Gates Foundation chair Bill Gates backed the power of connectivity in increasing financial inclusion, as World Bank Group credited mobile technology for its key role in boosting the number of adults in low- and middle-income countries (LMICs) making personal savings.
Discussing the results of the World Bank’s Global Findex 2025, a public database of indicators measuring people’s use of financial services which is backed by the Gates Foundation, the Microsoft founder indicated “real progress” had been made in recent years, with modern infrastructure making a difference.
“More people than ever have the financial tools to invest in their futures and build economic resilience, including women and others previously left behind,” Gates said. “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 World Bank released its latest Global Findex findings today (16 July), showing 10 per cent of adults in developing economies used a mobile money account to save in 2024.
This was up from 5 per cent in its previous edition which collated data from 2021.
The study showed 40 per cent of adults in LMICs saved across all types of financial accounts, up 16 percentage points on 2021.
While an increasing number of mobile money players now offer wider financial services, the initial drive centred on allowing people to make payments and buy mobile credit.
World Bank noted 42 per cent of adults in LMICs made an in-store or online digital merchant payment in 2024, compared with 35 per cent in its previous report.
Inclusion
Although hailing the progress, World Bank noted 1.3 billion people still lack access to financial services.
The organisation indicated the use of mobile phones could help cut the figure, given its estimates 530 million of those without an account have a smartphone and a further 370 million a basic device.
While positive on the continued benefit of mobile in upping inclusion, it noted the devices could also bring a security risk because “of the 4 billion adults in low- and middle-income economies who own a mobile phone, only around half use a password”.
Growth in digital financial services was credited with narrowing a related gender divide, with 77 per cent of women having accounts globally compared to 81 per cent of men.
In LMICs, female account ownership was 73 per cent compared with 37 per cent from the World Bank’s first Findex report covering 2011.
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