in the 21st Century

Measurement of Financial Inclusion: Beyond the Binary Measure 229
Table 3 (contd.)
Basic Numeracy
FinAccess 2013
Score of 0 to 2, where one point is
gained for getting each of the following
two questions correct:
1. You are in a group and win a
promotion or competition for
100,000 shillings. With five of you
in the group, how much does each
of you get?
2. You take a loan of 10,000 shillings
with an interest rate of 10% a year.
How much interest would you have
to pay at the end of the year?
Ideal approach
5. Improvements to the financial
literacry/numeracy section of the
questionnaire could help underpin
improvements to the proposed
index. See recent Financial
Cababilities (FinCap) Tanzania.
Table 4 shows the summary statistics for each element of the index. With the
aspirational line of inclusion in mind, we note that only 17.2% of respondents
have two or more formal accounts, while 12.3% have two or more informal
products. In contrast, 58.7% have direct access to at least one mobile money
platform. In terms of frequency of usage, respectively, 18.6%, 9.4% and 40.8%
of all respondents use formal, informal and mobile financial products more
frequently than monthly. Examining the types of products, 23.8% have one
or more transaction account and 12.5% have one or more lending product.
In terms of savings products, 12.4% have two more products (38.1% have
one savings account), while only 2.2% have two or more insurance products.
In contrast, with the minimum line of inclusion in mind, we note that 29.1%
of respondents have access to one formal account and 34.2% have access to
one informal account.