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…Mobile-phone technology powers saving surge in developing economies
…Number of adults using accounts to save rises at fastest pace in a decade
The World Bank has reported a major surge in global financial inclusion, with nearly 80 percent of adults worldwide now holding a financial account, up from 50 percent in 2011. This represents 30 percent increase over the period.
The milestone was announced in the newly released ‘Global Findex 2025 Report,’ the definitive source of data on global access to financial services including payments, savings, and borrowing.
Despite this progress, 1.3 billion adults around the world still lack access to financial services. The report notes that mobile phones could play a critical role in closing this gap, as around 900 million of the unbanked own a mobile phone, 530 million of them smartphones.
According to the World Bank, investment in instant money transfer systems such as India’s UPI and Brazil’s PIX alongside stronger consumer-protection frameworks and improved account and phone security, could significantly boost financial usage.
The report finds that more adults than ever in low- and middle-income countries now own bank or other formal financial accounts, driving a rise in formal saving. In these regions, mobile-phone technology has proven transformative. As of 2024, 10 percent of adults in developing economies used mobile-money accounts to save, up 5 percentage points from 2021.
Overall, 40 percent of adults in developing economies saved using financial accounts in 2024, a 16-percentage-point increase since 2021 and the fastest rise in over a decade. In Sub-Saharan Africa alone, formal savings rose by 12 percentage points, reaching 35 percent of adults. These increases contribute to stronger national financial systems by making more funds available for investment, innovation, and growth.
“Financial inclusion has the potential to improve lives and transform entire economies,” said Ajay Banga, World Bank Group President. “Digital finance can convert this potential into reality, but several ingredients need to be in place. At the World Bank Group, we’re working on all of them. We’re helping countries get their people access to new or improved digital IDs. We’re constructing social protection programs with digital cash-transfer systems that deliver resources directly to those in need. We’re modernising payment systems and helping to remove regulatory roadblocks so that people and businesses have the financing they need to innovate and create jobs.”
Bill Gates, Chair of the Gates Foundation, one of the Global Findex’s key partners, added: “More people than ever have the financial tools to invest in their futures and build economic resilience, including women and others previously left behind. This is real progress. The case for investing in inclusive financial systems, digital public infrastructure, and connectivity is clear—it’s a proven path to unlocking opportunity for everyone.”
The 2025 edition of the Global Findex also highlights the narrowing gender gap in financial inclusion. Globally, 77 percent of women now have accounts compared with 81 percent of men. In low- and middle-income countries, women’s account ownership nearly doubled from 37 percent in 2011 to 73 percent in 2024.
For the first time, the report includes detailed data on mobile-phone ownership and internet usage. It finds that 86 percent of adults globally own a mobile phone, and 68 percent have smartphones. But the report warns that while mobile access enables digital finance, it also presents new risks. Of the 4 billion adults in low- and middle-income countries who own a mobile phone, only about half use a password to protect it.
Meanwhile, digital payments are rising steadily. In 2024, 42 percent of adults in low- and middle-income countries made a digital payment to a merchant online or in-store, up from 35 percent in 2021. The World Bank also noted an increase in government and wage payments being deposited directly into financial accounts, reducing the risk of theft and ensuring that funds reach their intended recipients.
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