MICROCAPITAL BRIEF: International Monetary Fund (IMF) Releases 2013 Financial Access Survey

The US-based International Monetary Fund, a United Nations institution aiming to foster global cooperation on monetary issues, recently announced the results of its fourth annual Financial Access Survey (FAS), which provides global supply-side data on financial inclusion [1]. The survey encompasses indicators to evaluate access to, and usage of, financial services. This most recent edition gathered data from commercial banks, credit unions, insurance corporations, microfinance institutions (MFIs) and other financial institutions in 186 countries and territories. The findings include that: (1) Small and medium-sized enterprises (SMEs) are viewed as a major source of job creation, and thus insufficient access to finance for SMEs may inhibit economic growth; (2) There continues to be a strong correlation between the increased use of commercial bank services and increases in gross domestic product (GDP) per capita; and (3) Africa leads the growth in financial access as measured by access to commercial bank services with a net increase of 225 depositors per 1000 adults between 2004 and 2012. This year’s FAS benefitted from financial support from the Netherlands’ Ministry of Foreign Affairs.

FAS is the official data source for the “G20 Basic Set of Financial Inclusion Indicators” that aims to track financial inclusion progress and was endorsed in June 2012 by the Group of Twenty (G20), a group of financial leaders from the governments of 19 large economies and the European Union.

By Nisha Koul, Research Associate

About International Monetary Fund (IMF): The International Monetary Fund (IMF), part of the United Nations, is an organization with 186 members countries and territories working to foster global monetary cooperation, secure financial stability, facilitate international trade, boost employment, promote sustainable economic growth and reduce poverty around the world. IMF was created after the Second World War to oversee the international monetary system to promote exchange rate stability and encourage members to eliminate exchange restrictions that hinder trade.

About Group of Twenty (G20): Established in 1999, the Group of Twenty (G20) brings together finance ministers and central bank governors of “systematically important” industrialized and developing economies to discuss the global economy. The G20 is made up of representatives from the European Union and 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Republic of Korea, Turkey, the UK and the US.

Sources and Additional Resources:

[1]IMF Press Release, “IMF Releases 2013 Financial Access Survey Data,” http://www.imf.org/external/np/sec/pr/2013/pr13345.htm

FAS Website, http://fas.imf.org/

MicroCapital Story, May 13, 2013, “G20’s Global Partnership for Financial Inclusion Publishes Data on 192 Countries,” https://www.microcapital.org/microcapital-brief-g20s-global-partnership-for-financial-inclusion-publishes-data-on-192-countries/

MicroCapital Story, April 29, 2013, “International Finance Corporation (IFC), G20’s Global Partnership for Financial Inclusion (GPFI) Partner to Launch Online Women’s Finance Hub,” www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-g20s-global-partnership-for-financial-inclusion-gpfi-partner-to-launch-online-womens-finance-hub/

MicroCapital Story, July 12, 2010, “International Monetary Fund (IMF) Launches Online Database of Access Indicators,” https://www.microcapital.org/microcapital-brief-international-monetary-fund-imf-launches-online-database-of-access-indicators/

MicroCapital Story, July 2, 2010, “G20?s Financial Inclusion Experts Group (FIEG) Releases Nine “Principles for Innovative Financial Inclusion” at Leadership Summit in Toronto, Canada,” https://www.microcapital.org/microcapital-brief-g20s-financial-inclusion-experts-group-fieg-releases-nine-principles-for-innovative-financial-inclusion-at-leadership-summit-in-toronto-canada/

MicroCapital Universe Profile, International Monetary Fund (IMF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Monetary+Fund+%28IMF%29

MicroCapital Universe Profile, Group of Twenty (G20), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=G20

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