Mauritius has been lauded for giving its citizens a high
level of access to banking facilities: the island economy
boasts the highest level of financial inclusion in the Southern
African Development Community (SADC).
The findings of the FinScope Consumer Mauritius 2014 survey
were released on October 3 2014. The survey was conducted by
FinMark Trust in collaboration with the Ministry of Finance and
FinScope was launched in 2002 by the FinMark Trust based in
Johannesburg, South Africa. It is a comprehensive study of
financial inclusion, looking at how people source their income
and manage their financial lives.
The survey covered 4000 interviews across both Mauritius and
Rodrigues, targeting adults of 18 years and above. The findings
showed that 90% of adults enjoy access to most facilities
including financial services and only 10% of adults are
financially excluded. The survey also reveals that the level of
financial inclusion is higher among males than females.
Overall, it states that 85% of the adult population use
banking services, 49% use non-bank or other formal products and
services and 26% use informal mechanisms to manage their
The survey also considers other formal non-bank products and
services and informal products. Concerning savings, the
findings show that 65% of adults have savings at a bank and
through formal non-banking savings mechanisms. During the 12
months preceding the survey, the findings show that about 52%
of adults claimed to have either borrowed money or taken goods
on credit and this trend is higher in Rodrigues, among males
and in urban areas. With regard to insurance, concerning mainly
motor vehicles and life insurance, it reveals that a majority
of 75% of adults perceive insurance as a mode of protection.
The survey indicates the low use of remittances in Mauritius,
being six percent with higher usage of banking. The findings
indicate that only two percent of adults are registered users
of the new service mobile money, which can mostly be associated
to a lack of information.
The survey recommends that financial literacy campaigns
could prove valuable to assist in the financial decision-making