More adults across Africa and developing economies are saving money through banks and mobile money wallets than at any point in history, but financial exclusion is still entrenched.
Revealed in World Bank’s Global Findex 2025 report, 40% of adults in low- and middle-income countries (LMICs) saved money formally in 2024, a 16 percentage point surge since 2021, the fastest growth in over a decade.
Sub-Saharan Africa, home to the world’s most active mobile money users, recorded a 12-point jump in formal savings, reaching 35% of adults.
In Nigeria, Mobile money operators, including OPay, PalmPay, and Paga, processed transactions valued at ₦71.5 trillion between January and December 2024, according to Nigeria Inter-Bank Settlement System (NIBSS) data.
This represents a 53.4% increase from ₦46.6 trillion recorded in 2023, stressing how mobile-based financial services are penetrating both urban and rural populations.
“Digital finance can convert this potential into reality,” said Ajay Banga, president of the World Bank Group. “We’re helping countries get their people access to new or improved digital IDs, modernising payment systems, and removing regulatory roadblocks—so that people and businesses have the financing they need to innovate and create jobs.”
Even with these advances, the global unbanked population is at 1.3 billion adults. Shockingly, more than half of this figure, around 650 million people, are concentrated in just eight countries: Nigeria, Bangladesh, China, Egypt, India, Indonesia, Mexico, and Pakistan.
Women account for 55% of the unbanked globally. The poorest households are also disproportionately excluded, with 52% of the unbanked population drawn from the lowest 40% income bracket. Education is a factor too, 62% of unbanked adults have only primary-level education or less.
Interestingly, mobile technology could help narrow this gap. The World Bank found that approximately 900 million of the unbanked own a mobile phone, and over half of them, about 530 million, have smartphones, showing potential for future financial access through digital channels.
In Sub-Saharan Africa, mobile money is the main driver of financial inclusion. Today, 15% of adults globally own mobile money accounts, a figure much higher within Africa. The region continues to lead in mobile wallet usage globally.
Bill Gates, chair of the Gates Foundation, highlighted the progress: “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.”
For women in LMICs, account ownership has nearly doubled over the past decade, rising from 37% in 2011 to 73% in 2024. Globally, account ownership among women now stands at 77% compared to 81% among men.
Regional breakdowns reveal sharp contrasts:
- In Sub-Saharan Africa, account ownership increased from 49% in 2021 to 58% in 2024.
- South Asia now reports 80% account ownership, with India leading, 90% of both men and women there now own financial accounts.
- Middle East and North Africa saw account ownership climb to 53%, up from 45% in 2021, though formal savings remain at just 17%.
- East Asia and the Pacific lead with smartphone ownership at 86% and account access at 83%.
In Nigeria specifically, fintech and mobile money platforms are driving financial access into underserved markets. Operators like OPay, PalmPay, and Moniepoint are expanding transaction volumes and also opening millions of mobile wallets for the financially excluded.
However, phone ownership gaps are a challenge. Only nine LMICs report mobile phone ownership below 65%, yet disparities persist among women and the poorest households. In South Asia alone, over 300 million women remain without mobile phones, with affordability noted as the primary reason.
Real-time digital payment systems like India’s UPI and Brazil’s PIX are being spotlighted as models that could help bridge financial access gaps. These systems enable low-cost, instant transactions, offering blueprints for African and other LMIC policymakers.
In the words of the World Bank: “The impact that mobile phones and the internet are having extends not only to account ownership, but also to potentially productive uses, including saving formally and making or receiving digital payments.”
In summary, mobile money has become an important tool for financial inclusion across Africa, especially in Nigeria. But the digital divide means millions are still locked out of financial systems.
