InterMedia's Financial Inclusion Insights research program is tracking the use of mobile money and other digital financial services in Africa and Asia.This report summarizes findings from the FII Tracker Survey in Kenya conducted during Fall 2013
- Financial inclusion in Bangladesh has grown from 37% in 2014 to 43% in 2015, driven largely by growth in mobile money use and registration. Mobile money use now surpasses use of non-bank financial institutions.
- Active use of financial accounts has also increased, especially for mobile money where active account holders doubled from 4% to 8%. Mobile money is also seeing more advanced uses like bill payments and loans growing.
- While registered mobile money accounts are growing, unregistered/over-the-counter mobile money remains the dominant form of access, though the gap is closing.
Financial inclusion in Indonesia held steady at around 24% between 2014 and 2015. Bank accounts continue to be the primary means of financial access, with 23% of adults having registered bank accounts. Mobile money awareness and use saw slight increases between 2014 and 2015, though mobile money accounts still only represent 0.3% of the population. The majority of financially included adults have digital access to their accounts, with 23% able to access accounts via mobile phones, ATMs, debit/credit cards or the internet.
The document provides demographic information about survey respondents in Indonesia, finding that over half of Indonesian adults are employed but a majority live below the $2.50/day poverty line, with farming a common occupation especially in rural areas. Many Indonesians supplement their income through secondary jobs or family support. Unemployed individuals primarily rely on support from spouses or other family members.
- The document summarizes key findings from a nationally representative survey of 6,000 Indonesian individuals aged 15+ on financial inclusion and digital financial services.
- The survey found that Indonesians primarily use banks and non-bank financial institutions like credit unions and savings groups for financial services, not mobile money. Nearly half have used banks or NBFIs.
- Awareness of mobile money is very low - only 3% know the concept and 6% know a provider. Most awareness comes from mass media and word of mouth.
- Close to one quarter of Indonesian adults can access bank accounts digitally, primarily through internet and mobile banking, though rural and poor populations lag on digital access.
2015 InterMedia FII INDONESIA QuickSights Summary ReportCaldwell Bishop
- An annual nationally representative survey of 6,060 Indonesian adults aged 15+ was conducted from August to November 2015 to track trends in digital financial services.
- Banks remain the most widely used financial institution, with 27% of adults having used a bank and 22% being active users. Arisans (informal rotating credit groups) are also commonly used.
- Mobile money awareness grew from 6% to 8% of adults since 2014, and usage increased from 0.1% to 0.4%, suggesting increased awareness may be translating to more use. However, many mobile money aware adults still lack knowledge about how mobile money services work.
- Bank account ownership increased across most demographic groups, but there remain large dispar
- An annual nationally representative survey of 6,000 Pakistani adults aged 15+ was conducted from September to October 2015 to track trends in digital financial services.
- Access to and use of financial services has grown slowly over time, with mobile money and non-bank financial institutions seeing 1% growth each year. Mobile money users are also utilizing more advanced services like bill payment.
- Awareness and adoption of new mobile money value-added services that go beyond basic transactions remains low, with only 8% of adults aware and less than 1% using these services.
Financial inclusion in Pakistan increased from 7% to 9% between 2014 and 2015. Banks remain the major contributor to financial inclusion, with 7% of adults having bank accounts. Mobile money account ownership doubled between 2014 and 2015 to 1% as mobile money and non-bank financial institutions also contribute to growing financial inclusion. Awareness of mobile money remains high but usage lags, with only 13% of those aware having used mobile money. Literacy and mobile phone skills remain significant barriers to greater adoption of digital financial services.
FII Pakistan Wave One - Survey QuickSights Reportfinclusion
- The document summarizes key findings from Wave 1 of the Financial Inclusion Insights (FII) Tracker Survey conducted in Pakistan.
- Less than 10% of respondents have a bank account, while 7% use mobile money services, though only 0.4% have registered their own mobile money accounts.
- Telenor EasyPaisa dominates the mobile money market in Pakistan, with 87% of mobile money users reporting having used that service.
- Financial inclusion in Bangladesh has grown from 37% in 2014 to 43% in 2015, driven largely by growth in mobile money use and registration. Mobile money use now surpasses use of non-bank financial institutions.
- Active use of financial accounts has also increased, especially for mobile money where active account holders doubled from 4% to 8%. Mobile money is also seeing more advanced uses like bill payments and loans growing.
- While registered mobile money accounts are growing, unregistered/over-the-counter mobile money remains the dominant form of access, though the gap is closing.
Financial inclusion in Indonesia held steady at around 24% between 2014 and 2015. Bank accounts continue to be the primary means of financial access, with 23% of adults having registered bank accounts. Mobile money awareness and use saw slight increases between 2014 and 2015, though mobile money accounts still only represent 0.3% of the population. The majority of financially included adults have digital access to their accounts, with 23% able to access accounts via mobile phones, ATMs, debit/credit cards or the internet.
The document provides demographic information about survey respondents in Indonesia, finding that over half of Indonesian adults are employed but a majority live below the $2.50/day poverty line, with farming a common occupation especially in rural areas. Many Indonesians supplement their income through secondary jobs or family support. Unemployed individuals primarily rely on support from spouses or other family members.
- The document summarizes key findings from a nationally representative survey of 6,000 Indonesian individuals aged 15+ on financial inclusion and digital financial services.
- The survey found that Indonesians primarily use banks and non-bank financial institutions like credit unions and savings groups for financial services, not mobile money. Nearly half have used banks or NBFIs.
- Awareness of mobile money is very low - only 3% know the concept and 6% know a provider. Most awareness comes from mass media and word of mouth.
- Close to one quarter of Indonesian adults can access bank accounts digitally, primarily through internet and mobile banking, though rural and poor populations lag on digital access.
2015 InterMedia FII INDONESIA QuickSights Summary ReportCaldwell Bishop
- An annual nationally representative survey of 6,060 Indonesian adults aged 15+ was conducted from August to November 2015 to track trends in digital financial services.
- Banks remain the most widely used financial institution, with 27% of adults having used a bank and 22% being active users. Arisans (informal rotating credit groups) are also commonly used.
- Mobile money awareness grew from 6% to 8% of adults since 2014, and usage increased from 0.1% to 0.4%, suggesting increased awareness may be translating to more use. However, many mobile money aware adults still lack knowledge about how mobile money services work.
- Bank account ownership increased across most demographic groups, but there remain large dispar
- An annual nationally representative survey of 6,000 Pakistani adults aged 15+ was conducted from September to October 2015 to track trends in digital financial services.
- Access to and use of financial services has grown slowly over time, with mobile money and non-bank financial institutions seeing 1% growth each year. Mobile money users are also utilizing more advanced services like bill payment.
- Awareness and adoption of new mobile money value-added services that go beyond basic transactions remains low, with only 8% of adults aware and less than 1% using these services.
Financial inclusion in Pakistan increased from 7% to 9% between 2014 and 2015. Banks remain the major contributor to financial inclusion, with 7% of adults having bank accounts. Mobile money account ownership doubled between 2014 and 2015 to 1% as mobile money and non-bank financial institutions also contribute to growing financial inclusion. Awareness of mobile money remains high but usage lags, with only 13% of those aware having used mobile money. Literacy and mobile phone skills remain significant barriers to greater adoption of digital financial services.
FII Pakistan Wave One - Survey QuickSights Reportfinclusion
- The document summarizes key findings from Wave 1 of the Financial Inclusion Insights (FII) Tracker Survey conducted in Pakistan.
- Less than 10% of respondents have a bank account, while 7% use mobile money services, though only 0.4% have registered their own mobile money accounts.
- Telenor EasyPaisa dominates the mobile money market in Pakistan, with 87% of mobile money users reporting having used that service.
The Global Landscape of Digital Finance InnovationsCGAP
More than half of the world’s adult population, nearly 2.5 billion people, remain unbanked. Technology – particularly the mobile phone – has been used in recent years to extend financial services past the limits of bank branches and reach new consumers in traditionally underserved segments. Initial efforts focused on payments but have now grown to include savings, insurance and credit products delivered by digital channels, known as “products beyond payments.” Despite a dramatic expansion in the number of digital financial service deployments, the offering of these financial services are not new services. Rather, they are existing services migrated to a lower-cost digital channel, therefore offering greater scale potential. And even then, use of these channels currently remain low.
This research seeks to accomplish four objectives:
Catalog the ways in which technology, especially mobile, can enhance access or use of financial services
Provide a comprehensive landscape of the latest innovations in digital finance
Consider the current and potential impact of these innovations on financial inclusion
Identify enabling conditions and investments needed to unlock the potential of the sector
Mobile money use in Bangladesh surpassed nonbank financial institution use between 2014 and 2015, increasing from 23% to 33%. Registered mobile money accounts nearly doubled from 5% to 9% of the population over this period, driving most of the growth in financial access. Mobile money agents are now more proximate than banks or ATMs for most people. However, lack of mobile phone skills remains a barrier to greater digital financial inclusion.
The document summarizes key findings from a 2014 survey on financial inclusion in Pakistan:
- Mobile money and bank accounts are the most commonly used financial services, with 8% of Pakistanis using mobile money over-the-counter and 7% holding bank accounts.
- However, only 6% of Pakistanis have active digital access to financial services accounts, and marginalized groups like women and those in rural/low-income areas have much lower rates of access and account usage.
- Mobile money is increasingly used for loans, savings, and government payments in addition to traditional bill payments, but savings and other services still only account for a small minority of mobile money usage.
This document provides an overview of fintech startups in sub-Saharan Africa. It discusses the growth of mobile technology and financial services in the region, which has created opportunities for fintech innovation. Notable fintech startups in South Africa, Kenya, and Nigeria are highlighted, including Yoco, Snapscan, and M-Pesa, which provide payment solutions that have increased access to financial services. The document also notes that international investors are increasingly interested in the sub-Saharan African fintech sector.
Exploring digital consumer behaviours in Kenya to provide new insights on how people engage with digital financial services
Download the full slide deck here: https://www.financedigitalafrica.org/research/2019/03/dfs-use-among-digital-kenyans/
Summary_GSMA_State of the Industry 2015Swati Mehta
The document provides an overview and analysis of the state of the mobile money industry in 2015 based on a survey of 107 mobile money providers. Key findings include:
- Mobile money services have expanded to 64% of developing countries but growth is slowing, with only 13 new services launched in 2015.
- Total registered agents reached 3.2 million globally in 2015, though the active agent rate remains a challenge at 51.4%.
- 134 million accounts were considered active in the past 90 days as of June 2015, with West Africa seeing dramatic growth in active agents and accounts.
- Smartphones and internet access could enhance access but few have successfully leveraged this opportunity at scale so far.
Digital Economy in Indonesia: Prospect, Challenges, and Research AgendaWirawan Agahari
Digital economy landscape in Indonesia and its implications to development. Presented by Centre for Innovation Policy and Governance (CIPG) at the 1st Development Implications of Digital Economy (DIODE) workshop.
Branchless Banking in Africa aims to provide banking services to underserved populations. Most adults in Africa are unbanked due to factors like remote locations, poverty, and lack of financial education. Mobile money has achieved success in some countries by offering convenient cash transfers via cell phones, but does not provide full banking services. Traditional banks seek new ways to reach rural customers and offer savings, payments, loans and more using innovative technologies and distribution models beyond physical branches.
Mobile payment has grown rapidly in West Africa in recent years, enabled by increasing mobile phone adoption. However, several challenges remain:
1. Territorial coverage of mobile networks and agent networks remains inadequate, especially in rural areas.
2. Agent networks provide an important mode of distribution but remain limited in scale and sustainability.
3. Lack of interoperability between mobile operators limits the scope of mobile payment services.
4. The cost of implementing innovative solutions like online bill payment and government services is prohibitive for many West African governments.
5. Regulation of mobile financial services remains imprecise, which could limit further growth and innovation in the sector. Overcoming these challenges will be important to realize
Mobile banking has great potential to promote financial inclusion in Africa. By reducing geographic and cost barriers, mobile banking allows commercial banks to expand into new areas at low cost. Kenya and South Africa have been leaders in mobile banking, with services like M-Pesa in Kenya growing exponentially and bringing millions of unbanked individuals into the formal financial system. Partnerships between mobile operators, banks, and microfinance institutions can further expand access to affordable financial services across Africa through mobile phones.
This document provides an overview of mobile money services in India. It defines mobile money and describes its key characteristics, including using agents outside bank branches to deposit and withdraw funds and initiating transactions via mobile phones. Globally, there are 411 million mobile money accounts across 93 countries. The document outlines reasons for mobile money's potential success in India, including high mobile penetration, financial inclusion needs, and government initiatives. It lists some prominent Indian mobile wallet providers and payments banks. Finally, it discusses factors important for mobile money to succeed in India, such as digital and financial inclusion, awareness/education, regulatory reforms, and customer confidence.
MEDICI’s new ‘Indonesia FinTech Report 2021’ analyzes the country’s FinTech sector and trends in the last three years—a deep-dive by segments & subsegments, funding patterns, M&As, ecosystem partnerships, industry drivers, and perspectives drawn out of regulatory, geopolitical, economic, and market dynamics.
A Roadmap for Mass Adoption of e-Payments in the PhilippinesJohn Owens
This document outlines a roadmap for mass adoption of e-payment services in the Philippines. It discusses how e-money has driven financial inclusion in other countries through increased access points like agents. Keys to adoption include ease of use, digital literacy, and trusted services. While the Philippines currently has low access points per capita compared to other nations, opportunities exist like shifting government payments to e-payments. The roadmap's vision is for widespread e-payment use through a supportive regulatory system and engaged stakeholders across government, businesses, and consumers. This would yield benefits like cost savings, transparency, and new markets through an expanded e-payment ecosystem and infrastructure.
This document provides a summary of how three major mobile network operators in Indonesia - Telkomsel, Indosat, and XL - implemented mobile money interoperability between their platforms in just six months. The operators recognized that an interconnected mobile money system would allow customers to transfer funds across networks, strengthening the value proposition and increasing competitiveness in Indonesia's growing payments market. With support from new regulations enabling broader agent networks, the CEOs of the three operators began discussions in late 2012 and agreed to prioritize real-time account-to-account transfers across platforms. Each operator maintained technical independence while collaborating at high levels and through cross-functional teams to launch interoperability in May 2013.
121010_Mobile Banking & Payments for Emerging Asia Summit 2012_Mobile Payment...spirecorporate
Mobile payments are growing rapidly in emerging Asian Pacific markets. Unlike Africa, innovation will be key to success as consumer needs differ. Regulations will play a large role, giving banks an advantage over mobile network operators. If conditions continue, Asia is poised to surpass the scale of mobile money seen elsewhere and help expand financial inclusion across the region.
The document discusses India's transition to a cashless economy and the opportunities and challenges that come with it. Key points include:
- India has implemented several digital payment innovations like UPI, BHIM, and RuPay cards to boost financial inclusion and curb black money.
- Digital payments in India are growing rapidly, with UPI and mobile banking seeing spectacular growth in recent years.
- This transition presents opportunities for value-added services and jobs growth but also challenges around digital literacy, connectivity issues, and security of financial data.
- The shift to digital payments is expected to significantly impact India by formalizing the economy, improving tax collection, and allowing more efficient delivery of government services.
In order to reduce cash handling cost of banks amongst other objectives, the Central Bank of Nigeria introduced the ‘cashless policy’. The success of this policy hinges on the adoption of alternative payment systems one of which is mobile banking. Thus it is imperative for policy makers and other relevant stakeholders to anticipate and deal with inhibitions surrounding the adoption of mobile banking by bank customers in the country. This study investigates the determinants of mobile banking adoption in Nigeria using a modified version of Technology Acceptance Model (TAM). This incorporates Perceived Risk, Facilitating Conditions and Demographic Characteristics (Age, Gender, Educational Qualification and Income) to Perceived Usefulness and Perceived Ease-of-Use as determinants of Mobile Banking Adoption. We also propose that this relationship is mediated by attitude towards mobile banking adoption. A total of 250 bank customers from the Lagos area were selected and a structured questionnaire was designed and copies distributed to them. Data was analysed using multiple regression and computed using SPSS 20.0 computer application. Results show that Perceived Usefulness, Perceived Ease-of-Use, perceived Risk, Facilitating Conditions, Age, Educational Qualifications and Income significantly determine Mobile Banking Adoption. However, the relationship between gender and Mobile Banking Adoption is not significant. The outcome of this study has some implications to m-banking policy formulation and implementation. It also throws more light into what should be done to improve mbanking adoption rate in Nigeria
How fintechs can profit from the female economy finalChesca Garcia
From the Financial Alliance from Women:
This report is based on research with 168 fintechs and 30 investors and other
ecosystem actors from 43 countries. We would like to thank the research respondents
for their time in openly sharing and contributing to the survey.
The Financial Alliance would like to acknowledge Syed Musheer Ahmed and Yosha
Gupta from Finstep Asia, who conducted the research and provided sectoral insights
and the Alliance team who worked on this study: Inez Murray, Karyl Akilian, Rebecca
Ruf, Carine Fersan and Tessa Ruben. We also acknowledge Luba Vangelova, Olivia
LaBarre, and Ernie Agtarap for their role in the production of this report.
The majority of the world population is not covered by the mainstream financial sector. As such, mobile money services are seen as a cost effective and efficient way of increasing financial inclusion. However, there remains some factors that impede the development of mobile money services. Therefore, this study sought to analyse these factors with a view to identifying strategies that can be used to accelerate the development of mobile money services.
This document summarizes a presentation on digital lending in Africa given at a banking conference in Nairobi, Kenya. It discusses findings from the Financial Inclusion Insights (FII) program, which conducts nationally representative surveys in 8 countries to track financial access and digital financial services usage. The presentation segments bank customers in Kenya and Nigeria into unregistered users, registered inactive users, active registered users, and super users. It finds differences in demographics between the segments and identifies saving as the leading bank activity. The presentation also discusses challenges to digitalization like infrastructure issues and opportunities like leveraging mobile ownership and government payment programs. It concludes with an overview of the research firm InterMedia.
The document provides insights from national surveys on financial services in Ghana and Rwanda. It summarizes key findings regarding the use of banking services in Ghana and mobile money services in Rwanda. In Ghana, banks are the main driver of financial account ownership, while in Rwanda mobile money accounts are more common. The surveys found that digital bank accounts are more prevalent in Ghana than other countries, while mobile money has seen greater uptake in Rwanda. Differences in each country's financial landscape and institutional offerings may help explain varying levels of mobile money adoption.
The Global Landscape of Digital Finance InnovationsCGAP
More than half of the world’s adult population, nearly 2.5 billion people, remain unbanked. Technology – particularly the mobile phone – has been used in recent years to extend financial services past the limits of bank branches and reach new consumers in traditionally underserved segments. Initial efforts focused on payments but have now grown to include savings, insurance and credit products delivered by digital channels, known as “products beyond payments.” Despite a dramatic expansion in the number of digital financial service deployments, the offering of these financial services are not new services. Rather, they are existing services migrated to a lower-cost digital channel, therefore offering greater scale potential. And even then, use of these channels currently remain low.
This research seeks to accomplish four objectives:
Catalog the ways in which technology, especially mobile, can enhance access or use of financial services
Provide a comprehensive landscape of the latest innovations in digital finance
Consider the current and potential impact of these innovations on financial inclusion
Identify enabling conditions and investments needed to unlock the potential of the sector
Mobile money use in Bangladesh surpassed nonbank financial institution use between 2014 and 2015, increasing from 23% to 33%. Registered mobile money accounts nearly doubled from 5% to 9% of the population over this period, driving most of the growth in financial access. Mobile money agents are now more proximate than banks or ATMs for most people. However, lack of mobile phone skills remains a barrier to greater digital financial inclusion.
The document summarizes key findings from a 2014 survey on financial inclusion in Pakistan:
- Mobile money and bank accounts are the most commonly used financial services, with 8% of Pakistanis using mobile money over-the-counter and 7% holding bank accounts.
- However, only 6% of Pakistanis have active digital access to financial services accounts, and marginalized groups like women and those in rural/low-income areas have much lower rates of access and account usage.
- Mobile money is increasingly used for loans, savings, and government payments in addition to traditional bill payments, but savings and other services still only account for a small minority of mobile money usage.
This document provides an overview of fintech startups in sub-Saharan Africa. It discusses the growth of mobile technology and financial services in the region, which has created opportunities for fintech innovation. Notable fintech startups in South Africa, Kenya, and Nigeria are highlighted, including Yoco, Snapscan, and M-Pesa, which provide payment solutions that have increased access to financial services. The document also notes that international investors are increasingly interested in the sub-Saharan African fintech sector.
Exploring digital consumer behaviours in Kenya to provide new insights on how people engage with digital financial services
Download the full slide deck here: https://www.financedigitalafrica.org/research/2019/03/dfs-use-among-digital-kenyans/
Summary_GSMA_State of the Industry 2015Swati Mehta
The document provides an overview and analysis of the state of the mobile money industry in 2015 based on a survey of 107 mobile money providers. Key findings include:
- Mobile money services have expanded to 64% of developing countries but growth is slowing, with only 13 new services launched in 2015.
- Total registered agents reached 3.2 million globally in 2015, though the active agent rate remains a challenge at 51.4%.
- 134 million accounts were considered active in the past 90 days as of June 2015, with West Africa seeing dramatic growth in active agents and accounts.
- Smartphones and internet access could enhance access but few have successfully leveraged this opportunity at scale so far.
Digital Economy in Indonesia: Prospect, Challenges, and Research AgendaWirawan Agahari
Digital economy landscape in Indonesia and its implications to development. Presented by Centre for Innovation Policy and Governance (CIPG) at the 1st Development Implications of Digital Economy (DIODE) workshop.
Branchless Banking in Africa aims to provide banking services to underserved populations. Most adults in Africa are unbanked due to factors like remote locations, poverty, and lack of financial education. Mobile money has achieved success in some countries by offering convenient cash transfers via cell phones, but does not provide full banking services. Traditional banks seek new ways to reach rural customers and offer savings, payments, loans and more using innovative technologies and distribution models beyond physical branches.
Mobile payment has grown rapidly in West Africa in recent years, enabled by increasing mobile phone adoption. However, several challenges remain:
1. Territorial coverage of mobile networks and agent networks remains inadequate, especially in rural areas.
2. Agent networks provide an important mode of distribution but remain limited in scale and sustainability.
3. Lack of interoperability between mobile operators limits the scope of mobile payment services.
4. The cost of implementing innovative solutions like online bill payment and government services is prohibitive for many West African governments.
5. Regulation of mobile financial services remains imprecise, which could limit further growth and innovation in the sector. Overcoming these challenges will be important to realize
Mobile banking has great potential to promote financial inclusion in Africa. By reducing geographic and cost barriers, mobile banking allows commercial banks to expand into new areas at low cost. Kenya and South Africa have been leaders in mobile banking, with services like M-Pesa in Kenya growing exponentially and bringing millions of unbanked individuals into the formal financial system. Partnerships between mobile operators, banks, and microfinance institutions can further expand access to affordable financial services across Africa through mobile phones.
This document provides an overview of mobile money services in India. It defines mobile money and describes its key characteristics, including using agents outside bank branches to deposit and withdraw funds and initiating transactions via mobile phones. Globally, there are 411 million mobile money accounts across 93 countries. The document outlines reasons for mobile money's potential success in India, including high mobile penetration, financial inclusion needs, and government initiatives. It lists some prominent Indian mobile wallet providers and payments banks. Finally, it discusses factors important for mobile money to succeed in India, such as digital and financial inclusion, awareness/education, regulatory reforms, and customer confidence.
MEDICI’s new ‘Indonesia FinTech Report 2021’ analyzes the country’s FinTech sector and trends in the last three years—a deep-dive by segments & subsegments, funding patterns, M&As, ecosystem partnerships, industry drivers, and perspectives drawn out of regulatory, geopolitical, economic, and market dynamics.
A Roadmap for Mass Adoption of e-Payments in the PhilippinesJohn Owens
This document outlines a roadmap for mass adoption of e-payment services in the Philippines. It discusses how e-money has driven financial inclusion in other countries through increased access points like agents. Keys to adoption include ease of use, digital literacy, and trusted services. While the Philippines currently has low access points per capita compared to other nations, opportunities exist like shifting government payments to e-payments. The roadmap's vision is for widespread e-payment use through a supportive regulatory system and engaged stakeholders across government, businesses, and consumers. This would yield benefits like cost savings, transparency, and new markets through an expanded e-payment ecosystem and infrastructure.
This document provides a summary of how three major mobile network operators in Indonesia - Telkomsel, Indosat, and XL - implemented mobile money interoperability between their platforms in just six months. The operators recognized that an interconnected mobile money system would allow customers to transfer funds across networks, strengthening the value proposition and increasing competitiveness in Indonesia's growing payments market. With support from new regulations enabling broader agent networks, the CEOs of the three operators began discussions in late 2012 and agreed to prioritize real-time account-to-account transfers across platforms. Each operator maintained technical independence while collaborating at high levels and through cross-functional teams to launch interoperability in May 2013.
121010_Mobile Banking & Payments for Emerging Asia Summit 2012_Mobile Payment...spirecorporate
Mobile payments are growing rapidly in emerging Asian Pacific markets. Unlike Africa, innovation will be key to success as consumer needs differ. Regulations will play a large role, giving banks an advantage over mobile network operators. If conditions continue, Asia is poised to surpass the scale of mobile money seen elsewhere and help expand financial inclusion across the region.
The document discusses India's transition to a cashless economy and the opportunities and challenges that come with it. Key points include:
- India has implemented several digital payment innovations like UPI, BHIM, and RuPay cards to boost financial inclusion and curb black money.
- Digital payments in India are growing rapidly, with UPI and mobile banking seeing spectacular growth in recent years.
- This transition presents opportunities for value-added services and jobs growth but also challenges around digital literacy, connectivity issues, and security of financial data.
- The shift to digital payments is expected to significantly impact India by formalizing the economy, improving tax collection, and allowing more efficient delivery of government services.
In order to reduce cash handling cost of banks amongst other objectives, the Central Bank of Nigeria introduced the ‘cashless policy’. The success of this policy hinges on the adoption of alternative payment systems one of which is mobile banking. Thus it is imperative for policy makers and other relevant stakeholders to anticipate and deal with inhibitions surrounding the adoption of mobile banking by bank customers in the country. This study investigates the determinants of mobile banking adoption in Nigeria using a modified version of Technology Acceptance Model (TAM). This incorporates Perceived Risk, Facilitating Conditions and Demographic Characteristics (Age, Gender, Educational Qualification and Income) to Perceived Usefulness and Perceived Ease-of-Use as determinants of Mobile Banking Adoption. We also propose that this relationship is mediated by attitude towards mobile banking adoption. A total of 250 bank customers from the Lagos area were selected and a structured questionnaire was designed and copies distributed to them. Data was analysed using multiple regression and computed using SPSS 20.0 computer application. Results show that Perceived Usefulness, Perceived Ease-of-Use, perceived Risk, Facilitating Conditions, Age, Educational Qualifications and Income significantly determine Mobile Banking Adoption. However, the relationship between gender and Mobile Banking Adoption is not significant. The outcome of this study has some implications to m-banking policy formulation and implementation. It also throws more light into what should be done to improve mbanking adoption rate in Nigeria
How fintechs can profit from the female economy finalChesca Garcia
From the Financial Alliance from Women:
This report is based on research with 168 fintechs and 30 investors and other
ecosystem actors from 43 countries. We would like to thank the research respondents
for their time in openly sharing and contributing to the survey.
The Financial Alliance would like to acknowledge Syed Musheer Ahmed and Yosha
Gupta from Finstep Asia, who conducted the research and provided sectoral insights
and the Alliance team who worked on this study: Inez Murray, Karyl Akilian, Rebecca
Ruf, Carine Fersan and Tessa Ruben. We also acknowledge Luba Vangelova, Olivia
LaBarre, and Ernie Agtarap for their role in the production of this report.
The majority of the world population is not covered by the mainstream financial sector. As such, mobile money services are seen as a cost effective and efficient way of increasing financial inclusion. However, there remains some factors that impede the development of mobile money services. Therefore, this study sought to analyse these factors with a view to identifying strategies that can be used to accelerate the development of mobile money services.
This document summarizes a presentation on digital lending in Africa given at a banking conference in Nairobi, Kenya. It discusses findings from the Financial Inclusion Insights (FII) program, which conducts nationally representative surveys in 8 countries to track financial access and digital financial services usage. The presentation segments bank customers in Kenya and Nigeria into unregistered users, registered inactive users, active registered users, and super users. It finds differences in demographics between the segments and identifies saving as the leading bank activity. The presentation also discusses challenges to digitalization like infrastructure issues and opportunities like leveraging mobile ownership and government payment programs. It concludes with an overview of the research firm InterMedia.
The document provides insights from national surveys on financial services in Ghana and Rwanda. It summarizes key findings regarding the use of banking services in Ghana and mobile money services in Rwanda. In Ghana, banks are the main driver of financial account ownership, while in Rwanda mobile money accounts are more common. The surveys found that digital bank accounts are more prevalent in Ghana than other countries, while mobile money has seen greater uptake in Rwanda. Differences in each country's financial landscape and institutional offerings may help explain varying levels of mobile money adoption.
The document summarizes key findings from a 2014 survey of 6,000 Indonesian adults regarding financial inclusion. The survey found that nearly half of adults had used financial services but many did not use formal services. Formal banks and informal savings groups (arisans) were the most commonly used financial service providers. Mobile money awareness and use was extremely low at the time. Access to and competency with mobile phones was relatively high, but financial literacy regarding concepts like loans and investments was low.
In 2015, the CGAP-funded Financial inclusion Insights Survey was conducted in Ghana by InterMedia to analyze the trends and usage of mobile money in the country. This report shares data from the survey and highlights opportunities for growth and expansion.
for more information, visit www.cgap.org/mobilemoneymomentum
In 2015, the CGAP-funded Financial Inclusion Insights Survey was conducted in Rwanda by InterMedia. The survey analyzes trends in mobile money usage in the country and highlights opportunities for growth in the industry.
The document summarizes research from Financial Inclusion Insights (FII) on financial inclusion. FII conducts large surveys in multiple countries to measure adoption of financial services, particularly digital financial services (DFS). Key findings include that urban men above the poverty line are most financially included, and financially included individuals are more likely to save. The research also examines relationships between DFS use, demographics, technical skills, and financial behaviors. FII data has been used to inform policymakers and push dialogue on improving access to financial services.
Outline: Tanzanian MFS Landscape: Current Status; Maximizing Opportunities in Tanzania; Mitigating Challenges and Risks in MFS in Tanzania; Pushing MFS to the next level in Tanzania; and Lesson for Africa: Key Take Homes.
FII Indonesia presentation to in-country stakeholders June 2016Caldwell Bishop
The document summarizes findings from two years of research on financial inclusion in Indonesia. Some key findings include:
- Financial inclusion remains low at approximately one-quarter of Indonesian adults.
- Nearly two-thirds of adults have used either informal or formal financial services.
- 29% have used non-bank financial institutions like pawnshops or cooperatives, but only 3% have a bank account.
- Awareness and understanding of available financial services is a barrier to greater inclusion.
Rwanda has made impressive progress towards financial inclusion and moving to a cashless economy. 89% of adults are financially included, with most using formal non-bank services like mobile money. Mobile money usage and agents have grown exponentially, while bank account ownership and ATM transactions have stagnated. The government is implementing initiatives to achieve 90% financial inclusion by 2020, including expanding access points, promoting digital payments through RSwitch, and providing government services digitally via the Irembo platform. Interoperability across banks, mobile money operators, SACCOs and MFIs is key to building an inclusive cashless payment system as envisioned in the national payment strategy.
1) The document examines the possibilities for widespread adoption of mobile commerce (m-commerce) in emerging markets in Asia, with a focus on Bangladesh, Indonesia, and Vietnam.
2) It finds that these markets are largely cash-based, but consumers experience issues with cash like receiving counterfeit money or the wrong change. It also notes a need for fast, secure money transfers as urbanization increases family separation.
3) Mobile financial services that address the issues with cash, and that are safe, convenient, and fast, could drive change towards more cashless transactions in these emerging Asian markets according to consumer interest levels reported in the study.
Ericsson ConsumerLab: Mobile Commerce in Emerging AsiaEricsson
A report from Ericsson ConsumerLab has explored the possibilities of widespread m-commerce adoption in emerging Asia. The countries included in the study were Bangladesh, Indonesia and Vietnam.
Mobile money loans vs borrowing behavior of Tanzanias urban informally employedDunia Yusuf
This project set out to study the demand for mobile credit services in Tanzania. The study found that interest rate and lack of awareness are among the most important factors that affect the demand for mobile money loans in Tanzania.
2015 InterMedia FII INDIA QuickSights Summary ReportCaldwell Bishop
The key findings of the survey are:
1) Bank account ownership in India increased significantly between 2014 and 2015, rising from 52% to 63% of adults, likely due to the government's PMJDY initiative.
2) The number of active bank account holders also increased dramatically over this period, nearly doubling among lower income and rural populations.
3) However, mobile money awareness and usage remains very low in India, with awareness at just 10% and account ownership at only 0.5% of adults.
This document summarizes a presentation on leveling the playing field for mobile money and digital payments in Tanzania. The presentation discusses the goal of financial inclusion, identifies barriers like costs and lack of consumer awareness, and recommends multi-stakeholder engagement and accelerating interoperability to increase inclusion. Currently, 14% of Tanzanians use formal bank products while 26% remain financially excluded, compared to other countries in the region. The presentation calls for public-private partnerships to remove barriers and harness technology to connect more people financially.
Ericsson ConsumerLab: Mobile commerce in emerging marketsEricsson
This document summarizes a report by Ericsson ConsumerLab on attitudes toward mobile commerce (m-commerce) in emerging markets. The report is based on quantitative and qualitative research conducted between 2013-2014 including interviews with over 100 consumers and 47 merchants across 11 countries in Latin America, Sub-Saharan Africa, and Asia.
Key findings from the research include:
1) Urbanization is accelerating in emerging markets as many move from rural to urban areas. However, the majority of workers remain in the informal economy and have unstable incomes.
2) Paying with cash is common due to its convenience but carries risks, whereas mobile financial services offer potential benefits like speed, reduced risk, and financial inclusion for the un
This document summarizes a report by Ericsson ConsumerLab on attitudes toward mobile commerce (m-commerce) in emerging markets. The report is based on quantitative and qualitative research conducted between 2013-2014 including interviews with over 100 consumers and 47 merchants across 11 countries in Latin America, Sub-Saharan Africa, and Asia.
Key findings from the research include:
1) Urbanization is accelerating in emerging markets as many move from rural to urban areas. However, the majority of workers remain in the informal economy and have unstable incomes.
2) Paying with cash is common due to its convenience but carries risks, whereas mobile financial services offer potential benefits like speed, reduced risk, and financial inclusion for the un
This is a presentation by Paschal Anosike, Director, Centre for African Entrepreneurship and Leadership (CAEL), University of Wolverhampton, UK, at the 3rd Annual East Africa Finance Summit
This document provides an overview and analysis of instant payment systems (IPS) in Africa. It begins with an introduction by the CEO of AfricaNenda highlighting the importance of digital payments for financial inclusion in Africa. The document then covers the IPS landscape in Africa, evolving digital payment customer behavior, barriers to and opportunities for IPS inclusivity, and future perspectives on IPS development and trends. It includes annexes with case studies of four IPS schemes, a list of consulted stakeholders, landscaping data tables, and details on the consumer research methodology. The overall aim is to inform stakeholders about IPS in Africa and support evidence-based policymaking and investment decisions regarding digital financial services on the continent.
This document provides an overview and introduction to the State of Instant and Inclusive Payment Systems in Africa 2022 report. It discusses that the report aims to inform public and private sector players about developments in instant payment systems in Africa, including an assessment of inclusivity. It notes that currently most systems are geared toward limited financial institutions and transaction values. The introduction emphasizes that digital financial inclusion is key to supporting Africa's development, and that collaboration across sectors is needed to build inclusive payment systems that meet people's needs.
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The papers for publication in The International Journal of Engineering& Science are selected through rigorous peer reviews to ensure originality, timeliness, relevance, and readability.
Similar to Kenya Mobile Money and Digital Finance Survey Fall 2013 (20)
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the what'sapp contact of my personal pi merchant to trade with
+12349014282
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
2. THE FINANCIAL INCLUSION INSIGHTS (FII) PROGRAM
KENYA
The FII research program responds to the need for timely, demand-side data
and practical insights on the use of mobile money and other digital financial
services, and the potential for their expanded use among the poor.
The program covers eight countries in Africa and Asia at different stages of digital
financial services development. Research was launched in fall 2013.
FII is operated by global research group InterMedia and sponsored by the
Financial Services for the Poor initiative of the Bill & Melinda Gates Foundation. All FII
data and research is publicly available through the FII portal: www.finclusion.org.
QuickSights reports provide an initial look at results from the nationally
representative FII Tracker Surveys conducted once or twice annually in each FII
country. This report is based on the Kenya FII Tracker Survey conducted in fall 2013.
3. THE FII SURVEY RESEARCH PROGRAM
KENYA
Bangladesh India Indonesia Nigeria Kenya Pakistan Tanzania Uganda
Surveys per
Year
2 1 1 2 1 1 2 2
Interviews
per Survey
6,000 45,000 6,000 6,000 3,000 6,000 3,000 3,000
4. KENYA
Key Definitions Used in this Report
• Digital financial services (DFS)– Financial services provided through an electronic platform (mobile
phones, electronic cards, the internet, etc.). For this particular study, digital financial services include
bank services and mobile money services.
• Active account holder – An individual who has a registered DFS account and has used it in the last
90 days.
These definitions are aligned with the metrics used by the Financial Services for the Poor
program at the Bill & Melinda Gates Foundation to track global developments in financial
inclusion and measure the impact of interventions on poor people’s lives.
Reported Data
• All percentages in this report are weighted to reflect national-level proportions.
• All bases (n=numbers) in this report are unweighted and represent the actual number of people
interviewed in the survey.
QuickSights Report
• This report is a first look at the key characteristics of the digital financial services (DFS) market in
Kenya. In-depth analysis is presented in wave reports, which combine qualitative and quantitative
insights.
5. THE KENYA FII TRACKER SURVEY
Data collected
• Basic demographics
• Poverty measurement (Grameen
Progress Out of Poverty Index)
• Access/use of mobile devices
• Access/use of mobile money (MM)
• Access/use of formal financial services
(e.g., bank accounts)
• Level of satisfaction with financial service
providers and products
• Influencers and drivers of adoption
• Interoperability
• New product development
KENYA
Survey summary
• Annual, nationally representative
survey (N=3,000) of Kenyan individuals
aged 15+
• Face-to-face interviews lasting 45 to 60
minutes
• First survey conducted from 9/12/2013
to 10/4/2013
• Provides baseline measurements.
Subsequent annual surveys will
measure trends and track market
developments in DFS
6. KENYA
Survey Sample Demographics
Source: InterMedia Kenya FII Tracker survey (N=3,000, 15+) September-October 2013. Figures are weighted to reflect national
census data demographics.
Demographic % of Survey (N=3,000)
Male 49
Female 51
Urban 36
Rural 64
Above the $2.50/day poverty line 41
Below the $2.50/day poverty line 59
Ages 15-24 36
Ages 25-34 26
Ages 35-44 16
Ages 45-54 10
Ages 55+ 12
7. Kenya FII TRACKER SURVEY – HIGHLIGHTS
KENYA
• Three-quarters of Kenyan adults have access to a mobile money account, and 62 percent are
active account holders.
• Almost all active bank holders also have a mobile money account. Bank use is much lower than
mobile money use, with 21 percent of adults actively using a bank account.
• Rural residents and adults below the poverty line use mobile money at much lower rates than
their urban and above-the-poverty line counterparts. The gap between men and women is smaller,
with slightly fewer women using than men.
• Fifteen percent of active mobile money account holders have used M-Shwari, a savings and loan
product offered through Safaricom’s M-PESA.
• A quarter of active mobile money account holders began using mobile money in order to save
or store money.
• Nearly a quarter of the adult Kenyan population does not have access to any formal financial
service.
9. Key takeaways:
• Three-quarters of Kenyans have access to financial services through either a bank or mobile money
account, or through both
• Almost all those with access to a bank account also have access to a mobile money account
• Most account holders actively use their accounts
• Only 2% of bank account holders have accounts that are dormant
21% 27% 29%
77% 76%
68% 62%
Active bank
account holders
Bank account
holders
Those with access
to a bank account
Those with access
to a bank or MM
account or both
Those with access
to an MM account
MM account
holders
Active MM account
holders
KENYA
The Kenyan Financial Inclusion Landscape: General Overview
(Percentage of Kenyan adults who fall into each category)
Source: InterMedia Kenya FII Tracker survey (N=3,000, 15+) September-October 2013
Access to a bank account or mobile money account means a respondent can use bank/mobile money services either via their own
account or via an account of another person. Active account holders are those with a registered mobile money and/or bank account
who have used that account in the last 90 days. Dormant accounts are those that have been registered but have never been used.
10. KENYA
Mobile Money and Bank Account Ownership Overlaps
Source: InterMedia Kenya FII Tracker survey (N=3,000, 15+) September-October 2013. Active account holder = an individual who
has a registered digital financial services account (specifically, a mobile money account and/or a bank account ) and has used this
type of account in the last 90 days
X%
26% 6% 36%
No active MM
or bank
account
Hold active bank
account only
19% 2%
Hold both active
bank and active
MM account
43%
Hold active MM
account only
11. More Kenyans are Active Mobile Money Account Holders
than Active Bank Account Holders
Financial Inclusion Measures by Key Demographic Groups
(percentage of each sample)
Demographic Active Bank Account
Holder
Active MM Account
Holder
Both Neither
Total Population
N=3,000
21 62 19 36
Male
n=1,139
29 65 26 32
Female
n=1,861
13 60 12 49
Urban
n=1,101
29 75 27 23
Rural
n=1,899
16 55 14 43
Above Poverty Line
n=1,226
33 77 30 20
Below Poverty Line
n=1,774
13 52 11 46
KENYA
Source: InterMedia Kenya FII Tracker survey (N=3,000, 15+) September-October 2013. Categories are not mutually exclusive.
12. The Youngest Age Group, Those Aged 15 to 24, Are Least Likely to
Hold an Active Mobile Money Account
Financial Inclusion Measures by Key Demographic Groups (cont.)
(percentage of each sample)
Demographic Active Bank Account
Holder
Active MM Account
Holder
Both Neither
Total Population
N=3,000
21 62 19 36
Ages 15-24
n=669
12 50 11 49
Ages 25-34
n=908
26 73 24 25
Ages 35-44
n=639
29 73 26 24
Ages 45-54
n=370
27 65 23 31
Ages 55+
n=414
24 59 19 36
KENYA
Source: InterMedia Kenya FII Tracker survey (N=3,000, 15+) September-October 2013. Categories are not mutually exclusive.
13. KENYA
Literacy, Numeracy Rates Fairly Constant Among User Segments
Basic numeracy/
literacy
Lack of basic numeracy/
literacy
Active BANK
account holders
(n=659)
Active MM
account holders
(n=1,999)
National
average
(n=3,000)
Literacy
Numeracy
60%
of active BANK account
holders have basic literacy
82 %
of active BANK account
holders have basic numeracy
59%
of Kenyan ADULTS
have basic literacy
85%
of Kenyan ADULTS
have basic numeracy
59%
of active MM account
holders have basic literacy
84%
of active MM account holders
have basic numeracy
Key takeaways:
Active mobile money account users
are no more likely to be literate or
numerate than the national average.
This suggests the lack of either (or
both) may not be a barrier to mobile
money uptake.
Higher rates of numeracy than
literacy could be factors to consider
in mobile money product
development.
Definitions of basic literacy and
numeracy:
Basic literacy – the ability of an
individual to read and understand a
short, simple statement with little or
no help from another person during
the survey.
Basic numeracy – the ability to apply
simple mathematical concepts by
correctly answering at least two out
of three simple arithmetic questions
in the survey.
Source: InterMedia Kenya FII Tracker survey (N=3,000, 15+) September-October 2013
15. KENYA
MM Awareness: Radio Plays the Biggest Role
‘From which source of information did you first learn about this
mobile money service?’
Rank Top 5 initial sources (n=1,999) %
Radio 85
Television 40
Family and/or friends 20
Billboards 14
Field registration agents 9
1
2
3
4
5
Source: InterMedia Kenya FII Tracker survey (N=3,000, 15+) September-October 2013
Question allowed multiple responses.
Key takeaway:
Few active MM account holders
(n=1,999) learn about mobile money
services through field registration
agents.
16. KENYA
Mobile Money Use: Kenyans Open Mobile Money Accounts to
Send/Receive Money but Use Them to Deposit/Withdraw Money
Source: InterMedia Kenya FII Tracker survey (N=3,000, 15+) September-October 2013. Question allowed multiple responses.
Rank Top reasons for starting
to use an MM account
(n=1,999)
% Rank Top uses for MM accounts
(n=1,999)
%
I had to receive money from
another person
71 Withdraw money 98
I had to send money to another
person
56 Deposit money 85
I wanted a safe place to store my
money
26 Buy airtime top-ups 70
I wanted to start saving money
with mobile money
11
Receive money from other people for
regular support, receive allowances
54
I saw other people using it and
wanted to try myself
5
Send money to other people for regular
support, send allowances
50
1
2
3
4
5
1
2
3
4
5
17. KENYA
The Kenyan Mobile Money Market: M-Pesa Retains Dominant Position
MM Provider * % of active MM account
holders using this
service (n=1,999)
Safaricom M-Pesa 99.0
Airtel Money 3.0
YU Cash 0.3
Orange Money 0.2
Safaricom, already with a near-monopoly, received another
edge in November 2012 with the formation of a partnership with
Commercial Bank of Africa to launch M-Shwari, a mobile
savings and credit service that has 2.4 million active users,
according to its most recent count.
Proposals published by the Central Bank of Kenya in October
2013 outlined plans to license small e-money issuers, which
may help increase the number of service providers offering
mobile money services and boost the level of competition.
Source: InterMedia Kenya FII Tracker survey (N=3,000, 15+) September-October 2013 . *Active MM account holders can have accounts
with more than one provider.
24%
76%
Gender
50%50%
Gender
57%
43%
Urban/Rural
50%50%
Above/Below Poverty
Line
38%
62%
Urban/Rural
36%
64%
Above/Below Poverty
Line
Male
Female
Urban
Rural
Above
poverty line
Below
poverty line
SAFARICOM
M-Pesa
(n=1,982)
AIRTEL MONEY
(n=51)
Demographics of M-Pesa and Airtel
Money Customers Differ
18. KENYA
Value-added DFS are Developing to Meet New Demands
Rank Top services (n=1,999) %
Save money 10
Pay a utility bill 8
Pay a school fee 7
Receive wages 4
Pay for goods at a grocery store, clothing shop, etc. 3
An increasing number of innovative
mobile money services (often
referred to as “services beyond
basic wallet”) are being brought to
market by Safaricom and other
partners or providers to meet
demand for tools that build on
money transfer. Those in the chart
to the left are:
M-Shwari: savings account and
credit provider
Lipa na M-Pesa: merchant
payments tool
M-Kesho: bank-linked savings
accounts
Lipa Karo na M-Pesa: payment
service for school fees
M-Kopa: MM-based product for
acquiring solar electric systems
Source: InterMedia Kenya FII Tracker survey (N=3,000, 15+) September-October 2013
Both questions allowed multiple responses.
1
2
3
4
5
1%
2%
2%
4%
15%
M-Kopa
Lipa Karo na M-Pesa
M-Kesho
Lipa na M-Pesa
M-Shwari
Percentage of Active MM Account Holders Who Have Used the Following
Safaricom Services Beyond Basic Wallet (n = 1,999)
Top five uses beyond money transfer among active MM account holders
19. 49%
Agent system down
(n=992)
KENYA
MM Transaction Problems
Source: InterMedia Kenya FII Tracker survey (N= 3,000, 15+) September-October 2013.
49%51%
Gender
45%
55%
Gender
43%
57%
Gender
52%48%
Urban/Rural
46%
54%
Above/Below Poverty
Line
50%
Mobile Network Down
(n=1,016)
Top 3 issues
1
55%
45%
Urban/Rural
52%48%
Urban/Rural
47%53%
Above/Below Poverty
Line
45%
55%
Above/Below Poverty
Line
2 42%
Agent did not have
enough e-float
(n=847)
3
Male
Female
Urban
Rural
Above
poverty line
Below
poverty line
Key takeaway:
Network and agent system problems
each affected half of active MM
account holders during transactions.
20. KENYA
Frequency of MM Transaction Problems
Source: InterMedia Kenya FII Tracker survey (N=3,000, 15+) September-October 2013
24%
26%
50%
n=1,999
Mobile
network
down
3 times or more
1-2 times
Never
51%
22%
27%
n=1,999
Agent
system
down
15%
58%
27%
n=1,999
Agent
lacked
e-float
Number of times active MM account holders experienced this
issue in the last six months
Key takeaway:
Active MM account holders experience
mobile network problems more frequently
than other problems.
22. KENYA
Kenyans open bank
accounts to save money
Rank Top reasons for starting to
use a BANK account (n=659)
%
I wanted to start saving money with a
bank
59
I wanted a safe place to store my
money
34
I had to receive money from an
organization/government agency,
e.g., a pension or unemployment
payment
17
I had to receive money from another
person
13
An organization/government agency
requested that I sign up for an
account
10
Source: InterMedia Kenya FII Tracker survey (N=3,000, 15+) September-October 2013. Both questions allowed multiple responses.
1
2
3
4
5
Bank account holders don’t
use many services beyond
cash deposits and withdrawals
Rank Top uses for BANK accounts
(n=659)
%
Withdraw money 96
Deposit money 89
Pay a school fee 22
Receive wages for primary job 20
Receive money from other people
for regular support, receive
allowances
19
1
2
3
4
5
23. SAMPLING APPROACH
Working with Kenya National Bureau of Statistics (KNBS)
• InterMedia worked with KNBS to agree to a sample size of 3,000 and draw a sample that was nationally representative of adults (15+ older).
Combining Two Sampling Frames (NASSEP IV and NASSEP V)
• InterMedia combined two purpose built sampling frames (NASSEP V and NASSEP IV) provided by KNBS to ensure full national
representation.
• NASSEP V covers all districts except the northeast and was drawn from updated 2009 household census data released in 2013 by KNBS as
part of their 5th National Sample Survey and Evaluation Programme.
• NASSEP IV covers the northeast and was drawn from updated 2009 census data. NASSEP IV provides the most current available
population data for the northeast (NASSEP V was on-going in the northeast when this survey went to field).
Sampling Enumeration Areas (EAs)
• The combined NASSEP frame sampled a total of 5,360 EAs from urban and rural strata within each county using the probability
proportional to population size method (using numbers of households rather than people).
• Systematic random sampling was then used to distribute the total number of selected urban and rural EAs (5,360) equally into 4 sub-samples
(a total of 1,340 EAs in each) ensuring each had a uniform urban/rural composition.
• Selected EAs within each sub-sample were then further standardized into uniform size units ranging from between 50 and149 households.
• Simple random sampling from within one of the 4 sub-frames was used to select the final 300 EAs (10 interviews in each) used in the study
(as well as 7 subsequent replacements due to access, security and language barriers).
Sampling Start-Points, Households and Respondents
• One start point within each EA was chosen by randomly selecting from a list of local landmarks identified by village elders.
• Households (see definition in glossary) were selected using a random route walk, standardized skip pattern and process for substitution.
• One respondent per household was selected using the Kish grid method and relevant consent for eligible respondents under 18 years of age
was obtained. Ten interviews were conducted per EA.
24. GLOSSARY OF TERMS
• Active account holder – An individual who has a registered DFS account and has used it in the last 90 days.
• Active user – An individual who has used any DFS for any type of transaction in the past 90 days via his/her own account or
somebody else's account.
• Agent – A person or business contracted by a DFS provider to provide services to DFS customers using their own bank or mobile
money account.
• Banked – An individual with a registered account at a formal financial institution. For this particular study, banked are all individuals
with their own bank accounts.
• Basic literacy – The ability of an individual to read and understand a short, simple statement with no or minimal help from another
person.
• Basic numeracy – The ability to apply simple mathematical concepts. In the survey, basic numeracy refers to the ability of an
individual to correctly answer at least two out of three simple arithmetic questions.
• Below the Poverty Line - Adults living on less than $2.50 per day, as classified by the Grameen Progress Out of Poverty Index.
• DFS Access – Adults who either own a digital financial services account or have access to someone else's account.
• Digital financial services (DFS) – Financial services that are provided through an electronic platform (mobile phones, electronic
cards, the internet, etc.). For this particular study, digital financial services include bank services and mobile money services.
• Digital stored-value account – An account in which funds or monetary value are represented in a digital electronic format and can be
retrieved/transferred by the owner of the account remotely, without him/her physically present at a branch of a financial institution
providing the account. For this particular study, DSVAs include a bank card (debit or credit) and a mobile money account.
• Dormant registered users - Adults who own a registered bank or mobile money account but have never used the account after the
registration.
25. GLOSSARY OF TERMS (CONT.)
• Financial inclusion – A state in which all people who are able to use them have access to a full suite of quality financial services,
provided at affordable prices, in a convenient manner, and with dignity for the clients. (CFI)
• Financially included – An adult who owns or has access to digital financial services.
• Grameen Progress out of Poverty Index (PPI) – A poverty measurement tool from the Grameen Foundation wherein a set of
country-specific questions are used to compute the likelihood that a household is living below the poverty line.
• Households – All those who satisfy at least two of the following three conditions: (1) share the same food pot, (2) share the same roof
or (3) have a common decision maker.
• Interoperability – The ability of users of different digital financial services (e.g., Safaricom M-PESA and Airtel Money) to transact
directly with each other without the use of intermediary organizations.
• KSH/KES currency – Kenyan shilling, the official currency of Kenya.
• Lapsed registered/non-registered user – An individual who has used a DFS on own or somebody else's account, but has not done
so in the last 90 days.
• Mobile money (MM) – A service in which a mobile phone is used to access financial services.
• Value-added services– DFS transactions that go beyond simple deposits, withdrawals, or money transfers.
• Unbanked – Individuals without a registered bank account.
• Urban/rural – Urban and rural persons are defined according to their residence in urban or rural areas as prescribed by the national
bureau of statistics.
26. For more information, contact:
William Attfield, FII Kenya Research
Manager
attfieldw@intermedia.org
Peter Goldstein, FII Program Director
goldsteinp@intermedia.org