Brussels: More adults than ever in low- and middle-income countries now have bank or other financial accounts, leading to a rise in formal saving, according to the World Bank Group's Global Findex 2025 report. This momentum in financial inclusion is creating new economic opportunities. Mobile-phone technology played a key role in the surge, with 10 percent of adults in developing economies using a mobile-money account to save-a 5-percentage point increase from 2021.
According to Emirates News Agency, in 2024, 40 percent of adults in developing economies saved in a financial account, marking a 16-percentage-point increase since 2021 and the fastest rise in more than a decade. Higher personal saving through banks or other formal institutions fuels national financial systems, making more funds available for investment, innovation, and economic growth. In Sub-Saharan Africa, formal savings increased by 12-percentage points to 35 percent of adults.
World Bank Group President Ajay Banga emphasized the transformative potential of financial inclusion, stating that digital finance can convert this potential into reality, provided several elements are in place. The World Bank Group is actively working to provide access to digital IDs, construct social protection programs with digital cash-transfer systems, modernize payment systems, and eliminate regulatory barriers to enable innovation and job creation.
Bill Gates, Chair of the Gates Foundation, highlighted the progress made with more people, including women and others previously marginalized, gaining the financial tools needed for economic resilience. Gates underscored the importance of investing in inclusive financial systems and digital infrastructure as a proven method to unlock opportunities for all.
The Global Findex report reveals that nearly 80 percent of adults worldwide now have a financial account, up from 50 percent in 2011. However, 1.3 billion adults still lack access to financial services. Mobile phones present a potential solution to this gap, as approximately 900 million adults without financial accounts own a mobile phone, including 530 million with smartphones.
In the Middle East and North Africa, account ownership rose to 53 percent from 45 percent in 2021. By 2024, 17 percent of adults in the region were saving formally, up from 11 percent in 2021.