The World Bank Group has reported a significant rise in formal saving across developing nations, with 40 per cent of adults now using bank accounts or other financial services to save.
This milestone, revealed in the latest Global Findex 2025 report, represents a 16-percentage-point increase since 2021, the fastest growth in over a decade. The World Bank attributes much of this progress to the growing use of mobile-phone technology, which is reshaping financial habits across low- and middle-income countries.
The report noted that 10 per cent of adults in developing economies now use a mobile-money account to save, marking a five-point jump since 2021. In Sub-Saharan Africa, formal saving increased by 12 percentage points to reach 35 per cent of adults.
World Bank Group President, Ajay Banga, said financial inclusion has the potential to change lives and drive broader economic growth.
“Financial inclusion has the potential to improve lives and transform entire economies,” he said.
“Digital finance can convert this potential into reality, but several ingredients need to be in place. We’re helping countries give their people access to new or improved digital IDs, building social protection programmes with digital cash transfers, and modernising payment systems.
We’re also working to remove regulatory roadblocks so that people and businesses can access the financing they need to innovate and create jobs.”
The Global Findex report, produced every three years, is the world’s most comprehensive database on financial inclusion, covering how people save, borrow, and make payments. The 2025 edition marks a major milestone: nearly 80 per cent of adults worldwide now have a financial account, compared to just 50 per cent in 2011.
However, the report also highlighted persistent gaps. Around 1.3 billion adults globally still lack access to financial services, despite the rapid growth in mobile finance. Of these, roughly 900 million own a mobile phone, including 530 million with smartphones, suggesting significant potential for further expansion.
The Chair of the Gates Foundation, Bill Gates, a partner in the Findex project, described the findings as real progress but called for continued investment in inclusive financial systems.
“More people than ever have the financial tools to invest in their futures and build resilience, including women and others previously left behind,” Gates said.
“This is real progress. The case for investing in digital public infrastructure and connectivity is clear; it’s a proven path to unlocking opportunity for everyone,” he added.
The Findex data also showed positive trends in women’s access to financial services. Globally, 77 per cent of women now have financial accounts, compared to 81 per cent of men. In low- and middle-income countries, women’s account ownership nearly doubled from 37 per cent in 2011 to 73 per cent in 2024, signalling progress in closing the gender gap.
More adults in developing countries are also using digital payments. In 2024, 42 per cent of adults in low- and middle-income nations made an in-store or online digital merchant payment, up from 35 per cent in 2021. Government transfers and wages are increasingly being paid into financial accounts, reducing theft risks and improving accountability.
Despite the growth in digital finance, the report warned of new risks. Among the four billion adults in developing economies who own a mobile phone, only about half use a password to secure their device, leaving them vulnerable to fraud and theft.
The World Bank called for stronger consumer protection measures, investment in instant payment systems like India’s UPI and Brazil’s PIX, and efforts to make mobile transactions safer.
