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Enhancing Financial Capability and Inclusion in Angola a Demand-Side Survey

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Enhancing Financial Capability and Inclusion in Angola a Demand-Side Survey FINANCE, COMPETITIVENESS, AND INNOVATION GLOBAL PRACTICE Enhancing Financial Capability and Inclusion in Angola A Demand-side Survey ANGOLA, OCTOBER 2020 Finance, Competitiveness & Innovation Global Practice Financial Inclusion, Infrastructure and Access Unit © 2020 International Bank for Reconstruction and Development / The World Bank Group 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org This work is a product of the staff of the World Bank with external contributions from the National Bank of Angola (Banco Nacional de Angola) and the executive secretariat of the National Council on Financial Stability (Secretariado Executivo do Conselho Nacional de Estabilidade Financeira). The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of the World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of the World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. RIGHTS AND PERMISSIONS The material in this work is subject to copyright. Because the World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes if full attribution to this work is given. Any queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Pub- lisher, the World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2422; e-mail: pubrights@ worldbank.org. CONTENTS Preface v Acknowledgements vi Abbreviations and Acronyms vii Key Findings ix EXECUTIVE SUMMARY 1 Recommendations 4 Summary of Key Recommendations 8 BACKGROUND ON THE ANGOLA SURVEY 9 1. INTRODUCTION 11 2. FINANCIAL SECTOR LANDSCAPE 12 2.1 Commercial Banks 12 2.2 Non-Banking Financial Institutions 15 3. FINANCIAL SECTOR REACH AND INCLUSIVENESS 17 3.1 Accounts 17 3.2 Money Transfer and Mobile Financial Services 22 3.3 Saving and Risk Management 25 3.4 Credit 28 3.5 The Unbanked and Barriers to Owning a Formal Account 31 4. FINANCIAL CAPABILITY 34 4.1 Knowledge of Financial Concepts 34 4.2 Knowledge of Financial Products 42 4.3 Financial Behavior and Attitudes 44 5. RELATIONSHIP BETWEEN FINANCIAL INCLUSION AND FINANCIAL CAPABILITY 50 5.1 Financial Literacy and Financial Inclusion 50 5.2 Knowledge About Financial Products and Financial Inclusion 53 5.3 Financial Attitudes/Behavior and Financial Inclusion 55 6. FINANCIAL CONSUMER PROTECTION 59 6.1 Awareness of Consumer Rights and Concepts 59 6.2 Dispute Resolution Mechanisms 60 6.3 Satisfaction Rates among Financial Consumers 63 i ii Enhancing Financial Capability and Inclusion in Angola REFERENCES 66 APPENDIX 68 A. Survey Respondent Characteristics 68 B. Regression Tables 71 FIGURES, TABLES, BOXES AND MAPS Figure 1. Asset structure 13 Figure 2. Liabilities structure 13 Figure 3. Default and transformation ratio 14 Figure 4. Solvency ratio 15 Figure 5. Financial inclusion by socio-demographic characteristics 18 Figure 6. Financial inclusion by socio-demographic characteristics 21 Figure 7. Financial inclusion by income, historical savings behavior, and media consumption 21 Figure 8. Money transfer service use across socio-demographics 22 Figure 9. Domestic remittances by transfer method 23 Figure 10. Mobile phone use by sociodemographic characteristics 23 Figure 11. Mobile phone use by sociodemographic characteristics 23 Figure 12. Mobile cellular subscriptions (per 100 people) 24 Figure 13. Number of mobile money accounts per 1,000 adults in Sub-Saharan Africa in 2018 24 Figure 14. Formal and informal saving 25 Figure 15. Types and sources of savings 25 Figure 16. Risk management products 25 Figure 17. Formal and informal saving by sociodemographic background 26 Figure 18. Formal and informal saving by employment category 27 Figure 19. Formal and informal credit 28 Figure 20. Formal and informal credit by sociodemographic background 29 Figure 21. Formal and informal credit by employment status 29 Figure 22. Types and sources of borrowing 30 Figure 23. Formal account barriers (% of unbanked Angolan adults without an account) 31 Figure 24. Insufficient cash as a primary barrier of account ownership by income 31 Figure 25. Top 6 formal account barriers by gender 32 Figure 26. Top 6 formal account barriers by age 33 Figure 27. Top 6 formal account barriers by urban/rural setting 33 Figure 28. Financial literacy overview 35 Figure 29. Financial literacy quiz question overview 36 Figure 30. Financial literacy score by socio-demographic background 37 Figure 31. Financial literacy score by educational attainment 37 Figure 32. Financial literacy score by socio-economic background 38 Figure 33. Awareness on financial terminology 39 Figure 34. Understanding compound interest by ability to repay debts 40 Figure 35. Understanding compound interest by use of leftover money in repaying debts 40 Figure 36. Understanding compound interest by total indebtedness 40 Figure 37. Self-reported awareness on financial concepts and products 41 Figure 38. Self-reported financial concept awareness vs. quiz performance 41 Figure 39. Distribution of financial products awareness scores 42 Figure 40. Media consumption by sociodemographic groups 43 Figure 41. Financial product awareness by service provider 44 Figure 42. Average financial capability scores 45 Figure 43. Average financial capability scores by education 47 Figure 44. Average financial capability scores by financial literacy level 47 Figure 45. Average financial capability scores by age 48 Figure 46. Average financial capability scores by child saving behavior 48 Figure 47. Average financial capability scores by media usage 49 Enhancing Financial Capability and Inclusion in Angola iii Figure 48. Average financial capability scores by income 49 Figure 49. Average financial capability scores by employment category 50 Figure 50. Financial literacy score by financial inclusion characteristics 51 Figure 51. Financial literacy score by formal financial products and services ownership 51 Figure 52. Financial literacy score by usage of formal and informal savings products 52 Figure 53. Financial literacy score by usage of formal and informal credit products 52 Figure 54. Financial product awareness score by reasons for not having a formal account 53 Figure 55. Financial product awareness score by formal/informal credit products 54 Figure 56. Financial product awareness score by formal/informal savings products 54 Figure 57. Financial awareness by financial inclusion 55 Figure 58. Financial attitudes and behaviors and financial inclusion 55 Figure 59. Ever started a business 56 Figure 60. Source of capital by business type 57 Figure 61. Accepted payments by business type 58 Figure 62. Purpose of consumer protection 59 Figure 63. Perception of abusive commercial practices 60 Figure 64. Perceptions of consumer rights when dealing with financial services 60 Figure 65. Complaint resolution by institution type 62 Figure 66. Approach to deal with financial service provider conflicts 62 Figure 67. Expectations for resolution of conflict with financial service providers 62 Figure 68. Sociodemographic characteristics of inaction in potential financial service provider conflict 63 Figure 69. Client satisfaction with services provided by different financial institutions 64 Figure 70. Multiple-service client satisfaction with services by different financial institutions 64 Figure 71. Bank satisfaction rates across sociodemographic characteristics 65 Figure 72. Estimated population break-down by urban/rural 68 Figure 73. Estimated population break-down by income 68 Figure 74. Estimated population break-down by gender 69 Figure 75. Estimated population break-down by age groups 69 Figure 76. Estimated population break-down by education groups 69 Figure 77. Estimated division of stable/unstable income groups 69 Figure 78. Estimated population break-down by household size 70 Figure 79. Estimated division by head of household vs. not head of household 70 Figure 80. Estimated division of literacy 70 Figure 81. Estimated division of employment category 70 Table 1. Distribution of EAs by province and setting 9 Table 2. Comparison between census and Financial Capability Survey profile 10 Table 3. Number and amount of operations processed in the SPA subsystems 16 Table 4. Measures of financial inclusion and development across economies 18 Table 5. Mobile money use from 2015 to 2018 24 Table 6. Credit access by urban setting 30 Table 7. Cross-country comparison of financial literacy scores 38 Table 8. Cross-country comparison of financial capability scores 46 Table 9. Financial service provider conflicts and resolutions 61 Table 10. Financial inclusion by social and demographic factors 71 Table 11. Financial literacy score by social and demographic factors 72 Table 12. Financial capabilities by social and demographic factors 73 Table 13. Financial literacy and financial behavior scores 75 Table 14. Financial inclusion by financial literacy (Fin. Lit.) score 75 Table 15. Financial inclusion by product awareness 76 Table 16. Financial inclusion by financial behavior scores 77 Box 1. Evolution of Bankita accounts 19 Box 2. CNEF Survey of Market Traders 20 Box 3. Financial literacy quiz 35 iv Enhancing Financial Capability and Inclusion in Angola Box 4. The S&P Global
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