The World Bank’s Global Findex 2025 has revealed that more adults across developing economies, including Nigeria, saved money formally than ever before in 2024, driven by an increase in mobile money usage.
According to the report, a record 40% of adults in developing countries now save money using formal financial accounts, including banks, mobile money, and fintech platforms, a 16-percentage-point leap from 2021, making it the fastest growth in more than a decade.
In Sub-Saharan Africa, formal savings jumped 12 percentage points to 35%, thanks largely to the region’s leadership in mobile money adoption.
The World Bank noted that mobile-phone technology is the biggest driver behind this financial inclusion boom.
In developing economies, 10% of adults now save using mobile money, up from 5% in 2021, a development attributed to the rising smartphone penetration and growing access to internet services.
“Digital finance can convert this potential into reality,” said World Bank President Ajay Banga, noting that the Bank is helping countries expand digital IDs, modernize payment systems, and streamline regulations to keep the momentum going.
The report also revealed that women’s financial account ownership in low- and middle-income countries nearly doubled from 37% in 2011 to 73% in 2024, narrowing the gender gap significantly.
Still, the digital shift brings its own set of challenges. Among the 4 billion adults in developing countries who own a mobile phone, only half use a password to protect it, raising concerns about digital security, fraud, and identity theft.
“More people than ever have the financial tools to invest in their futures. This is real progress. But there’s still work to be done to make systems safer and more inclusive,” said Bill Gates, Chair of the Gates Foundation, which supports the Global Findex.
According to the report, mobile money continues to dominate in Sub-Saharan Africa, with the region leading globally in usage. Account ownership rose to 58%, up from 49% in 2021.
The World Bank report underscores the growth of mobile money in a country like Nigeria, where players like PalmPay, OPay, Paga, among others, are pushing mobile-based financial services deep into rural and urban areas alike.
According to data released by the Nigeria Inter-Bank Settlement Systems (NIBSS), licensed mobile money operators in Nigeria processed transactions valued at N71.5 trillion between January and December 2024.
This represents a 53.4% increase in transactions across the mobile money platforms when compared with the N46.6 trillion recorded in the full year 2023.