Global financial leaders are urging a shift in digital financial inclusion efforts — from simply expanding access to ensuring meaningful and sustained usage — warning that billions remain excluded from formal credit despite rapid digital adoption.
This was the central message from leaders of the Atlantic Council, the International Monetary Fund, and global fintech firm Tala during the launch of the Atlantic Council GeoEconomics Center’s report, “A Three-Billion-Person Challenge: Decision Time for Financial-Sector Leaders.”
The year-long global study found that while digital financial access has improved, nearly three billion people worldwide still lack formal credit — limiting their ability to build long-term financial stability, invest in livelihoods, or cushion against economic shocks.
Atlantic Council executives Josh Lipsky, Ruth Goodwin-Groen, and Nicole Goldin joined IMF Director Abebe Aemro Selassie and Tala Founder and CEO Shivani Siroya in unpacking the report’s findings at the launch event.
Beyond access: the usage gap
According to the report, 84% of adults in low- and middle-income economies now own a device capable of accessing digital financial services, while 75% already have a financial account. Yet only 40% save formally and just 24% have accessed formal credit.
The disconnect, the study says, stems from persistent barriers such as unreliable connectivity, high costs, opaque pricing, and rising concerns over data misuse and cybercrime — factors that erode trust and discourage regular use.
Researchers noted that clearer and standardized disclosure of pricing can significantly improve consumer understanding and confidence, particularly for first-time users of digital credit.
Addressing this issue, Tala Founder and CEO Shivani Siroya said Tala embeds transparency directly into its operations by clearly showing how pricing works and how customer data is used. “By actively disclosing how their data is being used, the company is shifting control back to the consumers,” she said.
“For financial inclusion to be real, you need choice, awareness, and control as a consumer,” Siroya added. “You’re not forced into a system — you’re seen as someone with potential like everyone else. There’s dignity in that.”
The report also cited Tala’s Global Debt Collection with Dignity Initiative as a model framework that regulators can adapt to improve standards in debt collection practices worldwide.
Gender gaps persist
The study highlighted gender disparities as another critical challenge. Women remain less likely to build credit histories or regularly use digital financial tools, limiting their ability to save or invest.
In the Philippines, for instance, 59% of women used mobile money in the last seven days compared to 71% of men. The report linked this gap to lower confidence in using digital finance tools and the lack of products tailored to women’s needs.
Tala said its future programs will be shaped by these findings, particularly its women-focused initiatives, anti-fraud efforts, and implementation of fair lending and collection practices.
Inclusion in action
The report also pointed to real-world impact stories, including that of Berla, a Tala user from Baseco in Tondo, Manila. Faced with limited job opportunities, she used digital credit to start and grow her own business — demonstrating how access to responsible credit can translate into economic mobility.
Tala said it measures success not only by repayment rates but by how customers’ confidence and financial decision-making improve over time, especially within households.
A call for coordinated action
Ultimately, the report calls for urgent collaboration between governments, regulators, and private-sector players. It recommends leveraging AI, digital public infrastructure, and co-regulation frameworks to create a more secure and trustworthy financial ecosystem.
For Tala, this means working closely with regulators and industry partners, advocating stronger enforcement against illegal lenders, and expanding financial education to protect consumers while widening access to formal credit.
As global leaders look to unlock the economic potential of three billion people, the message is clear: financial inclusion must move beyond opening accounts — it must enable people to truly use, trust, and benefit from the financial system.
