Report: Economy took a turn with mobile money, global financial inclusion increased under India's leadership

The report highlights the significant increase in the number of women opening accounts as a major achievement. In 2011, just 37 percent of women in developing countries had an account, rising to 73 percent in 2024. Globally, 77 percent of women now have an account. Bill Gates, chairman of the Bill & Melinda Gates Foundation, calls this progress historic, noting that women are gaining the ability to achieve financial stability and security for their futures. This is genuine progress.

For the first time, mobile and internet usage statistics are included in the report. Eighty-six percent of adults own a mobile phone, with 68 percent using a smartphone. Most government payments and wages are now directly transferred to bank accounts, increasing transparency and reducing the risk of fraud and corruption. The report also warns that fewer than half of the people in developing countries protect their phones with a password, raising cybersecurity concerns.

In sub-Saharan Africa, mobile money usage has pushed account ownership to 58 percent. East Asia and the Pacific lead in smartphone usage (86 percent) and account ownership (83 percent). Similarly, Europe and Central Asia have the highest rates of mobile phone and internet use, with more than 94 percent of adults engaging with both. In Latin America and the Caribbean, 70 percent of adults hold an account, and 50 percent conduct digital transactions. In the Middle East and North Africa, account ownership increased from 45 percent to 53 percent, marking a notable rise in formal savings.