Digital financial access has expanded worldwide, but billions of people still cannot fully use financial services such as savings and credit, according to a new global report cited by fintech company Tala.
The Washington D.C.-based Atlantic Council’s GeoEconomics Center said about three billion adults worldwide remain unable to benefit from the formal financial system despite growing access to digital tools. The findings appear in the report “A Three-Billion-Person Challenge: Decision Time for Financial-Sector Leaders.”
The study shows that 84% of adults in low- and middle-income economies own a device capable of accessing digital financial services, while 75% already have a financial account. However, actual usage remains far lower. Only 40% save through formal financial institutions, and just 24% have accessed formal credit.
Financial technology company Tala said the data highlights a major challenge for financial inclusion efforts: moving beyond simply giving people access to accounts or apps and ensuring they can actively use them to build financial stability.
“As a global community, we need to move from access to real participation in the financial system,” Tala said, noting that people should be able to save money, access credit, fund businesses, and protect themselves from economic shocks.
The report also identified several barriers that prevent people from using digital financial services. These include poor internet connectivity, high data costs, cybersecurity risks, and concerns about misuse of personal data.
Trust remains a major issue for many users, especially in emerging markets.
“You need to have choice, awareness, and control as a consumer where you are not forced into a system and you’re seen as a true consumer that has potential like the rest. I think there’s dignity in that,” said Shivani Siroya, CEO and founder of Tala, during the report launch event.
The report also highlighted Tala’s Global Debt Collection with Dignity Initiative, which offers a model framework for regulating debt collection practices that governments could adopt.
Gender disparities remain another challenge. In the Philippines, 59% of women used mobile money in the last seven days compared with 71% of men, reflecting lower confidence among women and fewer financial services tailored to their needs.