) monthly cost of having a bank debit card; (iii) two ATM transactions from own bank equivalent to $100 each; (iv) two in-branch cash withdrawals equivalent to $100 each. Index sums these costs with equal weights.
  - Findings:
    - Heterogeneity across countries.
    - SADC countries have higher average advanced-index costs than WAEMU countries (a switch from the basic index pattern) due to higher in-branch cash withdrawal and ATM charges in SADC.
    - In some ASEAN countries the advanced index corresponds to zero.
    - For about one-third of the countries in the sample, advanced-usage costs can exceed 5 percent of monthly GNI per capita.

### Correlates, econometric analysis, and caveats
- Correlates of affordability:
  - Higher regulatory quality associated with lower costs of accessing basic financial services.
  - Increased digital connectivity (EDAI) correlated with lower costs of financial products and services.
  - Greater number of banks and bank branches (proxy for competition) associated with lower banking fees.
- Econometric model (cross-country OLS, 2022):
  - Model: FI_i = α + B1(Afford_i) + B2(Z)_i + μ_r + ε_t
  - FI_i measures: i) outstanding deposits with commercial banks (% of GDP); ii) percentage of adults with a bank account.
  - Afford_i: basic affordability index (monthly cost as % of monthly GNI per capita).
  - Control vector Z: income level, institutional quality, labor market dynamics, human development, legal rights, digitalization.
- Key empirical finding:
  - Statistically significant and negative association between costs of financial services and financial inclusion.
  - Regression summary (exact reported estimates):
    - Affordability Index (Basic): -8.103* (standard error 4.416) when dependent variable is outstanding deposits with commercial banks (% of GDP) — Observations = 22; R-squared = 0.160.
    - Affordability Index (Basic): -2.261** (standard error 0.971) when dependent variable is adults with a formal bank account (%) — Observations = 27; R-squared = 0.782.
  - Note: Robust standard errors; significance markers *** p<0.01, ** p<0.05, * p<0.1.
- Caveat:
  - Limited country-level observations and cross-sectional data prevent causal inference; results identify correlations.

### Micro-level diagnostics and MAP program findings
- MAP country diagnostics and knowledge series provide detailed affordability analyses across 19 MAP countries.
- Pilot-country findings:
  - Pricing models for bank accounts act as disincentives for many adults.
  - Qualitative research indicates strong opposition to monthly service fees.
- Example: Nepal — bank savings products lack diversity and tailored low-value savings solutions.

### SME costs and regional variation
- Overall average monthly maintenance fee for a general business account: USD 6.1 (equivalent to an average of 2.1 percent of monthly GNI per capita).
- Regional averages:
  - WAEMU average monthly maintenance fee: USD 14.3 (15.3 percent of GNI per capita).
  - ASEAN average monthly maintenance fee: USD 1.4 (0.4 percent of GNI per capita).
- Country notes:
  - Brunei Darussalam: higher monthly maintenance fee for general business accounts.
  - Philippines and Mozambique: service provided free of charge.
  - Footnote: fee is a standard monthly fee and does not include monthly deposit requirements; penalty fees for below-minimum balance not captured. GNI per capita used for normalization.
- Transaction costs for general business accounts:
  - On average, in-branch cash withdrawal from general accounts costs about USD 4.5 per USD 100 transaction.
  - WAEMU countries with available data offer free withdrawal services.
  - SMEs in SADC pay an average of USD 2.5 for a withdrawal of USD 100 from their general account.
  - SMEs in ASEAN pay an average of USD 8 for a withdrawal of USD 100 from their general account.
  - Inter-account transfers (within the same bank) at bank branches:
    - SADC regional average: USD 2.4.
    - ASEAN regional average: USD 0.5.
    - Service free of charge for all WAEMU countries.

### Case study — Botswana: access, pricing, and affordability
- Context and access:
  - Botswana is an upper middle-income country with adult population = 1.64 million.
  - As of 2020 (FinScope), about 44 percent of adults were without a formal bank account (comparators: 18 percent in South Africa, 32 percent in Namibia).
  - As of 2021, about 21 percent of the population lives below the national multidimensional poverty line.
  - Bank account ownership by income group (FinScope 2020): 25 percent for the lowest income group; 94 percent for the highest income group.
  - Payment channels: 60 percent receive income in cash, 31 percent via a bank account, 4 percent into a mobile money account.
- Bank pricing in Botswana:
  - Fees for low-income groups and small businesses generally lower than most SADC countries.
  - Fees lower than SADC average for checking account monthly maintenance, annual card fees, and in-branch cash withdrawals; modest gap for mobile money transfers.
  - In-branch withdrawals typically incur a fee and cost substantially more than ATM withdrawals; sending money to a mobile account (within same bank) marginally higher than ATM cash withdrawal.
  - Payments and inter-account transfers cheaper at ATM or online than in-branch.
  - Some fee types are abnormally high (dishonored cheques, unpaid debit orders, unpaid future dated payments) but not typical for low-income customers.
- Household affordability (FinScope quartiles; defined monthly bundles):
  - Bundles by quartile:
    - 1st quartile: maintaining a checking account + one in-branch withdrawal per month.
    - 2nd quartile: checking account + one ATM withdrawal + one cellphone banking transaction per month.
    - 3rd quartile: checking account + one ATM withdrawal + one cellphone banking transaction + savings account maintenance fee per month.
    - 4th quartile: checking account + three ATM withdrawals + three cellphone banking transactions + savings account maintenance fee per month.
  - Usage patterns:
    - Most banked adults withdraw from checking account at least once a month.
    - ATM withdrawal frequency declines with income; lowest-income group reports no ATM withdrawals.
    - ATM transactions, savings accounts, internet banking used mainly by higher income groups.
    - Cellphone banking used by < 40 percent of adults even in the highest income group.
  - Affordability results:
    - Lowest income group (over a quarter of income-earning adults) pays about 5 percent of monthly income, on average, to maintain a checking account and make one in-branch withdrawal per month.
    - Costs as percentage of income decline across higher quartiles despite increased service usage.
    - Overall, about 36 percent of income-earning adults in Botswana would need to pay more than 2 percent of their monthly income to access a basic bank account and conduct one in-branch withdrawal.
- MSME affordability (FinScope-based usage and assumed frequencies):
  - Business sample split: micro businesses with no hired employees = 69 percent; micro and small businesses with employees = 31 percent.
  - Assumed monthly service frequencies:
    - Monthly maintenance fee for a business account for both groups.
    - ATM withdrawals: between 3 to 4 per month on average.
    - Cellphone banking: average 4 instances per month for micro businesses with no employees; 8 for micro/small businesses with employees.
    - Savings account interactions: one per month for micro no-employee group; two per month for group with employees.
  - Affordability results (using average personal income as proxy for business earnings):
    - Micro businesses with no employees spend on average 3.3 percent of their monthly income on banking costs.
    - Micro and small businesses with employees spend on average 2.3 percent of their monthly income on banking costs.
  - Conclusion: micro businesses without employees face higher relative banking-cost burdens than those with employees.

### Policy implications and recommendations (drawn from analysis)
- Consider ATM policy and costs:
  - Account for total cost of accessing an ATM—including annual card fees—when promoting ATM infrastructure and rural provision.
  - Revisit bank charges for sustainable rural provision and leverage digital channels and agent networks.
- Improve interoperability:
  - Charges for payments or transfers to other banks and transactions through other banks’ ATMs remain more expensive than intra-bank transactions; improving interoperability between banks and between banks and MNOs could lower costs.
- Address bank card fees and incentives:
  - Annual card fees (excluding merchant POS fees) can discourage ATM use; NFIS suggests banks collaborate with retailers to enhance card value for merchants and customers.
- Low-cost savings products:
  - Banks can offer zero monthly fees for savings accounts and a zero rate for the first withdrawal to promote low-cost accessible saving products.
- Data and research needs:
  - Need for more granular, standardized cost data across a broader set of financial service providers (including non-bank providers) to support evidence-based policy.
  - Further research on drivers of affordability is vital but constrained by current data limitations.

### Key headline finding (affordability)
- Basic affordability index summary:
  - In about one-fourth of countries, the basic affordability index exceeds 2 percent of average monthly income (proxied by monthly GNI per capita).
  - In more than 10 percent of selected countries, the basic affordability index exceeds 5 percent of average monthly income.

_Italicized source: wpiea2024150-print-pdf — https://www.imf.org/-/media/files/publications/wp/2024/english/wpiea2024150-print-pdf.pdf_

### 1. INTRODUCTION ________________________________________________________________ 4

### 1. INTRODUCTION

### Context and purpose
- Financial inclusion is an important driver of sustainable economic growth, fostering equitable opportunities, and bolstering economic resilience for individuals and communities.
- Affordability is a fundamental pillar of financial inclusion: high maintenance fees, minimum balance requirements, and substantial transaction costs can exclude low-income households and small businesses from formal financial services.
- Without comprehensive data on pricing and affordability, policymakers, financial institutions, and researchers face obstacles in designing evidence-based interventions and targeted strategies to address financial exclusion.

### New dataset presented
- The paper presents a novel bank pricing dataset collected as part of the United Nations Capital Development Fund’s (UNCDF) Making Access Possible (MAP) program.
- Data collection used a market research approach covering 197 banks in 34 countries.
- The dataset documents fees and charges for up to 105 different product fee lines associated with various banking services in 2022.
- Banking products and services covered include checking accounts, mobile money accounts (provided by banks), and services/transactions through bank branches, ATMs, and mobile/internet banking platforms.

### Geographic and temporal scope
- Focus regions: Southern African Development Community (SADC), West African Economic and Monetary Union (WAEMU), and Association of Southeast Asian Nations (ASEAN).
- The MAP program collected bank pricing data covering eight years (2016 to 2023); 2022 data were used in this paper because 2023 data were still being collected at the time of preparation.
- Pilot and expansion timeline: pilot data collection in 2016–2018 (initially 6 then 16 countries), extended into a larger database in 2021 covering 35 countries and three years (2019 to 2021), and repeated in 2022 and 2023.

### Rationale and gap filled
- Existing supply-side (IMF Financial Access Survey) and demand-side (World Bank Findex) data lack comprehensive cross-country information on cost barriers to financial access.
- The bank pricing database partially addresses this data gap by offering detailed affordability-focused information relevant to underserved populations.
- The database enables comparative analysis and benchmarking across countries and regions to inform evidence-based policymaking.

### Key headline finding (affordability)
- The basic affordability index shows that in many countries—particularly within WAEMU and SADC—individuals face higher costs to maintain bank accounts and conduct transactions:
  - Exceeding 2 percent of average monthly income (proxied by monthly GNI per capita) in about one-fourth of the countries.
  - Exceeding 5 percent in more than 10 percent of the selected countries.

### Case study use
- A country case study on Botswana uses household data and simplifying assumptions to illustrate application of the bank pricing data combined with livelihoods data, demonstrating how detailed pricing data can inform targeted interventions.

### Paper structure (as presented)
- Section 2: Data and methodology for gathering bank pricing information.
- Section 3: Financial access and pricing landscape; basic affordability analysis.
- Section 4: Country case study—Botswana—combining bank pricing and livelihoods data.
- Section 5: Conclusions with key insights from the analysis and data collected.

---

### Box: UNCDF’s MAP Program (summary)
- Multi-country initiative launched by UNCDF in 2013 and concluded at the end of 2023 to promote financial inclusion and expand access to financial services in developing countries.
- Aimed to provide policymakers, regulators, and financial service providers with tools, knowledge, and an evidence base to develop inclusive financial systems serving low-income and underserved populations.
- Used a livelihoods approach and extensive nationally representative demand-side surveys co-developed with national steering committees and national statistics offices.
- Combined demand-side information with supply-side data and regulatory consultations to inform public policy.
- Collected bank pricing data across multiple years (2016 to 2023) to identify differences in pricing strategies for low-income and MSME markets across participating countries.

---

*Source: wpiea2024150-print-pdf - 1. INTRODUCTION — https://www.imf.org/-/media/files/publications/wp/2024/english/wpiea2024150-print-pdf.pdf*

### 2. Data Collection Methods

### 2. Data Collection Methods

### 2.1. Methodology and Data Selection
- Data source:
  - UNCDF’s bank pricing data collected by Africa Analysis covering 197 commercial banks in 34 countries.
  - Countries selected based on UNCDF MAP’s country footprint in Africa and Asia, expanded for comparability to include all countries in SADC, WAEMU, and ASEAN regions.
  - In total, pricing data collection included Nepal (totalling 35 countries in 2022) but Nepal was excluded from analysis because the paper focuses on SADC, WAEMU, and ASEAN.
- Bank sample:
  - Data were collected for four to six retail commercial banks per country (see Annex II in source).
  - Sample selection prioritized covering more than 70 percent of the share in each country, primarily based on market share analysis (in terms of total assets) and local expertise.
  - Where data availability was an issue, the objective was still to include the largest banks representing at least 70 percent of market share; banks offering products aimed at low- and medium-income groups were prioritized.
  - Botswana was selected for the case study primarily based on good data availability and its relatively mature financial inclusion policy landscape.
- Country list (as presented in source Table 1):
  - Regions and countries included:  
    - SADC: Angola; Botswana; Comoros; Democratic Republic of the Congo (DRC); Eswatini; Lesotho; Madagascar; Malawi; Mauritius; Mozambique; Namibia; Seychelles; South Africa; Tanzania; Zambia; Zimbabwe.
    - WAEMU: Benin; Burkina Faso; Côte D’Ivoire; Guinea-Bissau; Mali; Niger; Senegal; Togo.
    - ASEAN: Brunei Darussalam; Cambodia; Indonesia; Laos; Malaysia; Myanmar; The Philippines; Singapore; Thailand; Vietnam.
- Product selection and definitions:
  - Product suite targeted services that mainly target low-income individuals and micro to small businesses (typical products used by low-income consumers and micro and small business customers); investment products (equity, unit trusts) were excluded.
  - Suite informed by typical products offered to these customer groups by the largest banks in South Africa, with a plausibility check based on banks in Malaysia.
  - Definitions of products developed to ensure comparability across banks and countries (see Annex IV in source).
- Data collection process:
  - Combined secondary and primary research:
    - Secondary: publicly available information (banks’ websites, publications by banks, regulators, third-party sources); validation where possible via fees filed with regulatory authorities; follow-up emails when website timing/years were unclear.
    - Primary: direct contact with banks via phone calls, emails, or online conferencing.
  - Data recorded in a structured template; collected in local currency and converted to USD using the average exchange rate for the calendar year to date at the time of data collection via an Africa Analysis proprietary exchange rate application (drawing exchange rate data from SIX Financial Information).
  - Country-level statistics computed as median, average, minimum, and maximum costs; data used in paper are median country values for each product fee line (variables/indicators). Data include applicable sales tax / VAT.
- Data availability considerations:
  - Total of 105 pricing variables available in the dataset for the low-income group; only 50 have data for at least half of the countries, and only 20 encompass data for at least three-quarters of all countries.
  - For small business indicators, 30 out of 97 variables have data for at least half of the countries.
  - Data availability highest for SADC region; particularly low for Comoros, DRC, and Mozambique. Data availability relatively low for ASEAN countries.
  - The dataset, methodology, and names of selected banks are publicly accessible through the UNCDF website (as noted in source).

### 2.2. Data Limitations
- Coverage limitations:
  - Database may not capture majority of market share in all cases due to data availability gaps, especially in regions with limited financial infrastructure or weak data collection mechanisms.
  - Despite consulting field experts and alternative data sources, coverage bias may restrict comprehensiveness.
- Provider scope:
  - Predominant focus on commercial banks; may overlook state-owned banks, microfinance institutions, cooperatives, or non-bank mobile money operators, omitting important pricing information from these providers.
- Product feature granularity:
  - Database provides detailed pricing but may not capture full range of product features and conditions (interest rates, loan terms, collateral requirements, eligibility criteria) that impact accessibility and affordability of services such as credit.
  - Remittances and cross-border payments are not discussed in this paper.
- Implication:
  - Recognizing these limitations helps contextualize findings and highlights the need for further data collection on dimensions beyond pricing to better understand financial inclusion.

### Key Descriptive Statistics (Table 2 — country medians; dollar amounts)
- Low Income Group
  - Checking Account Monthly Account Fee: N = 31; Mean = 1.3; St.Dev. = 1.8; Min. = 0; Max. = 8.3
  - In-branch Cash Withdrawal Charges from Checking Account per 100 USD: N = 30; Mean = 2; St.Dev. = 2.8; Min. = 0; Max. = 9.1
  - Mobile Money Monthly Account Fee: N = 12; Mean = 0.3; St.Dev. = 0.9; Min. = 0; Max. = 3
  - Send money to Mobile Money account (within own bank): N = 18; Mean = 0.5; St.Dev. = 0.8; Min. = 0; Max. = 3
  - Savings Account Opening Fee: N = 24; Mean = 9.8; St.Dev. = 20.8; Min. = 0; Max. = 72.7
  - Savings Account Monthly Maintenance Fee: N = 26; Mean = 0.4; St.Dev. = 1.3; Min. = 0; Max. = 6.5
  - Withdrawal (own bank ATM)/ per 100 USD: N = 32; Mean = 0.3; St.Dev. = 0.6; Min. = 0; Max. = 3
  - Annual Card Fees: N = 29; Mean = 6.8; St.Dev. = 5.5; Min. = 0; Max. = 17.9
- SME
  - General Business Account Monthly Maintenance Fee: N = 30; Mean = 8.7; St.Dev. = 10.9; Min. = 0; Max. = 55
  - Cash Withdrawal (in-Branch)/ per 100 USD: N = 26; Mean = 1.7; St.Dev. = 2.3; Min. = 0; Max. = 8.7
  - Inter-account transfer at a branch (within own bank): N = 27; Mean = 1.3; St.Dev. = 2; Min. = 0; Max. = 7.4
- Note: N denotes number of countries with data for each variable. Mean, Minimum, and Maximum statistics denote dollar amounts.

### 3. Financial Access and Cost of Banking Services — Findings from Pricing Data
- Context on financial access:
  - Global context cited: as of 2021, 76 percent of adults had an account at a bank or regulated institution, up from 51 percent in 2011 (Demirgüç-Kunt et al., 2022).
  - Bank account ownership remains low in some regions, notably WAEMU where only about a quarter of the adult population has bank accounts (Figure 1 in source).
  - Affordability is a major reason for exclusion: as of 2021, about one third of adults in low and middle-income countries without a formal bank account cited affordability as the main reason for their financial exclusion (World Bank, 2021).
- Nominal costs and regional patterns:
  - Monthly checking account fees can exceed USD 5 per month in specific countries (e.g., Niger and Cote D’Ivoire).
  - Monthly checking account fees exceed 5 percent of monthly GNI per capita in Guinea-Bissau, Niger, DRC, and Madagascar.
  - On average, monthly cost of maintaining a checking account is highest in WAEMU countries: 3.5 percent of monthly GNI per capita (on average).
  - ASEAN countries show the lowest average monthly checking fees; Malaysia and Myanmar reported not charging monthly fees on personal checking accounts.
  - Annual median card fees can exceed $15 in Mozambique and Madagascar.
  - Mobile money account opening often free; transaction fees are generally lower than traditional bank account transaction fees.
  - In-branch cash withdrawals and ATM transaction costs vary across countries; SADC countries tend to charge more on average for these services than other regions.
- Affordability indices constructed:
  - Basic affordability index:
    - Composition: monthly checking account fee + cost of one ATM withdrawal per month; normalized by average monthly GNI per capita.
    - Rationale: captures mailbox usage pattern where income is received into account and immediately withdrawn in cash.
    - Findings: basic package costs can exceed 5 percent of monthly average income in four countries in the sample. WAEMU pays on average higher costs for the basic package than SADC and ASEAN; ASEAN pays the lowest on average.
  - Advanced affordability index:
    - Composition: (i) monthly cost of maintaining a checking account; (ii) monthly cost of having a bank debit card; (iii) two ATM transactions from own bank equivalent to $100 each; (iv) two in-branch cash withdrawals equivalent to $100 each. Index aggregates costs with equal weights by summing them.
    - Findings: heterogeneity across countries; SADC countries have higher average advanced-index costs than WAEMU countries (a switch from the basic index pattern), reflecting higher charges for in-branch cash withdrawals and ATM transactions in SADC. In some ASEAN countries the advanced index corresponds to zero, indicating minimal cost even for the advanced usage package. Overall, for about one-third of the countries in the sample, costs of advanced usage can be in excess of 5 percent of monthly GNI per capita.

_Italicized source: "2. Data Collection Methods" (content unit: wpiea2024150-print-pdf - 2. Data Collection Methods) provided in the supplied PDF content._

### Annex V presents the chart with GNI per capita in PPP (current international $) terms, highlighting similar regional

### Annex V — Chart with GNI per capita in PPP (current international $) terms, highlighting similar regional trends

### Affordability Index and Financial Inclusion
- Affordability index is found to be negatively associated with financial inclusion (Figure 5).
- Higher costs associated with banking services can hinder financial inclusion.
- Econometric estimations show that higher costs of financial services are negatively associated with financial inclusion even after controlling for variables including income level, institutional quality, labor market dynamics, human development, legal rights, and digital infrastructure (see Annex III for details).
- Given the limited number of country-level observations and cross-sectional nature of the data, causal inferences cannot be drawn; analysis is focused on identifying correlations.

### Barriers to financial access: impacts, current policy responses, and research gaps
- These financial barriers associated with affordability can further exacerbate financial exclusion, calling for policymakers and financial institutions to find innovative and affordable solutions to address cost issues.
- Currently, over 63 jurisdictions worldwide have either implemented a financial inclusion strategy or are in the process of developing one (World Bank, 2022).
- The World Bank’s Financial Inclusion and Consumer Protection Survey (2022) identifies targeted interventions including tax incentives, exemptions, and subsidies to facilitate financial access, particularly in underserved areas. (Annex IV offers insights.)
- The paper does not perform further econometric analysis on drivers of affordability due to limited availability of bank pricing data and relevant control variables; this is highlighted as a vital area for future research.

### Correlates and drivers of affordability (country-level macro indicators)
- Higher regulatory quality in a country is associated with lower costs of accessing basic financial services (Figure 6).
  - Regulatory quality indicator captures perceptions of the ability of the government to formulate and implement sound policies and regulations that permit and promote private sector development.
- Increased digital connectivity, measured by the enhanced digital access indicator (EDAI), is correlated with lower costs of financial products and services (Figure 6).
  - EDAI captures five dimensions: availability of digital infrastructure, affordability of digital access, educational level of the population, quality of information and communication technology services, and actual internet usage.
- A higher number of banks and bank branches (a rough proxy for competition in the banking sector) is associated with lower banking fees (Figure 6).
- These results suggest regulatory quality, competition, and digitalization potentially play significant roles in shaping affordability and financial access.

### Micro-level findings and MAP program diagnostics
- Detailed analyses of affordability and costs across 19 MAP program countries and cross-country consumer behavior insights are available through country diagnostics and knowledge series.
- Findings from the first six MAP pilot countries indicate pricing models for bank accounts serve as a disincentive for the majority of adults.
  - Qualitative research shows strong opposition to monthly service fees because they erode the value stored in accounts.
- Example: Nepal — bank savings products lack diversity and do not offer tailored solutions for low-value savings (UNCDF 2021; UNCDF 2020).

### Cost of Banking Services for SMEs — key statistics and regional variation
- Overall average monthly maintenance fee for a general business account: USD 6.1 (equivalent to an average of 2.1 percent of monthly GNI per capita).
- WAEMU regional average monthly maintenance fee: USD 14.3 (15.3 percent of GNI per capita).
- ASEAN regional average monthly maintenance fee: USD 1.4 (0.4 percent of GNI per capita).
- Country-level notes:
  - General business accounts for SMEs in Brunei Darussalam incur a higher monthly maintenance fee.
  - Service provided free of charge in Philippines and Mozambique (Figure 7).
  - Footnote: This fee is a standard account fee payable on a monthly basis and does not include monthly deposit requirements; penalty fees for going below a minimum balance are not captured in this indicator. GNI per capita was used for normalization instead of monthly revenues due to data availability issues.
- Cash withdrawal and transfer fees for general business accounts:
  - On average, in-branch cash withdrawal from general accounts costs about USD 4.5 per USD 100 transaction.
  - WAEMU countries with available data offer free withdrawal services.
  - SMEs in SADC pay an average of USD 2.5 for a withdrawal of USD 100 from their general account.
  - SMEs in ASEAN pay an average of USD 8 for a withdrawal of USD 100 from their general account.
  - Inter-account transfers (within the same bank) at bank branches:
    - SADC regional average: USD 2.4.
    - ASEAN regional average: USD 0.5.
    - Service is free of charge for all WAEMU countries.

*Sources: UN Capital Development Fund (UNCDF); IMF's Financial Access Survey (FAS); World Bank; ITU; Authors’ calculations.*

### 4. Case Study: Botswana

### 4. Case Study: Botswana

### Overview of access to banking services
- Botswana is an upper middle-income country with a small adult population of 1.64 million people.
- As of 2020 (FinScope), about 44 percent of the adult population was without a formal bank account; comparators: 18 percent in South Africa and 32 percent in Namibia.
- Financial Access Survey (FAS) supply-side data show access to banking (depositors with commercial banks per 1,000 adults) had not reached the entire adult population in 2022.
- As of 2021, about 21 percent of the population lives below the national multidimensional poverty line.
- Bank account ownership varies strongly by income and socioeconomic characteristics:
  - Bank account ownership by income group: 25 percent for the lowest income group and 94 percent for the highest income group (FinScope 2020).
  - By age: lowest likelihood of having a bank account for those above 60 years (34 percent); middle age groups have the highest access.
  - Access increases with urbanization; males are more likely to have a bank account.
- Payment channels and income receipt (FinScope): 60 percent receive income in cash, 31 percent via a bank account, 4 percent into a mobile money account.

### Bank pricing in Botswana
- Fees charged by banks in Botswana for low-income groups and small businesses are generally lower compared to fees in most SADC countries.
- Key comparative takeaways:
  - Fees for all services covered are lower than the SADC average, with particularly significant differences for checking account monthly maintenance fees, annual card fees, and in-branch cash withdrawals.
  - The gap is relatively modest for mobile money account transfers (within the same bank).
  - Unlike Comoros, Madagascar, Mozambique, and Seychelles where in-branch cash withdrawals can be free, customers in Botswana typically incur a fee for in-branch withdrawals.
  - In-branch withdrawals cost substantially more than ATM withdrawals; sending money to a mobile account (within the same bank) is only marginally higher than an ATM cash withdrawal.
  - Payments to an account and inter-account transfers are generally much cheaper at an ATM or through online banking compared to in-branch transactions.
- A few fee types are abnormally high relative to regional peers (dishonored cheques, unpaid debit orders, unpaid future dated payments) but are not typical for low-income customers.

### Affordability across income groups (households)
- Method: income quartiles from FinScope Botswana 2020; product usage and frequency used to define a basic monthly bundle per quartile.
- Defined monthly bundles by income quartile:
  - 1st (lowest) quartile: Maintaining a checking account and one in-branch withdrawal per month.
  - 2nd quartile: Maintaining a checking account, one ATM withdrawal, and one cellphone banking transaction per month.
  - 3rd quartile: Maintaining a checking account, one ATM withdrawal, one cellphone banking transaction, and a savings account maintenance fee per month.
  - 4th (highest) quartile: Maintaining a checking account, three ATM withdrawals, three cellphone banking transactions, and a savings account maintenance fee per month.
- Usage patterns (FinScope 2020):
  - Most banked adults withdraw from their checking account at least once a month.
  - Frequency of ATM withdrawals declines with income; the lowest income group reports no ATM withdrawals.
  - ATM transactions, savings accounts, and internet banking are used mainly by the two higher income groups.
  - Cellphone banking is used by less than 40 percent of adults even in the highest income group.
- Affordability findings:
  - The lowest income group (over a quarter of income-earning adults) pays about 5 percent of their monthly income, on average, to maintain a checking account and make one in-branch withdrawal per month.
  - Costs as a percentage of income decline significantly across higher income quartiles despite increased service usage.
  - Overall, about 36 percent of income-earning adults in Botswana would need to pay more than two percent of their monthly income to access a basic bank account and conduct one in-branch withdrawal.

### Affordability for micro and small businesses (MSMEs)
- Sample split (FinScope 2020): micro businesses with no hired employees = 69 percent; micro and small businesses with employees = 31 percent.
- Reported product usage for MSMEs is similar to higher-income personal accounts: high usage of ATMs, savings accounts, and cellphone banking; significant use of current accounts, internet banking, and mobile banking.
- Assumed monthly service frequencies (derived from FinScope usage/frequency data):
  - Both groups: monthly maintenance fee for a business account.
  - ATM withdrawals: between 3 to 4 per month on average.
  - Cellphone banking: average 4 instances per month for micro businesses with no employees; 8 for micro/small businesses with employees.
  - Savings account interactions: one per month for micro no-employee group; two per month for the group with employees.
- Affordability results (using average personal income as proxy for business earnings):
  - Micro businesses with no employees spend on average 3.3 percent of their monthly income on banking costs.
  - Micro and small businesses with employees spend on average 2.3 percent of their monthly income on banking costs.
- Conclusion: micro businesses without employees face a relatively higher financial burden from banking fees than those with employees.

### Considerations for policymakers and regulators
- Botswana has an existing National Financial Inclusion Strategy (NFIS) and roadmap spanning 2015 to 2021 and is updating the NFIS for a new period. The roadmap’s six priority areas include:
  - Priority 1: payment ecosystem development.
  - Priority 2: development of low-cost accessible saving products.
- Policy directions informed by the bank pricing analysis:
  - ATMs: Consider the total cost of accessing an ATM—including annual card fees—when promoting ATM infrastructure and sustainable rural provision; revisit bank charges for sustainable rural provision and leverage digital channels and agent networks.
  - Interoperability: Charges for payments or transfers to other banks and transactions through other banks’ ATMs remain more expensive than intra-bank transactions; improving interoperability between banks and between banks and MNOs could lower costs.
  - Bank card fees: Annual fees charged to consumers for card use (excluding merchant POS fees) can discourage ATM use; NFIS suggests banks collaborate with retailers to enhance card value for merchants and customers.
- For Priority 2 (low-cost savings): banks can contribute by offering zero monthly fees for savings accounts and a zero rate for the first withdrawal.

### Key summarized findings and implications
- Although Botswana’s bank fees are comparable to or lower than many SADC peers, affordability remains a significant barrier for low-income households and micro businesses.
- More than a quarter of income-earning adults would need to pay about 5 percent of their monthly income to access basic services (checking account plus one in-branch withdrawal).
- Micro businesses without employees incur higher relative banking costs (3.3 percent) than micro/small businesses with employees (2.3 percent).
- Making basic financial products and services more affordable could promote greater financial inclusion.
- The analysis underscores the need for more granular, standardized cost data across a broader set of financial service providers to inform evidence-based policy.

*Source: wpiea2024150-print-pdf - 4. Case Study: Botswana*

### 6. References

### 6. References

### References (selected)
- Aghion, P., and Bolton, P. (1997). “A theory of trickle-down growth and development”. The Review of Economic Studies, 64(2), 151-172.  
- Allen, F., Demirguc-Kunt, A., Klapper, L., & Peria, M. S. M. (2016). The foundations of financial inclusion: Understanding ownership and use of formal accounts. Journal of financial Intermediation, 27, 1-30.  
- Beck, T (2016). “Financial Inclusion – measuring progress and progress in measuring”. Unpublished paper presented at the fourth IMF Statistical Forum.  
- Beck, T., Demirgüç-Kunt, A., & Martinez Peria, M. S. (2008). Banking services for everyone? Barriers to bank access and use around the world. The World Bank Economic Review, 22(3), 397-430.  
- Beck, T., & Levine, R. (Eds.). (2018). Handbook of finance and development. Edward Elgar Publishing.  
- Bros, C., Fareed, F., & Lochard, J. (2022). Climbing the economic ladder: The role of microfinance institutions in promoting entrepreneurship in Pakistan. Journal of International Development.  
- Cull, R., Ehrbeck, T., and Holle, N. (2014). “Financial Inclusion and Development: Recent Impact Evidence”. CGAP Focus Note 92. Washington, D.C.  
- Demirgüç-Kunt, A., Klapper, L., Singer, D., & Ansar, S. (2022). The global findex database 2021: Financial inclusion, digital payments, and resilience in the Age of COVID-19. World Bank Publications.  
- Fareed, F., Gabriel, M., Lenain, P., & Reynaud, J. (2017). Financial inclusion and women entrepreneurship: Evidence from Mexico. OECD Working Paper.  
- Gonzalez, A. (2008). International Comparison of Loan Balances Per Borrower. MicroBanking Bulletin MIX, (16).  
- IMF (2023). Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries. Country Report No. 2023/413. IMF Publications.  
- IMF (2022). Financial Access Survey: 2022 Trends and Developments. IMF Publications.  
- IMF (2020). Digitalization in Sub-Saharan Africa. Regional Economic Outlook (REO): Africa. International Monetary Fund. IMF Publications.  
- Mathai, M. K., Duenwald, M. C., Guscina, M. A., Al-Farah, R., Bukhari, M. H., Chaudry, M. A., ... & Zaher, M. M. (2020). Social spending for inclusive growth in the Middle East and Central Asia. International Monetary Fund.  
- Sahay, M. R., Cihak, M., N'Diaye, M. P., Barajas, M. A., Mitra, M. S., Kyobe, M. A., ... & Yousefi, M. R. (2015). Financial inclusion: can it meet multiple macroeconomic goals? International Monetary Fund.  
- Shirono, M. K., Chhabra, E., Das, M. B., Fan, M. Y., & Villanova, M. H. C. (2021). Is mobile money part of money? Understanding the trends and measurement. International Monetary Fund.  
- UNCDF (2021). Botswana Financial Inclusion refresh. Available at: https://www.uncdf.org/article/7320/botswana-financial-inclusion-refresh  
- UNCDF (2016). Lost in the mail: Why bank account access is not translating into usage. MAP Global Insights Series. Available at SSRN: https://ssrn.com/abstract=3646952.  
- UNCDF (2020). MAP Inclusive Growth Insight Series, Volume 3. Available: https://www.uncdf.org/article/7597/inclusive-growth-insight-series  
- World Bank (2022). The Global State of Financial Inclusion & Consumer Protection. World Bank Group.

### Annex I. Key Definitions (selected bank products / services)
- Checking/ Personal Account  
  - Also known as a "transmission" or a "cheque" account. These accounts typically allow the bank client to perform a range of day-to-day financial transactions. They serve the purpose of providing access to funds required for covering ongoing expenses, as opposed to a savings account which serves the purpose of saving funds on a short or long-term basis. A personal account may or may not have interest paid by the bank on the money deposited in the account. This depends on the specific type of account and the bank.  
- Monthly account fee  
  - A monthly account fee or an account maintenance fee charged by the bank to an account holder. This amount is sometimes waived on low-income earner facilities offered by the banks.  
- Thirty-days bank statement (in branch)  
  - A fee charged by the bank for a printed paper statement (charged per 30-day period) requested at a bank branch.  
- Posted statement - paper format (in branch)  
  - A fee charged by the bank for posting a monthly statement in paper format to a client.  
- Cash withdrawal (in branch)  
  - A fee charged by the bank for cash withdrawal at a bank branch.  
- Posted statement - electronic format (in branch)  
  - A fee charged by the bank for posting a monthly statement in electronic format to a client.  
- Cheque encashment (in branch)  
  - A fee charged by the bank for cashing a cheque.  
- PIN (Personal Identification Number) reset (in branch)  
  - A fee charged by the bank for resetting a personal identification number (PIN) at a bank branch.  
- Balance enquiry (in branch)  
  - A fee charged by the bank when a client makes a balance enquiry at a bank branch.  
- Savings Accounts  
  - A savings account serves the purpose of saving funds (storing value) on a short or long-term basis. This account typically attracts interest paid by the bank on the money deposited in the account, usually accruing to the account on a monthly basis. The level of interest payable depends on the specific type of account and the bank.  
- Monthly maintenance fee (savings)  
  - A monthly account maintenance fee charged by the bank to a savings account holder. This fee may be either: 1) a standard monthly fee payable irrespective of the amount of funds in the account and transactions associated with this account; or 2) a fee payable only if the client fails to maintain the minimum account balance specified by the bank.  
- First withdrawal (within a month)  
  - A fee charged by the bank when a first withdrawal is made in a month from a savings account.  
- Mobile Money Accounts (definitions integrated in the excel database)  
  - A mobile money account offers a pay-as-you-go digital medium of exchange and store of value, facilitated by a network of mobile money agents. A mobile money account offers a range of basic financial services, alleviating the need to make transactions using only cash.  
  - i. Banking clients with online/cellphone banking platform can automatically process mobile money transactions, they do not have to sign up for this service, or to have this service linked their accounts.  
  - ii. Banks also do have separate mobile money accounts they offer, which are far easy to set-up.  
  - iii. Moreover, there are also mobile money facilities that are used predominantly in less developed markets where banking infrastructure is usually not that good. This is where agents are mostly used.  
  - In the database, we track transactions related to the first two points.  
- Monthly account fee (mobile money)  
  - A monthly account fee or an account maintenance fee charged by the bank for a mobile money account.  
- Send money to Mobile Money account (within own bank)  
  - A transaction fee charged by the bank when money is sent from one mobile money account to another mobile money within the same bank.  
- ATM Charges  
  - Automated Teller Machine (AMT) charges relate to a range of financial transactions which can be executed using an ATM and a bank / debit card.  
- Withdrawal (own bank ATM)  
  - ATM operator fee charged by the bank for withdrawal at an ATM affiliated with a client's bank.  
- Card Fees / Annual debit card fees  
  - An annual maintenance fee charged by the bank for a debit card issued by the bank to an individual client.  
- Other Electronic Services  
  - This category of services includes mobile phone banking & internet banking transactions. Cellphone and internet banking refer to an online banking platform that allows users to access the functionalities of the bank services that they are using, like transacting etc. These are services that can typically also be done at a branch or ATM, but instead are done on an online platform through a computer (internet banking) or a cellphone (cellphone banking). This does not include mobile money, which is a specific product line banks offer, although this product can in some cases be accessed through cellphone or internet banking.  
- Mobile phone banking: Funds transfer (within own bank)  
  - A fee charged by the bank for transferring funds via a mobile phone banking transaction to an account held in the same bank that the bank client uses. Mobile phone banking transactions can be completed using either a mobile phone app (typically requiring a smartphone) or via SMS (USSD-based). "Mobile phone banking" is also known as "cellphone banking" in some countries.  
- Internet banking: Funds transfer (within own bank)  
  - A fee charged by the bank for transferring funds using an internet / online banking facility to another account held in the same bank that the bank client uses. "Internet banking" is also known as "online banking" in some countries.  
- SME related products and services / General Business Account  
  - Also known as a "transmission" or a "cheque" account. These accounts typically allow the bank client to perform a range of day-to-day financial transactions. They serve the purpose of providing access to funds required for covering ongoing business expenses, as opposed to a savings account which serves the purpose of saving funds on a short or long-term basis. A general business account may or may not have interest paid by the bank on the money deposited in the account. This depends on the specific type of account and the bank.  
- Monthly maintenance fee (business)  
  - A monthly account maintenance fee charged by the bank to an account holder.  
- Cash withdrawal (over the counter - OTC)  
  - A fee charged by the bank for an over-the-counter cash withdrawal in a bank branch.  
- Payment and Clearing Charges / Inter-account transfer at a branch (within own bank)  
  - This category includes a variety of fees associated with day-to-day business banking transactions using a general business (cheque / transmission) bank account.  
  - A fee charged by the bank to process a transfer of funds between accounts within the same bank.

Note: General business accounts also incur fees for mobile money accounts, ATM charges, card fees and other electronic services. Not shown here as the definition is the same for checking/personal and general business accounts.

### Annex II. Banks Coverage by Country (number of banks tracked)
- Angola 6  
- Botswana 6  
- Comoros 4  
- DRC 6  
- Eswatini 5  
- Lesotho 4  
- Madagascar 5  
- Malawi 4  
- Mauritius 5  
- Mozambique 6  
- Namibia 6  
- Seychelles 6  
- South Africa 6  
- Tanzania 6  
- Zambia 6  
- Zimbabwe 6  
- Benin 6  
- Burkina Faso 6  
- Côte D'Ivoire 6  
- Guinea-Bissau 4  
- Mali 6  
- Niger 6  
- Senegal 6  
- Togo 6  
- Brunei Darussalam 6  
- Cambodia 6  
- Indonesia 6  
- Laos 6  
- Malaysia 6  
- Myanmar 6  
- Singapore 6  
- Thailand 6  
- The Philippines 6  
- Vietnam 6  
- Nepal 4

### Annex III. Econometric Analysis — affordability and financial inclusion
- Model estimated (cross-country OLS, data for year 2022):  
  - FI_i = α + B1(Afford_i) + B2(Z)_i + μ_r + ε_t  
  - Where:  
    - FI_i denotes the level of financial inclusion in country i. Two measures used: i) outstanding deposits with commercial banks as a percentage of GDP, and ii) the percentage of adult population with a bank account at a formal financial institution.  
    - Afford_i denotes the basic affordability index which describes the monthly cost of using basic financial services as a percent of monthly GNI per capita in country i.  
    - Z represents the vector of control variables: income level, institutional quality, labor market dynamics, human development, legal rights, and digitalization.  
    - μ_r represents regional fixed effects.  
    - ε_t represents the error term.
- Key empirical finding:  
  - "We find a statistically significant and negative association between costs of financial services and financial inclusion, highlighting affordability as a crucial barrier to financial inclusion. This correlation holds across various specifications – including different control variables and proxies to measure financial inclusion. However, given limited observations and cross-sectional nature of the data, we are unable to make any causal inferences based on these results."
- Regression results (table summary, exact values):  
  - Dependent variables across columns:  
    - (1) Outstanding deposits with commercial banks (% of GDP)  
    - (2) Adults with a formal bank account (%)  
  - Affordability Index (Basic): -8.103* (standard error 4.416) in column (1); -2.261** (standard error 0.971) in column (2)  
  - Labor force participation rate (% of total population ages 15+): Yes in both columns  
  - Women Business and the Law Index Score: Yes in both columns  
  - GDP per capita: Yes in both columns  
  - Inflation (annual %): Yes in both columns  
  - Human Development Index (HDI): No in column (1); Yes in column (2)  
  - Enhanced Digital Access Index: No in column (1); Yes in column (2)  
  - Regional Fixed Effects: No in column (1); Yes in column (2)  
  - Observations: 22 in column (1); 27 in column (2)  
  - R-squared: 0.160 in column (1); 0.782 in column (2)  
  - Note: Robust standard errors in parentheses *** p<0.01, ** p<0.05, * p<0.1.

### Annex IV. Financial Inclusion Programs and Policies (World Bank survey)
- World Bank surveyed about 118 jurisdictions globally asking: “Which of the following programs or policies has your country implemented to promote financial inclusion? Please mark all that apply”. Responses summarized in the report. The data and report are publicly available.

### Annex V. Affordability Index
- Affordability Index constructed using GNI per Capita in PPP Terms (current international $).

*Source: wpiea2024150-print-pdf - 6. References*

---


_Source: https://www.imf.org/-/media/files/publications/wp/2024/english/wpiea2024150-print-pdf.pdf_