Will Mobile Technology Promote Financial Inclusion in Haiti?

Financial Inclusion was a major theme at the latest edition of the Haiti International Finance Summit and FinTech conference hosted the week of April 22, 2019 in Port-au-Prince by Groupe Croissance.  Safitek’s CEO, Grégor Avril, presented at the FinTech conference some of the data on Financial Inclusion that were collected during a survey conducted on the use of mobile technology in the Port-au-Prince area in November and December 2018.  Our survey found strong indications that the use of modern information and communication technology (ICT) is maturing in the Port-au-Prince area.

Moreover, this maturation seems to be tied to improved access to financial services.  Key statistics from our survey are summarized in the table below:

 All Men Women
% of respondents with mobile phones88%91%84%
% of respondents with smart phones65%67%64%
% who are aware of mobile money services90%92%89%
% who have used mobile money services44%48%41%
% who use Social Media94%94%93%
% who have a bank account43%49%37%

The adoption of mobile money in the Port-au-Prince area offers the strongest indication that mobile technology is improving access to financial services.  The percentage of respondents who report having used mobile money, which was first introduced only about ten years ago, is in line with that of respondents who report holding a traditional bank account.  Also, the gender gap around the use of mobile money is significantly narrower than that for traditional banking.  Finally, mobile money is introducing a whole new class of customers to financial services as nearly half of those who report using mobile money do not own a traditional bank account, as evidenced by the graph below.

 

Mobile technology seems to be gaining momentum with consumers in the Port-au-Prince area.  We are hopeful that businesses will help keep the momentum by creating innovative, relevant, and affordable services that leverage mobile technology.

For further insights, click below to explore our interactive dashboards.