2012年-世界发展银行全球_Financial_Inclusion_in_Africa___An_Overview_20页_966kb

Financial Inclusion in Africa: A Detailed Summary

Core Content Overview

This working paper by Asli Demirgüç-Kunt and Leora Klapper from the World Bank provides an in-depth analysis of financial inclusion in Africa. It highlights the current state of access to formal and informal financial services among individuals and small and medium enterprises (SMEs), identifies key barriers to financial inclusion, and explores the role of new technologies like mobile money in expanding access. The paper draws on the Global Financial Inclusion Indicators (Global Findex) and World Bank Enterprise Survey data to compare financial inclusion trends across regions and economies.

Main Findings

Individuals' Financial Inclusion

• Account Ownership: Less than a quarter (23%) of adults in Africa have a formal financial account. This varies significantly across regions:

  • Sub-Saharan Africa: 24% of adults have a formal account.
  • North Africa: 20% of adults have a formal account.
  • Southern and Central Africa: The lowest levels of account ownership, with some countries like the Central African Republic and the Democratic Republic of Congo reporting over 95% of adults as unbanked.

• Savings Behavior:

  • 40% of adults in Sub-Saharan Africa and 16% in North Africa reported saving in the past 12 months.
  • Formal savings are less common than informal methods, such as community-based savings clubs.
  • In Sub-Saharan Africa, 34% of savers used only community-based methods, compared to 46% in Western Africa and 32% in Central Africa.

• Credit Usage:

  • 47% of adults in Sub-Saharan Africa reported borrowing money in the past 12 months, compared to 34% globally.
  • Only 5% of adults in Sub-Saharan Africa borrowed from formal financial institutions.
  • Family and friends are the most common source of borrowing, with 29% in Sub-Saharan Africa and nearly one-third in North Africa reporting this as their only source.

• Insurance:

  • Only 3% of adults in Africa personally paid for health insurance.
  • Less than 6% of adults in farming, forestry, and fishing industries reported purchasing insurance for their activities.

• Barriers to Formal Account Ownership:

  • Lack of money is the most cited reason for not having a formal account, with over 80% of non-account holders citing this.
  • Cost, distance, and documentation are also significant barriers, especially in Sub-Saharan Africa.
  • In some countries, such as Uganda, maintaining a checking account costs 25% of GDP per capita annually.

Firms' Financial Inclusion

• Access to Formal Financial Services:

  • Over 80% of SMEs in Africa have a bank account, similar to or better than other developing economies.
  • However, access to credit is limited, with only 22% of enterprises having a loan or line of credit.
  • In comparison, other developing economies have an average of 43% of enterprises with access to credit.

• Financing Patterns:

  • Internal Funding: 84% of SMEs in Africa finance their investments through internal funds, compared to 70% in other developing economies.
  • Formal Credit: Only 8% of SMEs in Africa use bank financing, compared to 11% in other developing economies.
  • Equity Financing: Less than 2% of SMEs in Africa use equity financing, while 8% do so in other developing economies.

• High-Growth Firms:

  • 15% of SMEs in Africa are classified as high-growth (with employment growth ≥20%).
  • These firms are more reliant on internal financing and face greater credit constraints than their counterparts in other developing regions.

Key Drivers and Policy Implications

• Financial Depth:

  • African financial systems are less developed than those in other regions, as shown by lower private credit to GDP ratios.
  • Sub-Saharan Africa averaged 24% of GDP in 2010, while other developing economies reached 77%.

• Mobile Money:

  • Mobile money has emerged as a key innovation in improving access to financial services.
  • In Sub-Saharan Africa, 16% of adults used mobile money to pay bills or transfer money in the past 12 months.
  • In Kenya, 68% of adults used mobile money, with many not having formal accounts.

• Policy Challenges:

  • Financial inclusion in Africa is hindered by high costs, long distances to banking services, and complex documentation requirements.
  • These barriers tend to decrease as per capita GDP rises.
  • Countries with more competitive, open, and well-regulated financial systems show better financial inclusion outcomes.

• Structural Barriers:

  • Expanding financial inclusion requires addressing structural issues, such as underdeveloped legal and information infrastructures.
  • Innovations like mobile money can help reduce these barriers by increasing access and lowering costs.

Conclusion

Despite progress in financial sector development, financial inclusion in Africa remains limited, especially for individuals and SMEs. While mobile money has shown promise in improving access, significant challenges persist. The paper emphasizes the need for policy reforms that reduce barriers and promote inclusive financial systems to support economic growth and reduce inequality.