Digital Technology is Unlocking Financial Inclusion: New Global Findex Report Highlights Progress and Challenges
July 17, 2025 — by Alexandra Norris and Dorothe Singer, World Bank
Digital technology continues to revolutionize the landscape of financial inclusion worldwide, enabling billions more people to access and utilize formal financial services. The latest Global Findex 2025 report, titled Connectivity and Financial Inclusion in the Digital Economy, reveals substantial progress driven by mobile phones, the internet, and digital financial platforms — yet it also highlights persistent gaps that require concerted efforts going forward.
Expanding Access Through Digital Financial Services
Over the past decade, mobile phones and internet connectivity have transformed how individuals, especially in low- and middle-income economies, manage their finances. From basic mobile money accounts accessible on simple feature phones to sophisticated bank-linked digital wallets on smartphones, digital financial services now offer more affordable and convenient alternatives to traditional banking.
Users are able to perform a variety of financial activities such as making daily savings deposits through local agents, managing loans via mobile applications, and even purchasing pay-as-you-go renewable electricity directly on their phones. These innovations remove geographical and infrastructural barriers, creating pathways for greater financial inclusion.
Growing Account Ownership Worldwide
Worldwide, 79% of adults now own an account at a bank or with a mobile money provider — a significant rise from 74% in 2021 and just 51% when the first Global Findex was published in 2011. In low- and middle-income countries, account ownership has reached 75%, largely propelled by rapid adoption of mobile money services.
Sub-Saharan Africa stands out as a global leader in mobile money uptake, where 40% of adults had a mobile money account in 2024, up sharply from 27% in 2021. Latin America and the Caribbean are closing the gap as well, with mobile money ownership rising to 37%, compared to 22% three years earlier. Several economies in Europe and Central Asia are also embracing digital financial solutions, narrowing financial inclusion disparities.
Digital Payments and Formal Savings on the Rise
Alongside account ownership growth, digital technology is driving notable increases in formal saving and payments activity. In a break from previous slow growth trends, 40% of adults in emerging economies now save using a formal account — a 16-percentage-point jump since 2021. Mobile money savings surged particularly in Sub-Saharan Africa and Latin America, where 23% and 19% of adults respectively save through these platforms.
Digital payments have also become more common, with 61% of adults in these economies making or receiving payments digitally, representing 82% of account holders. Digital merchant payments have particularly accelerated, enabling safer transactions and providing enterprises—especially small-scale merchants—with digital transaction records that can unlock access to credit and support job creation.
Challenges and the Road Ahead
Despite significant progress, approximately 1.3 billion adults remain without any financial account. Many lack only minimal barriers, such as affordable, user-friendly products or adequate consumer protections, rather than basic technology — 86% of adults globally own a mobile phone. Addressing these gaps could make the next wave of financial inclusion gains possible.
Moreover, many who have accounts still rely predominantly on informal financial services. Transitioning these users to formal systems will require continued enhancements to financial infrastructure—such as interoperable fast payment systems—and regulatory frameworks that protect consumers and uphold financial integrity.
Conclusion
Digital technology has proven to be a powerful catalyst for financial inclusion globally, greatly expanding access to financial services in diverse regions. To fully realize the potential of digital financial inclusion, stakeholders must continue to build supportive infrastructure, craft policies that foster innovation and protection, and tailor efforts to reach underserved populations. The Global Findex 2025 report provides an invaluable roadmap for these next steps in harnessing technology for inclusive economic growth.
About the Authors:
Alexandra Norris is a consultant for the Global Findex at the World Bank. Dorothe Singer is an economist with the Development Research Group at the World Bank.
For more information and data visualizations, visit the World Bank’s World Bank Blogs at blogs.worldbank.org.
This article is based on findings from the Global Findex 2025 report and related analyses published by the World Bank.
