Mobile-Phone Technology Powers Saving Surge in Developing Economies
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% of adults in developing economies using a mobile-money account to save—a 5-percentage point increase from 2021.
In 2024, 40% of adults in developing economies saved in a financial account in 2024—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% of adults.
“Financial inclusion has the potential to improve lives and transform entire economies,” said World Bank Group President Ajay Banga. “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 modernizing 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 supporters of the Global Findex, said: “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 Global Findex is the definitive source of data on global access to financial services—from payments to saving and borrowing. It highlights a major milestone in financial inclusion: nearly 80% of adults worldwide now have a financial account, up from 50% in 2011. But 1.3 billion adults still lack access to financial services. Mobile phones could help close this gap: about 900 million adults without financial accounts have a mobile phone, including 530 million with smartphones.
Investment in systems that enable instant money transfers—such as UPI in India or PIX in Brazil—could help expand financial usage. So could stronger consumer-protection frameworks and efforts to make phones and accounts more secure.
The Findex data also show that digital financial services are helping narrow the gender gap in account ownership: globally, 77% of women have accounts compared with 81% of men. In low- and middle-income countries, women’s account ownership nearly doubled—from 37% in 2011 to 73% in 2024.
For the first time, the report includes data on personal mobile-phone ownership and internet use. Globally, 86% of adults owned a mobile phone, including 68% of adults with a smartphone, according to the Global Findex Digital Connectivity Tracker 2025 shows. The rising use of mobile phones for digital transactions, however, comes with new risks. Of the 4 billion adults in low- and middle-income economies who own a mobile phone, only around half use a password to protect their phone.
Across all developing countries, more adults are also using mobile phones or cards to pay merchants. In 2024, 42% of adults in low- and middle-income countries made an in-store or online digital merchant payment, up from 35% in 2021. Three-quarters of adults who receive government payments—and half of wage earners—receive their money into an account, a practice that helps reduce theft and ensure that money goes to the right person.
Regional Highlights:
East Asia and Pacific: The region leads the world in digital connectivity and use of financial services: 86% of adults have a smartphone and 83% of adults have a financial account.
Europe and Central Asia: The region has the highest internet usage and social media engagement rates among developing economies. Mobile-phone ownership rates top 94%.
Latin America and the Caribbean: About 70% of adults have an account, and over half use their account digitally using a card or phone.
Middle East and North Africa: Account ownership rose to 53% from 45% in 2021. In 2024, 17% of adults save formally, up from 11% in 2021.
South Asia: Nearly 80% of adults own an account, although the high rate is driven by India, where 90% of both men and women have an account and 65% own a mobile phone.
Sub-Saharan Africa: Account ownership in Sub-Saharan Africa grew to 58% of adults, up from 49% in 2021. Use of mobile money accounts is at the highest levels in the world.
