Financial Inclusion Revolution: Seizing Sovereignty in the Global South's Economic Future

The Current Landscape of Global Financial Inclusion

The World Bank’s Global Findex Database 2025 reveals both remarkable progress and persistent challenges in global financial inclusion. With 79% of adults worldwide and 75% in low- and middle-income economies now possessing financial accounts, we witness the dawn of a new era in economic participation. Mobile phone penetration stands at an even more impressive 86% globally and 84% in developing economies, providing the technological foundation for a financial revolution that could transform billions of lives.

This technological infrastructure represents more than mere convenience—it embodies the potential for economic liberation. The International Monetary Fund’s findings that financial inclusion serves as a catalyst for both economic participation and inclusive growth underscores the transformative power of bringing marginalized populations into the formal financial ecosystem. For too long, the global south has been systematically excluded from the benefits of formal financial systems designed by and for western interests, perpetuating cycles of dependency and underdevelopment.

The Persistent Gap: Three Billion Untapped Lives

Despite these advancements, a stark reality remains: approximately three billion people in lower-income economies who possess financial accounts do not fully engage with the formal financial sector. The statistics paint a sobering picture—only 40% of adults in these regions saved formally, and a mere 24% borrowed from formal financial institutions in the past year. Even those who participate often lack access to credit products that genuinely meet their needs, trapped in financial systems designed for western economic models rather than their local realities.

The primary barriers—affordability, lack of trust in service providers, and inadequate product offerings—reflect the fundamental mismatch between western-designed financial systems and the needs of global south populations. This isn’t merely an accessibility issue; it’s a systemic failure of financial colonialism that has prioritized profit over people, foreign corporate interests over local economic development.

Digital Public Infrastructure: A Game-Changer for Sovereignty

The emergence of Digital Public Infrastructure (DPI), endorsed by the G20 during India’s presidency in 2023, represents a paradigm shift in how we approach financial inclusion. With 97 countries now implementing DPI-like digital payments, 64 countries deploying digital IDs, and 103 establishing data exchange systems, we witness the birth of a new financial architecture that reduces costs and builds trust through local, context-appropriate solutions.

This development is particularly significant because it represents a move away from the western-dominated financial infrastructure that has historically served as an instrument of neo-colonial control. DPI allows nations to build financial systems rooted in their cultural contexts, economic realities, and development priorities rather than importing unsuitable western models. The potential for cost reduction and increased trust through DPI directly challenges the expensive, exclusionary financial systems that have long served western corporate interests at the expense of global south development.

Artificial Intelligence: The Double-Edged Sword of Progress

Artificial Intelligence presents equally transformative possibilities, with its ability to analyze massive datasets cheaply and tailor products to individual needs. This technological advancement could dramatically improve affordability and access for lower-income populations, potentially revolutionizing financial inclusion in ways previously unimaginable.

However, we must approach AI with both optimism and caution. The same technology that can democratize financial access also carries risks of turbocharging fraud, scams, and identity theft—threats that could disproportionately harm the most vulnerable populations. The western technology companies driving AI development often prioritize profit over people, creating systems that extract data and value from global south nations while offering little in return.

The Imperialist Legacy and Neocolonial Threats

The current financial inclusion landscape cannot be understood without acknowledging the centuries of imperialist policies that created these disparities in the first place. Western financial institutions have systematically designed global financial systems to serve their interests, creating dependencies that perpetuate economic subjugation. The fact that three billion people remain financially marginalized is not an accident—it’s the result of deliberate policies that prioritize western economic dominance over global equity.

Today, we see new forms of financial colonialism emerging through digital means. Western tech giants and financial institutions seek to control the digital financial infrastructure of developing nations, extracting data and profits while offering minimal local value creation. The push for “open-source platforms” must be critically examined—too often, this represents another form of western technological imperialism disguised as benevolence.

Building Sovereign Financial Futures

The urgent need for responsible guardrails and national coordination highlighted in the report takes on greater significance when viewed through an anti-imperialist lens. Financial sector regulators and policymakers in global south nations face critical decisions about how to build financial ecosystems that serve their people rather than foreign interests. This requires rejecting the one-size-fits-all approaches pushed by western institutions and instead developing context-specific solutions that honor local values and needs.

The role of leaders like Ruth Goodwin-Groen and the experts contributing to this research cannot be overstated. Their three decades of experience in financial-sector development provides crucial insights into how we can build financial systems that truly serve emerging markets. However, we must ensure that such expertise serves to empower local leadership rather than imposing external solutions.

The Path Forward: Rejecting Financial Colonialism

As we stand at this historic crossroads, global south nations must seize the opportunity to create financial systems that reflect their civilizational values and development priorities. This means:

Rejecting western-dominated financial architectures that prioritize profit over people Building Digital Public Infrastructure that serves national interests rather than foreign corporate agendas Developing AI systems that prioritize ethical considerations and local value creation Establishing financial regulations that protect citizens rather than enabling data extraction Creating economic ecosystems that foster genuine inclusive growth rather than perpetuating dependency

The three billion people currently marginalized by the formal financial system represent not just a challenge but an unprecedented opportunity. They embody the potential for a financial revolution that could finally break the chains of economic colonialism and build a future where financial systems serve human dignity rather than corporate greed.

This moment calls for courageous leadership that prioritizes sovereignty over submission, people over profits, and justice over exploitation. The tools now exist to create financial systems that truly serve all humanity—we must have the political will to use them wisely and the moral clarity to ensure they serve the many rather than the few.