New data released today by the World Bank reveals important progress on financial inclusion globally. In low- and middle-income economies, 75 per cent of adults now have a financial account – a gateway toward accessing financial services that can boost resilience – an 80% increase since 2011. Yet progress connecting people to the digital economy is slowing, with 1.6 billion people having no account or an inactive account. Increasingly, they live in harder-to-reach rural areas.

The Global Findex shows how mobile phones and the internet have transformed financial inclusion, accounting for much of the recent growth in account ownership. The report reveals a surge in formal savings – a key driver of financial resilience – with 40 percent of adults in low and middle-income economies saving formally using an account, a 16-percentage point increase from 2021. Much of this growth has been enabled by the growth in mobile accounts.

As overall account ownership has increased, the report shows that more women are now accessing their own financial accounts. As of 2024, 73 percent of women in low- and middle-income economies had accounts, an increase of 23 percent over the last decade. Importantly, the gender gap in account ownership in developing economies continues to close and is now down to 5 percent, after hovering at 9 percent for many years and dropping to 6% in 2021. Several countries in South Asia, East Asia, and the Pacific have eliminated the gap entirely, although there is more work to be done.

Much of this progress is built on the expansion of the digital economy. In 2024, 62% of adults reported making or receiving digital payments, up 28% in the last decade, and 42% of those payments were for purchasing goods in stores and online. This digitization allows for safer, faster, cheaper payments and helps individuals and small businesses develop a credit history that can open greater opportunities.

Michael Schlein, President and CEO of Accion, commented on the release of the Global Findex 2025:

“The Global Findex 2025 is the report card on our progress creating a more fair and inclusive economy. The new report shows strong progress connecting millions of people to financial services such as payments, savings, credit, and insurance for the first time through digital finance, but 1.6 billion people remain left out or poorly served by the global financial system.

“As access and use of financial services expands globally, the pace of our progress is slowing as we reach those that are harder to serve. Reaching the next billion people will be more challenging than the last, as they are small business owners, smallholder farmers, and women in harder-to-reach rural areas. Serving them requires new approaches and this is Accion’s priority.

“The global surge in savings is exciting and critical to building a more resilient economy. In the last three years, formal savings grew from 25 to 40 percent. That’s great progress, but there is much more to be done to improve financial health. Almost 50 percent of people in developing countries still say they could not cover one month’s expenses in the event of an emergency. This is critical to address as natural disasters become more prevalent.

“The shift from cash to digital payments, much of which is led by governments, is helping to make more people become more active in and visible to the digital economy than ever before. And we need to make sure we’re not leaving people behind – 16 percent of adults still lack access to mobile phones and are harder to serve. The digital divide persists, and more work is needed to close the gender gap in account ownership.

“To ensure greater progress on financial inclusion we need to address the barriers to digitization so we can provide small businesses what they need, when they need it, and unlock inclusive economic growth and opportunity for all.”

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