IMF Releases the 2021 Financial Access Survey Results

IMF News, November 1, 2021

Source details

Publication date: November 1, 2021.
Press Release No. 21/315.
The release reports results of the twelfth annual Financial Access Survey (FAS).
The FAS is described as a unique supply-side database on access to and use of financial services, including digital financial services and gender-disaggregated data. It covers 189 jurisdictions, with more than 100 data series and historical data from 2004.
The 2021 FAS was made possible with the support of the Data for Decisions (D4D) Fund.

Social distancing and lockdowns reinforced the use of digital financial services; the latest FAS data confirm this development.
Mobile money usage increased significantly in low- and middle-income economies.
The value of mobile money transactions as a share of GDP increased by 2 percentage points on average for low- and lower middle-income economies in 2020.
The number and the value of mobile and internet banking transactions grew for all country income groups, most notably among upper middle- and high-income economies.
Charts and weighted-average indicators for groups are cited as showing mobile money and mobile and internet banking transactions growth.

Aggregated data show that both access to and use of financial services at commercial banks remained broadly stable for countries in all income groups in 2020.
Stability may reflect policy measures implemented to support individuals and enterprises during the pandemic.
In some countries, including a few fragile and conflict-affected states, indicators of financial service usage (particularly those related to lending) fell in 2020.
Microfinance institution data point to a few reversals; microfinance institutions are noted as key providers to more vulnerable groups including women.

Outstanding SME loans remained mostly stable for many low- and lower middle-income economies.
SMEs are central to many countries’ economic activity and several governments implemented policy measures to support them.
The IMF’s Financial Access COVID-19 Policy Tracker shows that financial assistance in the form of grants has been the most used SME policy measure during the pandemic, followed by public guarantees on loans, loan moratoriums, tax relief, and low interest rates.
Many jurisdictions recorded little change or an increase in outstanding loans to SMEs by commercial banks in 2020; some jurisdictions experienced declines.

FAS gender-disaggregated data show mixed results for women’s financial inclusion in 2020.
Female-owned deposits and loans at commercial banks remained stable or increased in some countries, possibly reflecting gender-sensitive support measures.
The number of female borrowers per 1,000 female adults fell in several economies; in some cases, gains from previous years were reversed in 2020.
On average, most indicators point to unchanged gender gaps in financial access during the pandemic, but pre-existing gender gaps mean advancing women’s financial access in low- and middle-income economies remains challenging.

As of October 2021, 165 jurisdictions have submitted data to the FAS.
The number of jurisdictions reporting gender-disaggregated data increased to 71—a ten percent increase from the previous round.
The number of mobile money reporters grew to 83—roughly 90 percent of countries with live mobile money services.

IMF Communications Department press release, November 1, 2021.