A boom in official saving in developing countries thanks to mobile phone technology
Washington, July 16 / WAM / The “Global Financial Inclusion Index” report issued by the World Bank Group revealed a boom in the official savings rates in low and medium -income countries, mainly driven by mobile phone technology.
The report showed that 40% of adults in these economies savored through official financial accounts in 2024, an increase of 16 percentage points over 2021, which is the fastest registered increase in more than a decade.
Ajay Banga, head of the World Bank Group, said: The financial inclusion can improve the lives of individuals and make radical transformations in entire economies, and digital financing can translate these capabilities into a tangible reality.
Bill Gates, head of the Gates Foundation and one of the report’s supporters, stressed that this progress enables more people, especially women, to invest in their future and build the ability to withstand.
On the global level, the report clarified that 80% of adults now have financial accounts, up from 50% in 2011, and digital services also contributed to narrowing the gender gap, as the percentage of women’s ownership of accounts in developing countries increased from 37% in 2011 to 73% in 2024.
Despite this progress, 1.3 billion adults still lack financial services, but the report indicates that 900 million of them have mobile phones, which represents an enormous opportunity to fill the gap.
In the Middle East and North Africa, the account ownership rate increased to 53% in 2024, compared to 45% in 2021.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Related
