More Adults Now Save in Banks, Says World Bank Report

Photo: WAM

According to the report, 40% of adults in developing economies saved in a formal financial account in 2024, marking a significant 16-percentage-point increase since 2021. This is the fastest rise in over a decade and represents a major milestone in global financial inclusion efforts.

Mobile phones are playing a transformative role. In 2024, 10% of adults in developing countries used mobile-money accounts to save, an increase of 5 percentage points from the 2021 report. The growth of mobile technology has enabled millions to access financial services without visiting a physical bank. “Financial inclusion has the potential to improve lives and transform entire economies,” said Ajay Banga, President of the World Bank Group. “Digital finance can convert this potential into reality, but several ingredients need to be in place.”

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Banga noted that the World Bank Group is assisting countries with critical components such as digital identification systems, social protection programs using cash transfers, modern payment infrastructure, and regulatory reforms. “We’re helping countries get their people access to new or improved digital IDs. 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,” Banga added.

REGIONAL TRENDS:

In Sub-Saharan Africa, the share of adults saving through formal means jumped 12 percentage points to reach 35% in 2024, up from 23% in 2021. Mobile money continues to dominate the financial landscape in the region, especially in East Africa.

The Middle East and North Africa also saw strong progress. Account ownership rose from 45% in 2021 to 53% in 2024. Meanwhile, formal saving among adults in the region increased from 11% to 17% over the same period.

GLOBAL PROGRESS:

The Global Findex report highlights a major achievement in the financial sector:

• Nearly 80% of adults worldwide now own a financial account, up from 50% in 2011.

• However, an estimated 1.3 billion adults globally still lack access to formal financial services.

Importantly, mobile technology could help close the remaining gap. Of the unbanked population, around 900 million adults own a mobile phone, and 530 million of them have smartphones—giving them potential access to financial tools if services are extended to them.

BILL GATES: A CALL TO INVEST IN FINANCIAL SYSTEMS

Bill Gates, Chair of the Bill & Melinda Gates Foundation, which supports the Global Findex, praised the strides made since 2021. “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,” Gates stated.

He emphasized the importance of continuing to invest in inclusive systems, digital public infrastructure, and connectivity. “It’s a proven path to unlocking opportunity for everyone.”

WHY THIS MATTERS:

Formal saving through banks and financial institutions is more than just a personal habit—it strengthens entire economies. When people save formally:

• Banks can issue more loans to businesses and individuals.

• Households can build safety nets and invest in education or housing.

• Governments can distribute social benefits more efficiently through digital cash transfers.

These improvements support national growth, increase productivity, and reduce poverty.

THE ROAD AHEAD:

Despite the progress, challenges remain.

• Many adults—especially women—still lack access due to cultural and legal barriers.

• A significant portion of rural populations remains disconnected from digital networks.

• Digital literacy and trust in financial technology are still issues in many regions.

The World Bank has committed to continuing its efforts alongside governments, private sector partners, and NGOs to address these gaps.

ABOUT THE GLOBAL FINDEX REPORT:

First launched in 2011, the Global Findex Database is the world’s most comprehensive data source on how adults worldwide access and use financial services—from account ownership to digital payments, saving, borrowing, and managing risk.

The 2025 edition is based on nationally representative surveys of adults in over 120 economies and provides crucial insight for policymakers and development professionals.

CONCLUSION:

The Global Findex 2025 report confirms that financial inclusion is no longer just a development goal—it is a global reality that’s reshaping how people save, spend, and plan for their futures. While challenges persist, the combination of mobile technology, regulatory reform, and global cooperation offers a clear path forward.

As Ajay Banga concluded, “Financial inclusion is not just a metric. It’s a movement—one that opens doors to opportunity for billions.”