The International Monetary Fund (IMF) has published the results of its 2024 Financial Access Survey (FAS), coinciding with the survey's 15th anniversary. The accompanying report, “FAS: 2024 Highlights,” outlines trends in financial service access and usage over recent years. Since its inception in 2009, the FAS has been instrumental in providing data crucial for shaping financial inclusion policies, which are significant to the IMF's goals of economic participation, reducing inequalities, promoting inclusive growth, and supporting Sustainable Development Goals (SDGs). Covering 192 economies with a comprehensive database of financial inclusion indicators, the FAS remains a vital tool for global analysis.
A notable trend highlighted by the survey is the rise of digital financial services. Mobile and internet banking have seen substantial growth, particularly mobile money in Sub-Saharan Africa. Despite this shift towards digital platforms, traditional financial services still hold importance across various economies. Between 2013 and 2019, deposit accounts per 100 adults rose significantly in regions like emerging Europe and Sub-Saharan Africa. However, since COVID-19 pandemic began, there has been a decline in traditional access points such as ATMs and bank branches.
Microfinance institutions have continued their role in supporting economically marginalized groups despite recent economic challenges. Borrowing from these institutions has increased in several economies as evidenced by more accounts and outstanding loans compared to commercial banks that usually offer larger loan amounts.
Gender disparities persist within financial systems worldwide despite efforts to incorporate women more fully into these frameworks. Globally, women's deposit amounts are just 64% of men's deposits while their loan balances stand at only 46% of men's balances. Although advanced economies show better gender equality in finance than emerging markets do, regions like emerging Europe and Latin America exhibit relatively higher gender equality levels.
The survey also reports a decline in lending to small and medium-sized enterprises (SMEs) from 2021 to 2023 across most reporting countries. Despite supportive measures during the COVID-19 pandemic period, subsequent tighter financial conditions and geopolitical tensions may have influenced this decrease.
To enhance future surveys' relevance for policy-making on financial inclusion, new initiatives are being tested including additional gender disaggregation and information on fintech services along with factors like loan pricing risks for underserved groups.
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