By Namuun Altangadas of FRC Mongolia

At the 2025 Global Policy Forum, one of the most anticipated sessions was “Global Trends in Financial Inclusion: What does the new data tell us?”. Presented in a TED-style format, three distinguished speakers unveiled fresh evidence and ideas that are reshaping how policymakers and regulators think about inclusion, stability, and equitable access.

Together, the talks underscored a powerful message: financial inclusion is not only about access — it is also about resilience, efficiency, and fairness.

The 2025 Global Findex Findings

Dr. Leora Klapper, Lead Economist in the Development Research Group at the World Bank, unveiled key findings from the newly released Global Findex 2025. The data confirms remarkable progress: in low- and middle-income economies, account ownership has risen from just 42 percent in 2011 to 75 percent in 2025. Today, 86 percent of adults own an account, transforming how people save, borrow, and pay.

Mobile technology continues to reshape financial behaviors. Formal saving now reaches 40 percent of adults globally, and digital payments are mainstream — with 75 percent of government transfer recipients and half of private sector employees in low- and middle-income economies receiving wages directly into accounts.

Yet gaps remain. Women are still nine percentage points less likely to own a smartphone, and only 56 percent of adults could access emergency funds in a crisis. As Dr. Klapper emphasized, inclusion has advanced — but resilience remains unfinished business.

Complementarity: Inclusion and Stability Can Reinforce Each Other

The second talk, by Professor Dirk Zetzsche, ADA Chair in Financial Law at the University of Luxembourg, tackled a longstanding question: Does financial inclusion threaten financial stability?

Drawing on findings from the AFI-UL Research Initiative on the complementarity of financial inclusion, financial stability and monetary policy, Prof. Zetzsche presented encouraging evidence from AFI member countries showing that inclusion and stability can, in fact, be aligned when both goals are supported by effective policymaking.

The findings are compelling. As inclusion expands, banks hold more liquid assets and Tier 1 capital rises, while risks remain contained through prudent provisioning. On the efficiency side, inclusion improves profitability — return on assets, net income, and margins all increase, while digitization drives down costs.    

At the macro level, inclusion is linked with GDP growth and reduced reliance on foreign currency. In short, financial inclusion does not erode stability — when coupled with sound regulation, it strengthens both the financial system and the broader economy.

Disability-Inclusive Data: Making the Invisible Visible

The final talk, by Isaac Wachira, Economic Policy Analyst at the Central Bank of Kenya, reminded participants that true inclusion means counting everyone.

Globally, around one billion persons with disabilities (PWDs) remain underrepresented in financial datasets. In Kenya, recent surveys incorporating disability-disaggregated indicators reveal both progress and persistent gaps: formal financial inclusion among PWDs stands at 77.9 percent, below the national average of 84.8 percent, while financial health lags at just 7 percent compared to the 18.3 percent national average.

Disability-inclusive data is about more than just numbers —it’s about dignity, access, and equity. With better data, regulators and providers can identify barriers, design accessible products, and monitor progress. Wachira highlighted Kenya’s commitment to integrate disability indicators into its National Financial Inclusion Strategy (2025–2028) and align them with SDG targets. His call to action was clear: mainstream disability data collection to ensure financial ecosystems are truly inclusive.

A Shared Message: Inclusion with Impact

Taken together, the three talks painted a cohesive of the future of financial inclusion.

• The Global Findex shows how far we have come.
• The AFI-UL Complementarity Research demonstrates that inclusion and stability can reinforce each other.
• And Kenya’s disability-disaggregated data initiative shows that inclusion must be data-driven and committed to fairness.

The path ahead requires more than just expanding account ownership. It demands resilience against shocks, efficiency that makes finance sustainable, and a commitment to count and serve all people — especially those still excluded.

Financial inclusion, when grounded in data and guided by smart regulation, forms the foundation for stability, growth, and justice.