Beyond Account Ownership: Digital Payments and Formal Savings as Robust Correlates of Financial Inclusion, 2011–2024
Analyzing six waves of the World Bank Global Findex Database from 2011 to 2024, this study reveals that while global account ownership has significantly increased, digital payment usage and formal savings behavior are the most robust correlates of financial inclusion, suggesting that policy efforts should prioritize these usage dimensions over mere account ownership or credit access.