Fintech: A Catalyst for Financial Services Access, Innovation, and Growth

By Dinh Nguyen

Advisor to the Director, HAPRI

Projects Officer, International Monetary Fund (IMF)

As we navigate the rapidly evolving landscape of global finance in 2026, the intersection of technology and financial inclusion has never been more critical. The International Monetary Fund (IMF) has released its 2025 Financial Access Survey (FAS) Annual Report, titled "Fintech, a Catalyst for Financial Services Access, Innovation, and Growth."

This report, which I had the privilege of co-authoring with colleagues at the IMF, offers a comprehensive look at how fintech is reshaping financial access globally, while also highlighting the persistent barriers and emerging risks that policymakers must address.

The Fintech Revolution: Expanding Access

The 2025 report confirms that fintech innovations—particularly mobile money, digital wallets, and peer-to-peer (P2P) lending—are driving significant progress in financial access, especially in underserved regions.

• Sub-Saharan Africa: Mobile money adoption has been exceptionally high, with the number of agents per 100,000 adults nearly doubling and transactions per adult more than tripling over the past five years. Mobile money accounts are now growing faster than traditional deposit accounts across the region, bringing millions of unbanked people into the formal financial system.

• Latin America: The non-branch retail agent network has grown significantly, almost doubling in density in the same period.

• Digital Surge: Since the COVID-19 pandemic, the adoption of digital financial products has accelerated, enabling millions to access savings, payments, and credit services. For example, global digital remittance flows rose from 13% in 2019 to 46% by 2024, significantly reducing costs for migrants.

Figure: Use of Digital Financial Services

Barriers to True Inclusion

Despite this growth, the report identifies critical "bottlenecks" that prevent fintech from reaching its full potential. Mere access to technology is not enough; the ability to use it effectively is paramount.

• The "Dual Gap": We found that low levels of both financial and digital literacy significantly constrain fintech adoption. Data shows that higher literacy rates correlate strongly with greater financial access and use.

• Infrastructure & Cost: Inadequate digital infrastructure (such as limited internet connectivity) and high costs for devices and data remain major hurdles, particularly for low-income populations and those in rural areas.

Emerging Risks and the Need for Data

As non-bank financial institutions (NBFIs) and fintech platforms expand, they play a critical role in credit provision outside the traditional banking system. For instance, Buy Now Pay Later (BNPL) services reached roughly $350 billion in transaction value in 2024. However, this rapid expansion brings risks, including over-indebtedness and operational vulnerabilities like cyber threats.

To manage these risks effectively, policymakers need high-quality data. The FAS is actively working to bridge global data gaps. As of October 2025, 163 economies reported data to the FAS, and recent pilots have tested over 100 new fintech variables—including data on fintech lending, equity crowdfunding, and neobanks.

The case for Vietnam: the Digial Leap

Latest FAS data reveals that Vietnam is undergoing a significant structural shift in how its population accesses finance. The country is rapidly moving away from traditional "brick-and-mortar" banking toward digital-first solutions, a trend that aligns perfectly with the "Second Doi Moi" spirit of modernization.

1. Digital Adoption is Outpacing Physical Infrastructure

   1. Mobile Money Explosion: This is the most critical bright spot for inclusion. In just one year, active mobile money accounts surged from ~5.4 million in 2023 to over 7.4 million in 2024. This rapid uptake suggests that mobile money is successfully reaching segments of the population that traditional banks may have missed.

   2. Card Usage is Soaring: The number of credit cards has more than doubled since 2020, rising from ~6 million to over 13.1 million in 2024. Debit cards also saw steady growth, reaching 117.5 million, indicating that non-cash payments are becoming the norm.

   3. Physical Stagnation: In contrast, traditional infrastructure is consolidating. Commercial bank branches dropped from 2,950 in 2020 to 2,355 in 2024. Similarly, the number of ATMs has seen slow growth (from 19.6k to 21.1k over four years), signaling that banks are prioritizing digital channels over physical expansion.

2. Deepening Financial Integration Vietnam’s financial depth is impressive relative to its economy.

   1. Credit Growth: Outstanding loans from commercial banks have grown significantly, rising from 111.5% of GDP in 2020 to 136.4% in 2024.

   2. Savings Culture: Outstanding deposits have also increased, reaching 141.5% of GDP in 2024. This high level of intermediation suggests the formal financial system is effectively capturing domestic savings.

Vietnam has largely succeeded in the first phase of financial inclusion: expanding access. However, the data indicates that a "bottleneck" is forming around quality and usage. To move forward, the nation must shift its mindset from simply growing the numbers to ensuring the sustainability and safety of its rapidly digitizing financial landscape.

First, Vietnam must prioritize bridging the "dual gap" in financial and digital literacy. While the sheer volume of access is impressive—evidenced by over 13 million credit cards and a loan-to-GDP ratio reaching nearly 136.5%—this rapid credit growth carries risks if consumers are not adequately equipped to manage it. To prevent over-indebtedness and ensure the financial system remains stable, the government should launch targeted national programs for digital financial literacy. Educating the population is no longer just a social good; it is a structural necessity to ensure that the 117.5 million debit cards and growing credit accounts are used safely and effectively.

Second, the reach of the financial system needs to be physically extended into rural areas by incentivizing the expansion of mobile money agents. The data shows a divergence where digital adoption is soaring—active mobile money accounts jumped to over 7.4 million in 2024—while physical banking infrastructure like branches is consolidating. To avoid leaving rural populations behind as bank branches close, the network of mobile money agents must grow beyond the current ~11,889 outlets. These agents serve as essential "human ATMs," bridging the gap between digital value and the cash economy that still dominates many rural livelihoods.

Finally, policymakers should shift their primary focus from "access" to "usage and quality." Vietnam has largely solved the first hurdle of inclusion; the high penetration of accounts and cards proves this. The next challenge is to build a robust regulatory framework that protects consumer data and strengthens cybersecurity. As the financial system becomes increasingly digitized and credit-heavy, the risks of instability and fraud rise. Strengthening regulations will ensure that this digital boom is sustainable, safeguarding the progress made and preventing the "bottlenecks in thinking" that can stall long-term development.

Conclusion

The 2025 FAS report underscores that while fintech is a powerful engine for inclusion, it requires a supportive ecosystem to thrive. Institutional reform must be accompanied by investments in digital infrastructure and literacy. As we move forward, the availability of timely, granular data will be the bedrock of evidence-based policymaking, ensuring that the benefits of fintech are shared by all.

Read the full report here: Financial Access Survey 2025

This post summarizes findings from the 2025 Financial Access Survey Annual Report, prepared by Fozan Fareed, Katia Huayta-Zapata, Dinh Nguyen-Xuan, and Miguel Segoviano.