Nearly eight out of ten adults worldwide now hold a bank or mobile money account, according to new data from the World Bank. The rapid spread of mobile phones and internet access has been the main driver of this rise, particularly in low- and middle-income countries where digital payments are reshaping financial participation.
World Bank findings
The World Bank reports that 79% of adults globally now have some form of account, a dramatic increase from just over half a decade ago. In sub-Saharan Africa and parts of Asia, where traditional banking infrastructure remains limited, mobile phones have become the gateway to financial services. Mobile money platforms, such as Kenya’s M-Pesa and similar services across West Africa, have enabled millions to send, receive and save money securely for the first time.
Transforming access in emerging markets
For low- and middle-income economies, digital inclusion has been transformative. Families without access to physical bank branches are now able to pay school fees, manage microloans, or build small savings buffers using basic mobile phones. In many rural regions, this shift has reduced reliance on informal cash networks, which often carried higher risks and transaction costs.
Economic empowerment through technology
The rise of mobile financial services has opened doors for entrepreneurs and small businesses. From market vendors in Lagos to farmers in Laos, access to digital payments has improved cash flow management, reduced exposure to theft, and facilitated access to credit. The ripple effects are being felt in education, healthcare, and community investment, as secure financial tools become embedded in everyday life.
Challenges ahead
Despite remarkable progress, gaps remain. Gender disparities persist, with women still less likely than men to have accounts in several regions. Connectivity limitations and the affordability of smartphones also pose barriers. Moreover, regulators are tasked with balancing innovation and consumer protection, particularly around data privacy and fraud prevention.
A global shift
The World Bank’s findings highlight a profound structural change in how people engage with money. The spread of mobile banking is not only reducing poverty and inequality but also laying the foundation for sustainable growth across emerging markets. With 79% of adults already financially included, momentum is building towards universal access, making digital finance one of the most significant development tools of the 21st century.
REFH – Newshub, 28 August 2025
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