“Eighty per cent of unbanked Samoans responded that they do not have a bank account due to a lack of money.” CBS

Financial Inclusion

The CBS has supported the UN and its work on digital inclusion.

The CBS supports the AFI (Alliance for Financial Inclusion). Somoa is included in the PFIP.

About 40% of Somoans are unbanked. 

The remittance rates are high, with 56% of people in Samoa receiving them.

Mobile phone penetration by sale of phones is high (71 percent) but only 3.7% have actual accounts.

There is a lot of infrastructure worked needed before CBDCs can be introduced. The remittance’s data mean the advantages would be felt in terms of cost savings and time to receive monies.

 

 

By cryptorocks_editor

Editor.