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Ms. Kazuko Shirono, Esha Chhabra, Ms. Bidisha Das, Ms. Yingjie Fan, and Mr. Hector Carcel Villanova
The rapid uptake of mobile money in recent years has generated new data needs and growing interest in understanding its impact on broad money. This paper reviews mobile money trends using mobile money data from the Financial Access Survey (FAS) and examines the statistical treatment of mobile money under the IMF’s Monetary and Financial Statistics (MFS) framework. MFS guidance is straightforward in most cases, as many jurisdictions have adopted regulations which ensure that mobile money is captured in the banking system and thus in the calculation of broad money. However, in cases where mobile network operators (MNOs) act as niche financial intermediaries outside the banking regulatory perimeter and are allowed to invest their customer funds in sovereign securities and other permitted assets, mobile money liabilities may remain outside the banking system as well as monetary statistics. In that case, information on mobile money liabilities need to be collected directly from MNOs to account for mobile money as part of broad money.
Marco A Espinosa-Vega, Ms. Kazuko Shirono, Mr. Hector Carcel Villanova, Miss Esha Chhabra, Ms. Bidisha Das, and Ms. Yingjie Fan

cooperatives per 100,000 adults Insurance corporations per 100,000 adults Branchless Banking Automated Teller Machines per 1,000 km² Automated Teller Machines per 100,000 adults Non-branch retail agent outlets of commercial banks per 1000 km² Non-branch retail agent outlets of commercial banks per 100,000 adults Mobile Money Registered mobile money agent outlets per 1,000 km² Registered mobile money agent outlets per 100,000 adults Active mobile money agent outlets per 1,000 km² Active mobile money agent outlets per 100,000 adults Use of

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

Traditional Banking Services Varies across Different Income Levels Figure 9. Growing Usage of Credit Cards and Mobile and Internet Banking Figure 10. Retail Agent Outlets Are Widespread in Asia and Latin America Figure 11. Asia Has Seen a Remarkable Growth in Mobile Money Figure 12. Mobile Money Agents Are More Prevalent in Countries with Lower Access to Traditional Banking Services Figure 13. Positive Correlation between Mobile Money Access Points and an Enabling Regulatory Environment Figure 14. Wide Variation in the Financial Inclusion Gender Gap Figure 15

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

retail agent outlets to carry out basic financial transactions, especially in Latin America. And mobile money has changed the way people access financial services in sub-Saharan Africa. These innovations have helped broaden access in countries where traditional banking services have limited reach. The paper also highlights the need to close FAS data collection gaps, including those of advanced economies, and the importance of differences in financial intermediation structures, including digital finance. The paper’s analysis suggests that in countries where mobile

International Monetary Fund. African Dept.

improved tremendously in Cameroon in recent years, enabled by growing use of mobile phone and internet, but could improve further ( Figure 1 ) . The number of active mobile agent outlets per km2 has increased from 4 on average in 2014 to 230 in 2020. This level of access to mobile outlets is at about the median for Sub-Saharan countries, but it remains well below the average across Sub-Saharan countries which is at 503 active mobile agent outlets per km2. The number of active mobile agent outlets per capita has also grown very rapidly, from 35 agents in 2014 to 709 in

Ms. Kazuko Shirono, Esha Chhabra, Ms. Bidisha Das, Ms. Yingjie Fan, and Mr. Hector Carcel Villanova

Collected in the FAS FAS Mobile Money Indicators Access Registered mobile money agent outlets per 1,000 km 2 Registered mobile money agent outlets per 100,000 adults Active mobile money agent outlets per 1,000 km 2 Active mobile money agent outlets per 100,000 adults Adoption Registered mobile money accounts per 1,000 adults Active mobile money accounts per 1,000 adults Usage Value of mobile money transactions, percentage of GDP Number of mobile money transactions per 1,000 adults Outstanding

International Monetary Fund. Secretary's Department

Global Conference. Progress on the overall initiative will be reported to the G20 Finance Ministers and Central Bank Governors in September 2019 in the Fourth IMF/FSB Progress Report of the Second Phase of the DGI-2 . Gaps in Financial Inclusion The IMF’s Financial Access Survey (FAS) collects annual data on access to and use of financial services—important pillars of financial inclusion. This year’s survey, FAS 2018, expanded in three new dimensions: mainstreaming gender disaggregated data; reporting nonbranch retail agent outlets, a form of branchless

International Monetary Fund. African Dept.

to the IMF’s Financial Access Survey . Like in most WAEMU countries, Pan-African bank groups dominate the penetration of foreign ownership and have systemic importance ( IMF 2015a ). The banking system primarily serves established clients and is a large purchaser of government bonds on the WAEMU regional securities market. It continues to expand, with two new banks licensed in 2018, including a state-owned agricultural bank. Mobile money operations have also been expanding rapidly ( Figure 1 ). The number of mobile money agent outlets increased by five-fold during