The World Bank’s Global Findex 2025 report has revealed a record increase in formal savings among adults in developing economies, driven largely by the rapid adoption of mobile money services.

According to the report, 40% of adults in these countries saved money through formal financial systems in 2024 — including banks, mobile money platforms, and fintech services.

This represents a 16 per cent rise from 2021, marking the fastest growth in over a decade.

Sub-Saharan Africa recorded a notable 12-point increase in formal savings, reaching 35%, underscoring the region’s position as a global leader in mobile money usage.

The World Bank attributed the growth to expanding smartphone penetration and improved internet access, with mobile money usage for savings doubling from 5% in 2021 to 10% in 2024 among adults in developing economies.

“Digital finance can convert this potential into reality,” said World Bank President Ajay Banga, noting that the Bank is helping countries expand digital IDs, modernize payment systems, and streamline regulations to keep the momentum going.

The report—widely considered the benchmark for tracking global financial access—reveals that nearly 80% of adults worldwide now own a financial account, a sharp rise from 50% in 2011.

Despite this progress, 1.3 billion people remain unbanked. Notably, 900 million of them already have mobile phones, and over half use smartphones—highlighting a major opportunity for digital financial inclusion.

The report also shows a remarkable shift among women in low- and middle-income countries, where account ownership nearly doubled from 37% in 2011 to 73% in 2024—substantially reducing the gender gap.

However, concerns about digital fraud and cybersecurity remain pressing challenges.

“More people than ever have the financial tools to invest in their futures. This is real progress. But there’s still work to be done to make systems safer and more inclusive,” said Bill Gates, Chair of the Gates Foundation, which supports the Global Findex.

The report highlights the growing adoption of digital payments, noting that by 2024, 42% of adults in low- and middle-income countries had made a digital payment to a merchant—up from 35% in 2021.

It also observed a shift away from cash, as three-quarters of government payments and half of wage disbursements are now made directly into bank or mobile money accounts.