US EditionMobile Money Drives up Savings in Sub-Saharan Africa, Report Says
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5 Articles
Mobile money drives up savings in sub-Saharan Africa, report says
The growing use of mobile money has driven a sharp rise in the number of people in sub-Saharan Africa who save money through formal channels. According to the World Bank’s Global Findex Database report, the share of adults with formal savings stood at 35% in 2024, a 12 percentage point increase from 2021. Some 40% of sub-Saharan Africans had a mobile money account in 2024, up from 27% three years earlier.“Once adults have these formal accounts a…
WASHINGTON – Thanks in part to mobile telephony, more adults than ever today have bank accounts or other financial accounts in low- and middle-income countries, leading to an increase in formal savings, according to the World Bank Group’s latest Global Index 2025 report. The US tycoon of [...] This article Mobile telephony boosts savings in developing countries was originally published in IPS News Agency
The number of adults using a savings account has been growing at an unprecedented pace in developing countries for the past ten years, according to the World Bank's Global Findex 2025 report. The Washington-based international institution notes that the dissemination of bank accounts and other similar financial services is booming in developing countries ... Cet article Financial inclusion: Mobile telephony boosts savings in developing economies…
The number of adults living in developing countries and getting saved in a financial account increased by 24% to 40% between 2021 and 2024. This was the fastest increase in over a decade. With this, nearly 80% of adults around the world now have a financial account. In 2011, [...]
Mobile Phones Power Record Savings in Developing Nations! Explore the Impact of Digital Finance on Economic Growth. #DigitalInclusion #GlobalFindex2025
Formal saving in developing economies surged to its highest level in more than a decade in 2024, powered largely by the widespread use of mobile phones and digital financial tools, the World Bank said in its new Global Findex 2025 report.For the first time, 40 percent of adults in low- and middle-income countries reported saving money through a bank or other financial institution—marking a 16-percentage-point increase since 2021 and the sharpest…
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