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Marco A Espinosa-Vega, Ms. Kazuko Shirono, Mr. Hector Carcel Villanova, Miss Esha Chhabra, Ms. Bidisha Das, and Ms. Yingjie Fan

. Financial Inclusion and Its Measurement Financial Inclusion: What It Entails and Why It Matters Measures of Financial Inclusion Sources of Financial Inclusion Data: Supply-Side vs. Demand-Side Financial Access Databases 3. Financial Access Survey (FAS): An Overview Supply-Side Data Source with Global Coverage FAS Indicators FAS Coverage and Reporting The FAS in the Global Context 4. Recent Financial Access Trends Global Trend: Changing Modes of Access to Finance High-Income Countries Are Leading the Shift Toward Mobile and Internet

Marco A Espinosa-Vega, Ms. Kazuko Shirono, Mr. Hector Carcel Villanova, Miss Esha Chhabra, Ms. Bidisha Das, and Ms. Yingjie Fan
This departmental paper marks the 10th anniversary of the IMF Financial Access Survey (FAS). It offers a retrospective of the FAS database, along with some reflections as to its future directions. Since its 2009 launch, the FAS has provided granular data on access to and use of financial services. It is a supply-side database with annual global coverage based on data sourced directly from financial service providers—aimed at supporting policymakers to target and evaluate financial inclusion policies. Its data collection has kept pace with financial innovation, such as the rise of mobile money and growing demand for gender-disaggregated data—and the FAS must continue to evolve.
Marco A Espinosa-Vega, Ms. Kazuko Shirono, Mr. Hector Carcel Villanova, Miss Esha Chhabra, Ms. Bidisha Das, and Ms. Yingjie Fan

Appendix I. FAS Indicators This appendix lists 64 FAS indicators, which are derived based on 121 underlying time series submitted by country authorities to the FAS database . Geographical Outreach Number of Institutions Branches of all microfinance institutions per 1,000 km² Branches of all microfinance institutions per 100,000 adults Branches of commercial banks per 1,000 km² Branches of commercial banks per 100,000 adults Branches of credit unions and credit cooperatives per 1,000 km² Branches of credit unions and credit

Marco A Espinosa-Vega, Ms. Kazuko Shirono, Mr. Hector Carcel Villanova, Miss Esha Chhabra, Ms. Bidisha Das, and Ms. Yingjie Fan

financial access and use. FAS indicators reveal much progress in advancing financial access and use across the globe, but gaps persist for segments of the population, including women and small and medium-sized enterprises (SMEs). FAS indicators also show that the mode of accessing financial services varies by country and is changing. Countries are moving away from traditional banking with brick-and-mortar branches and shifting toward branchless banking such as mobile and internet banking. In low- and middle-income countries, banks have adopted “agent banking” based on

International Monetary Fund. Asia and Pacific Dept

(FAS) since 2016. Until 2016, CBSL reported data for some FAS indicators, including the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). Financial sector surveillance : The CBSL regularly reports quarterly FSIs to the IMF for publication. Currently, the CBSL reports 11 core and 8 encouraged FSIs. External sector statistics (ESS) : Since 2014, the CBSL is reporting to STA its International Investment Position (IIP) and balance of

International Monetary Fund. Strategy, Policy, & and Review Department

mobile and internet banking and improve the coverage of gender-disaggregated data. Two FAS indicators are used to monitor SDG financial inclusion target 8.10. 20 42. The IMF has expanded its own support for capacity building and its collaboration with other institutions . The IMF, which organizes courses for country officials on inclusive growth and inclusive finance for development, has strengthened partnerships and knowledge exchange with stakeholders/agencies such as the G20’s Global Partnership for Financial Inclusion; the Alliance for Financial Inclusion; the

International Monetary Fund. Strategy, Policy, & and Review Department
The paper reviews the implementation of the initiatives the IMF committed to in 2015 to support developing countries in pursuing the 2030 agenda for sustainable development, including (i) strengthening national tax systems; (ii) tackling large infrastructure gaps; (iii) promoting economic inclusion; (iv) the development of domestic financial markets; (v) intensifying engagement in fragile and conflict-affected states; (vi) improving economic statistics; (vii) expanding the financial safety net for developing countries; and (viii) addressing macroeconomic aspects of climate change. The implementation record to date shows that there has been a large scaling up of IMF support for the 2030 development agenda. The IMF has also engaged in other initiatives of direct relevance for supporting the 2030 development agenda, including adopting a framework to assess corruption vulnerabilities and developing a broad framework for assessing the spending levels needed to reach key SDGs. The paper draws lessons learned from the implementation of the various initiative to inform future IMF engagements.
Mr. Adolfo Barajas, Thorsten Beck, Mohammed Belhaj, and Samy Ben Naceur

logical step would be to re-estimate the standard growth regressions using financial inclusion indicators in place of, or in addition to, financial depth measures. However, a main obstacle has been the lack of time observations; at most, the IMF FAS offers annual observations since 2004, the Findex has only three observations per country over 2011–2017, and the WBES also offer limited time observations which, in addition, are non-synchronous from country to country. Facing these limitations, Sahay and others (2015) use several FAS indicators as well as the

Samy Ben Naceur, Mr. Adolfo Barajas, and Mr. Alexander Massara
The paper analyses existing country-level information on the relationship between the development of Islamic banking and financial inclusion. In Muslim countries—members of the Organization for Islamic Cooperation (OIC)—various indicators of financial inclusion tend to be lower, and the share of excluded individuals citing religious reasons for not using bank accounts is noticeably greater than in other countries; Islamic banking would therefore seem to be an effective avenue for financial inclusion. We found, however, that although physical access to financial services has grown more rapidly in the OIC countries, the use of these services has not increased as quickly. Moreover, regression analyis shows evidence of a positive link to credit to households and to firms for financing investment, but this empirical link remains tentative and relatively weak. The paper explores reasons that this might be the case and suggests several recommendations to enhance the ability of Islamic banking to promote financial inclusion.
Samy Ben Naceur, Mr. Adolfo Barajas, and Mr. Alexander Massara

present some stylized facts on growth rates and levels of a selected group of indicators taken from the abovementioned datasets. To compare the growth rates, we examine a subset of FAS indicators and look at average year-on-year growth over the 10-year period (2004–13). To analyze the relative levels of financial inclusion, we used the World Bank’s Global Findex and Enterprise Survey data, where only one year of data is available. Table II.2 presents a summary of the indicators examined in this section. Using these variables, we investigated the relationship between