You are here

COVID-19 drives global surge in use of digital payments — Global Findex

Three quarters of adults now have a bank or mobile money account; gender gap in account ownership narrows

By JT - Jun 29,2022 - Last updated at Jun 29,2022

AMMAN — The COVID-19 pandemic has spurred financial inclusion – driving a large increase in digital payments amid the global expansion of formal financial services, according to the World Bank.

This expansion created new economic opportunities, narrowing the gender gap in account ownership, and building resilience at the household level to better manage financial shocks, according to the Global Findex 2021 database.

As of 2021, 76 per cent of adults globally now have an account at a bank, other financial institution, or with a mobile money provider, up from 68 per cent in 2017 and 51 per cent in 2011, according to a World Bank statement.

Importantly, growth in account ownership was evenly distributed across many more countries, the statement said.


While in previous Findex surveys over the last decade much of the growth was concentrated in India and China, this year’s survey found that the percentage of account ownership has increased by double digits in 34 countries since 2017.

The pandemic has also led to an increased use of digital payments.

The Middle East and North Africa (MENA) region has made progress reducing the gender gap in account ownership from 17 percentage points in 2017 to 13 percentage points — 42 per cent of women now have an account compared to 54 per cent of men.

 Opportunities abound to increase account ownership broadly by digitalising payments currently made in cash, including payments for agricultural products and private sector wages (about 20 million adults with no account in the region received private sector wages in cash, including 10 million in the Arab Republic of Egypt).

Shifting people to formal modes of savings is another opportunity given that about 14 million adults with no account in the MENA region — including 7 million women — saved using semiformal methods.

In low and middle-income economies (excluding China), over 40 per cent of adults who made merchant in-store or online payments using a card, phone, or the internet did so for the first time since the start of the pandemic.

The same was true for more than a third of adults in all low- and middle-income economies who paid a utility bill directly from a formal account.

In India, more than 80 million adults made their first digital merchant payment after the start of the pandemic, while in China over 100 million adults did.

Two-thirds of adults worldwide now make or receive a digital payment, with the share in developing economies growing from 35 per cent in 2014 to 57 per cent in 2021.

In developing economies, 71 per cent have an account at a bank, other financial institution, or with a mobile money provider, up from 63 per cent in 2017 and 42 per cent in 2011.

 Mobile money accounts drove a huge increase in financial inclusion in Sub-Saharan Africa.

“The digital revolution has catalyzed increases in the access and use of financial services across the world, transforming ways in which people make and receive payments, borrow and save,” said World Bank Group President David Malpass.

“Creating an enabling policy environment, promoting the digitalisation of payments, and further broadening access to formal accounts and financial services among women and the poor are some of the policy priorities to mitigate the reversals in development from the ongoing overlapping crises,” Malpass added.

For the first time since the Global Findex database was started in 2011, the survey found that the gender gap in account ownership has narrowed, helping women have more privacy, security and control over their money.

The gender gap narrowed from 7 to 4 percentage points globally and from 9 to 6 percentage points in low- and middle-income countries, since the last survey round in 2017.

About 36 per cent of adults in developing economies now receive a wage or government payment, a payment for the sale of agricultural products, or a domestic remittance payment into an account.

The data suggests that receiving a payment into an account instead of cash can kick start people’s use of the formal financial system – when people receive digital payments, 83 per cent used their accounts to also make digital payments.

Almost two-thirds used their account for cash management, while about 40 per cent used it to save – further growing the financial ecosystem.


Despite the advances, many adults around the world still lack a reliable source of emergency money. Only about half of adults in low- and middle-income economies said they could access extra money during an emergency with little or no difficulty, and they commonly turn to unreliable sources of finance, including family and friends.

“The world has a crucial opportunity to build a more inclusive and resilient economy and provide a gateway to prosperity for billions of people,” said Bill Gates, co-chair of the Bill and Melinda Gates Foundation, one of the supporters of the Global Findex database.

“By investing in digital public infrastructure and technologies for payment and ID systems and updating regulations to foster innovation and protect consumers, governments can build on the progress reported in the Findex and expand access to financial services for all who need them,” Gates added.

In Sub-Saharan Africa, for example, the lack of an identity document remains an important barrier holding back mobile money account ownership for 30 per cent of adults with no account suggesting an opportunity for investing in accessible and trusted identification systems.

Over 80 million adults with no account still receive government payments in cash – digitalising some of these payments could be cheaper and reduce corruption.

Increasing account ownership and usage will require trust in financial service providers, confidence to use financial products, tailored product design, and a strong and enforced consumer protection framework, the statement said.

The Global Findex database, which surveyed how people in 123 economies use financial services throughout 2021, is produced by the World Bank every three years in collaboration with Gallup, Inc.


14 users have voted, including you.


Get top stories and blog posts emailed to you each day.