By Mesbah Sharaf, Abdelhalem Shahen & Mansour Alharaib
Saudi Arabia has made major progress in digital finance over the past decade. Access to formal financial services has expanded, digital payments have become more common, and the financial system has moved rapidly toward a more connected and technology-driven model.
This is an important success story. But an equally important question remains: has this progress reached everyone in the same way?
Our recent study examines digital financial inclusion in Saudi Arabia using Global Findex data from 2011, 2014, 2017, and 2021. The results show clear national progress over time. More adults are now connected to the formal financial system, and digital channels are playing a much larger role than they did a decade ago.
At the same time, the findings show that inclusion remains uneven.
Women are still less likely than men to be fully included in digital finance, even though the gap has narrowed over time. Lower-income individuals also remain at a disadvantage, which suggests that digital finance does not automatically remove deeper economic barriers. The same pattern appears for people with lower levels of education and for those who are unemployed.
In other words, digital progress at the national level does not necessarily mean equal access at the individual level.
One of the clearest findings in the study is the importance of digital access itself. Mobile phone ownership and internet use are strongly associated with higher levels of digital financial inclusion. This matters because it shows that fintech expansion is not only about financial products or payment systems. It also depends on whether people have the digital tools and connectivity needed to participate.
That has an important policy implication. Expanding digital financial inclusion is not just about making more services available. It is also about making sure more people are able to use them in practice. That includes reliable connectivity, affordability, digital literacy, trust, and targeted support for groups that remain less included.
The broader message is simple. Saudi Arabia has made meaningful progress in digital financial inclusion, and that progress should be recognized. But there is still unfinished work. If the goal is to build a truly inclusive digital economy, then access must be broad-based rather than concentrated among those who are already better positioned.
As Saudi Arabia continues its digital transformation, the next stage of success will depend not only on innovation, but also on inclusion. The real test is not only how advanced digital finance becomes, but how widely its benefits are shared.
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About Authors:
Mesbah Sharaf is a Full Teaching Professor of Economics at the University of Alberta, Canada, and holds a PhD in Economics from Concordia University in Montreal. His work focuses on financial inclusion and inequality, economic development, and macroeconomic policy, including issues related to exchange rate dynamics, external debt, and inflation, with particular attention to emerging economies and the Gulf region.
Abdelhalem Shahen is an Associate Professor of Economics at Imam Mohammad Ibn Saud Islamic University (IMSIU) in Saudi Arabia. His research examines digital finance and fintech, financial inclusion, and economic development, alongside macroeconomic topics such as exchange rates, foreign debt, and inflation, with a focus on the Gulf region and other emerging economies.
Mansour Alharaib is an Assistant Professor of Economics at Imam Mohammad Ibn Saud Islamic University (IMSIU), Riyadh, Saudi Arabia. He has Post-Doctoral Degree in Finance and Accounting from University of Florida and a Ph.D. in Economics from Southern Illinois University, USA.
