WASHINGTON–The World Bank’s president said that financial inclusion, made possible by mobile devices, has the potential to improve lives and transform entire economies.
“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,” Ajay Banga said in a statement.
According to the World Bank, certain regions have seen notable upticks in mobile banking; in Sub-Saharan Africa 40% of adults had a mobile money account in 2024, up from 27% in 2021.
In Latin America and the Caribbean, the number of adults with a mobile money account rose from 22% to 37% over the same period.
When broken down by country, account ownership increased by more than 50 percentage points in Armenia, Uganda and Zambia between 2011 and 2024, the World Bank said.
In Ghana and India, account ownership similarly grew by more than 50 percentage points between 2011 and 2024, reaching 81% in the former and 89% in the latter.
‘Far From Uniform’
While mobile money has been the key driver of increases in financial account ownership over the period from 2014 to 2024, the World Bank analysis found such increases are far from uniform in low- and middle-income countries, which contain the greatest concentration of adults without accounts.
The report found 53% of those without accounts — more than 650 million adults — reside in just eight countries: Bangladesh, China, Egypt, India, Indonesia, Mexico, Nigeria, and Pakistan.
Improving access to mobile banking in developing nations remains vital as it increases people’s ability to save money, according to the World Bank.
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.
Role of Smart Phones
The World Bank report notes that increasing the use of smartphones is also important for increasing access to economic opportunities and more robust financial services around the world.
However the ownership of smartphones by region is unevenly distributed, the report found.
