Central Bank Digital Currency's Role in Promoting Financial Inclusion (IMF Fintech)

Summary

• Financial inclusion is a top priority, with about 60 percent of emerging and low-income countries considering it one of their top three motivations for issuing a retail CBDC.p.5
• Globally, 1.4 billion people remain outside of the formal financial system, making digital payments access a critical gateway to broader financial services.p.5
• Digital payment adoption in developing countries expanded significantly, growing from 35 percent of adults in 2014 to 57 percent in 2021.p.10
• A 6 percentage point gender gap persists in emerging economies, where 74 percent of men have a financial account compared with 68 percent of women.p.11

Key insights

1. About 60 percent of emerging and low-income countries view financial inclusion as a top three motivation for issuing CBDCs.p.5
2. Globally, 1.4 billion adults remain unbanked and outside of the formal financial system.p.5
3. More than 80 percent of central banks see value in operating both a fast payment system and a CBDC.p.6
4. Fifty-seven percent of adults in developing countries made digital payments in 2021.p.9
5. The gender gap in account ownership stands at 6 percentage points across emerging economies.p.11
6. Approximately 700 million people worldwide lack basic access to electricity, presenting infrastructure barriers to digital financial inclusion.p.21